Deal to reopen Maine ski resort delayed until new year
RANGELEY, Maine (AP) — A Boston investment group’s purchase of the idled Saddleback ski area has been pushed back into the new year.
The closing was delayed until after a Finance Authority of Maine board meeting in January, The Arctaris Impact Fund said. FAME is providing loan guarantees.
Arctaris applied for $7.5 million in commercial loan insurance on a $14.2 million loan four months ago, FAME spokesman Bill Norbert told the Portland Press Herald. Arctaris is not requesting loans from FAME.
“It’s a very complex transaction, some things have changed, there are moving parts and FAME needs some more information from the parties,” said Jonathan Tower, managing partner of The Arctaris Impact Fund. “The staff and the board need more time to consider this proposal.”
Saddleback, which has been closed since 2015, will require millions of dollars to meet Arctaris’ goal of reopening by December 2020.
The loan will help Arctaris purchase the ski resort and new equipment, including chairlifts. The company has said it plans to invest $38 million to upgrade lifts, the lodge and develop more housing.