PHILADELPHIA-A partner in U.S. Realty Capital's office here helped secure $163 million in financing to fund the construction of a 453-room hotel and indoor water park at the base of Camelback Mountain in the Poconos.
Working closely with Houlihan Lokey Capital Markets, Bruce C. Robertson Jr.advised the client on securing and structuring the funding, which was obtained from a combination of sources including a national REIT, private equity sources and state and local subsidies.
The subsidies included an RCAP grant and tax increment financing. Robertson worked over a period of 18 months with ownership, government officials, the REIT and private equity investors to close the transaction in conjunction with Houlihan Lokey.
Camelback Mountain Resort broke ground on the new hotel and 125,000-square-foot water park last November. They will be connected to the existing winter resort and are expected to be complete within a year.
The property is already a regional destination center for outdoor recreational activities. The new project is aimed at expanding and complementing the resort facilities.
USRC was chosen as a financial consultant by the developers because of its proven expertise in underwriting and structuring complicated financings, as well as its access to sources of debt, equity and state and local subsidies.
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