Metrovest Equities and BDLG Management recently completed the acquisition of their new entity, Montauk Yacht Club Resort & Marina. The two firms also own another company called Gurney Resort. Initially, the two companies had a capital of $55.6 million set for this purchase. The purchase was facilitated by ACORE Capital that gave the firms a renovation loan. ACORE Capital’s financing comprises of a mortgage loan as well as a mezzanine that is supposed to be paid within 60 months. The business was completed on 2nd May after a short discussion as almost everything had been agreed earlier on.
The newly acquired property is the second one that the company has in the Hamptons Hamlet. The other recreational property in this area is Gurney’s Montauk Resort & Seawater Spa. In total, the companies have three resorts now having acquired another one in Newport in 2017.
Speaking immediately after completion of the deal, ACORE Capital’s head of Eastern region originations, Tony Fineman praised their involvement with the company. He said that this deal was one of the best that they could ever get as the company involved had all the qualities of being successful. The financing body was impressed by the company’s business plan and the means that they intended to effect it. He termed the acquisition as a multigenerational deal that will be matched by very few other renowned companies.
The New York Post newspaper first reported the news regarding the completion of the purchase deal. The paper said that the deal was closed after the two parties agreed on a $60 million payment. Island Global Yachting that is owned by Andrew Farkas previously owned this resort. It is built using the latest state of art technology and has a 232-slip marina that can hold vessels that are 220 feet long.
ACORE Capital’s Tony Fineman was highly impressed with the facility and enthusiastically said that this was one of the largest projects that the financial body had sponsored. He noted that the parties involved in the deals also played a prominent role in their decision.
According to the New York Post, the facility has 107 rooms, and it is set to be renamed by the new owners to Gurney’s Montauk Yacht Club and Resort. The resort is enormous as it is placed on 35 acres of land that is adjacent to water. Some of the facilities that are present include a private beach, four tennis courts, a sauna and a spa. The new owners plan to upgrade the facilities present in an exercise that is set to use about $13 million.