Greek Peak Mountain Resort
Receives Construction Funding for Hope Lake Condo/Hotel
and Indoor Waterpark Project
Virgil, New York: -- Greek Peak Mountain Resort has received its construction funding for its
Hope Lake Lodge and Indoor Waterpark Resort. The funding total is $33 million and provides
the necessary financing for the new resort facilities scheduled to open in the fall of 2009.
The quarter share condominium/hotel construction loan package of $23 million is provided by
a consortium of banks which include Tennessee Commerce Bank (TCB), Nashville, TN as lead
bank, with M&T Bank, Binghamton, NY administering the loan. Other participating lenders
include Mid Atlantic Financial Partners, a Credit Union Service Organization from Germantown,
MD; Green Lakes, Tully, NY; First Community Financial, Inc., Franklin, TN; and HSK Funding,
Binghamton, NY.
A $10 million construction loan for the indoor waterpark is provided by Tennessee Commerce
Bank with a permanent loan take-out of $10 million. USDA is providing an 80% loan note
guarantee for the $10 million permanent loan. Tennessee Commerce Bank is a business bank
specializing in funding resorts and funding USDA guaranteed loans.
$9.5 million in equity has been provided by local and regional investors. Job development
grants have been awarded by the NY State Empire State Development, Cortland County
Business Development Corp. (BDC), IDA and National Grid. New York State Environmental
Research and Development Authority (NYSERDA) will provide a grant that recognizes the
achievement of the project’s green environmental construction standards and Leed
certification. The Town of Virgil obtained a Multi-Modal grant for highway relocation
construction work which was secured by Senator James Seward (R).
According to Al Kryger, President/CEO of Greek Peak Mountain Resort, “this project could not
have been realized without the support of the Town of Virgil, the Cortland County BDC, IDA and
the cooperation of the various New York State entities and the consortium of lenders.” Kryger
further adds, “this expansion will fulfill our long-term vision and also provide Cortland County,
the Town of Virgil, and the Central NY region with a strong, four-season attraction for families
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and destination travelers. The positive economic impact in jobs and revenue will be felt
throughout the region.”
Greek Peak Mountain Resort is Central NY’s largest ski resort with over 50 years of operation,
and 600 part-time and seasonal employees. The expansion for the quarter share
condominium/hotel and indoor waterpark will add an additional 250 plus full time equivalent
positions. Along with an estimated 270 construction related jobs. Additional jobs will also be
created throughout the surrounding community. Currently, the ski resort attracts over
250,000 skier visits and draws from a target market of over 40 million people within a five
hour drive time.
The Resort’s expansion is part of a three phased effort. Phase I includes construction of the
core elements: the condo/hotel with lodge, the indoor water park, and the restaurant and spa.
Phase II includes expansion and updates to the existing Ski Resort including new lifts, five new
trails, new base facilities, a top of the mountain lodge, a new welcome center, an upgraded ski
shop, and a major new snowmaking expansion. Phase III will include additional quarter share
condo/hotel units, an 18 hole golf course and expanded conference facilities. The Phase I
expansion will consist of:
• 106 unit quarter share condo/hotel
• 8,500 sq ft conference center space including a remodeled ski lodge
• 40,000 sq ft Cascades Indoor Waterpark which features:
- large wave pool
- 1000 gallon deluge bucket
- indoor/outdoor swimming pool
- activity tower
- 4 additional activity pools
- 6 slides
- hot tub
- arcade
- Edgewater Cafe
• 5,500 sq ft International Waterfalls spa
• Fitness center
• Acorn Grill – a family themed restaurant
• Childcare and activity center
Corporate Fuel Advisors, LLC, based in New York City, was an advisor to the project financing.
For more information, please contact Al, Sam, or Gayle Kryger @ 1-800-955-2754 or visit our
web site @ www.hopelakelodge.com. |
