Acquisition of Historic Luxury Resort via Deed in Lieu Transfer
Ramsfield acquired the 30 room Lake Placid Lodge, luxury resort which is consistently ranked in the Top 10 Hotels in America, in the spring of 2010.
Ramsfield originated a construction loan on the property that was used to rebuild the historic hotel after a fire destroyed the main lodge building in 2005. The reconstruction went over schedule and budget and the Borrower defaulted in the fall of 2009. Over the following six months, the Ramsfield team completely restructured the defaulted, non-performing loan, negotiated a new senior mortgage with the lender and a successful deed-in-lieu transfer from the old borrower. Additionally, Ramsfield created a new management company specializing in operating luxury boutique resort properties.
Lake Placid, NY
Lake Placid Lodge
Acquisition of Historic Luxury Resort via Deed in Lieu Transfer
Ramsfield acquired the 30 room Lake Placid Lodge, luxury resort which is consistently ranked in the Top 10 Hotels in America, in the spring of 2010.
Ramsfield originated a construction loan on the property that was used to rebuild the historic hotel after a fire destroyed the main lodge building in 2005. The reconstruction went over schedule and budget and the Borrower defaulted in the fall of 2009. Over the following six months, the Ramsfield team completely restructured the defaulted, non-performing loan, negotiated a new senior mortgage with the lender and a successful deed-in-lieu transfer from the old borrower. Additionally, Ramsfield created a new management company specializing in operating luxury boutique resort properties.
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