Bump. The wait continues.
http://www.powder.com/stories/news/...o-seek-financing-options/#dc2HYObbEZl2IPm3.97
http://www.powder.com/stories/news/...o-seek-financing-options/#dc2HYObbEZl2IPm3.97
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Can't imagine the ROI timeframe the Berrys are looking at right now. Bought the place for 8 million and put 40 million more in. Place is in no way worth that now.
In the years since they've owned the mountain, haven't they sold some of the real estate near the base to recoup some of the monies they spent?
Yes, and they have built additional condos and sold some of those as well. They had a much more extensive build out proposed that didn't come to fruition which has hampered the cash flow.
The same reason why the State of NH is backing the financing of the Balsams; the risk is too great for a private lender to take on.
I thought they were only selling the ski area and keeping some land and real estate. So its not a total loss.
On a serious note, weren't they considering doing an EB-5 offering?
I don't believe new lifts qualify for EB-5 because they wouldn't create enough jobs. In the case of Saddleback needing $3m that means at least 6 (propably 7 after application fees) investors. Since each EB-5 investment is supposed to create at least 10 full time jobs I don't think 60-70 jobs would be created by a lift.
I don't believe new lifts qualify for EB-5 because they wouldn't create enough jobs. In the case of Saddleback needing $3m that means at least 6 (propably 7 after application fees) investors. Since each EB-5 investment is supposed to create at least 10 full time jobs I don't think 60-70 jobs would be created by a lift.
well if they close then apply for eb-5 it would create more than 7 jobs.