Balsams Redevelopment Hits Snag In Financing
If you have been dreaming of hitting the slopes again at The Balsams in New Hampshire’s Dixville Notch, your wait is unfortunately not over yet.
The Balsams Resort redevelopment team, through its lead lender Service Credit Union (SCU), has withdrawn its application for a loan guarantee through the New Hampshire Business Finance Authority (NH BFA).
“We are as anxious as anyone to start construction,” The Balsams’ Scott Tranchemontagne told SnoCountry.com. “It’s such an amazing opportunity, not only from a skier’s point of view, but for hikers, mountain bikers, summer-season enthusiasts as well. Certainly during the winters, there’s no snowier place in New Hampshire than Dixville Notch, that’s just a fact. So for skiers, for snowmobilers, for snowshoers, we understand how excited people are at the opportunity - we are as well, and we remain as committed as ever to eventually make this happen.”
The Balsams’s ambitious redevelopment plans include 2,200 acres of skiing across 3,800 acres of pristine forest, including a 500 acre Balsam glade, accessed by a gondola that will cross the valley from the new resort.
Tranchemontagne told us that they are taking some time to reassess their approach to financing the re-development. “We’ve got to identify an alternative path for the financing. We had most of the other financing lined up for the $170 million, but the state loan guarantee on the $28 million piece would have been the catalyst that would have allowed all the other financing to fall into place. Without that in place, we need to fill that gap.” He added that it is possible that The Balsams could make modifications to their application and work with the BFA again.
“Despite collectively working with all parties for several months to find a collaborative solution to advance a $28 million Tax Assessment Bond with a State of New Hampshire Loan Guarantee, the conditions ultimately required by the Authority do not allow SCU and the Balsams to proceed,” The Balsams said in a statement.