"The redevelopment cost was more than anticipated," Spencer Garfield, managing director of New York City-based Hudson Realty Capital LLC, tells GlobeSt.com. As a result, Hudson Realty has provided a 24-month, $8.4-million second mortgage. "We filled the gap," he says.

"The project has broad support from the state and the community and the sponsors have extensive experience in the hotel industry in the US and Latin America," Garfield says. "Furthermore, they have enlisted tremendous expertise in respect to the project and construction management. There are just a handful of resorts nationwide with a potential draw of this kind."

Garfield says the interest rate is "very competitively priced for subordinated debt." The loan is collateralized by the property. Houston-based Benchmark Hospitality International is the property manager, which has appointed Rikki Boparai as the general manager. Boparai is already on site.

"When we undertook the restoration of this remarkable national landmark property, we understood early on that everything would need to be carefully researched and, if possible, properly and authentically restored," Keith Evans, president of Bedford Resort Partners, says in a press release.

In addition to restoring the buildings and golf course, the project includes adding a new $1.5-million pool, spa, 15,000 sf of meeting and exhibit space and seven dining venues. With the grounds' restoration, initiatives will be implemented to reverse damage to Shober's Run stream channel, which is a native trout habitat, and the flood plain, which traverses the golf course.