BOSTON, MA– HFF announced today that it has secured financing for The Sagamore Resort, a historic golf and lakefront resort on Lake George in Bolton Landing, New York.
Working exclusively on behalf of Ocean Properties, Ltd., HFF placed the 10-year, fixed-rate loan with Cornerstone Real Estate Advisers acting on behalf of an institutional investor.
Originally built in 1883, The Sagamore Resort is listed in the National Register of Historic Places and is situated on Green Island on the banks of Lake George in New York’s Adirondack Region. The collateral includes revenue from 386 units located in the 137-room historic hotel, seven lodge condominium buildings, the 10-suite Hermitage carriage house and the six-bedroom home referred to as Wapanak Castle. Also included in the loan collateral are the fitness center, pools, lake house, pavilion, docks, conference center, event center, sales and conference services building, tennis courts and an 18-hole golf course and clubhouse.
The HFF team representing Ocean Properties, Ltd. was led by senior managing director Dana Brome.
Ocean Properties, Ltd. & Affiliates (OPL) is one of the largest and most dynamic privately held hotel management and development companies in North America. With an award-winning portfolio of more than 118 hotels and 18,300 guestrooms, the company operates major brands such as Marriott, Hilton, Starwood and Intercontinental, as well as several independent hotels and resorts.
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., U.K. Europe and Asia, is one of the world’s largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity, and securities expertise and services to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. Visit www.cornerstoneadvisers.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.