Two and three-bedroom luxury units will be constructed at the base of the Carinthia area of Mount Snow. All units include a fireplace, fully equipped kitchen, washer-dryer and access to ski lockers and covered parking. The development also includes a sports center with a heated outdoor pool and hot tubs open year round, sauna and exercise equipment.
Addressing a Current Demand
Mount Snow attracts high net worth families from New York City and the surrounding metropolitan area. These families are seeking luxury accommodations at the base of the ski slopes. Currently the only lodging located at the base of the mountain is the Grand Summit Hotel, which consists of mostly hotel rooms. This project will serve an unmet demand from guests that is needed immediately.
Experienced Hotel Operator
Carinthia Residential Phase 1 will be operated by Mount Snow as a nightly hotel. Mount Snow has more than 50 years of hotel operations experience including marketing and reservations. Currently, the successful Snow Lake Lodge and Grand Summit Hotel are operated by Mount Snow. During the off-season, the hotels host conferences and weddings in addition to summer vacationers.
$55.5 million EB-5 equity
$38.5 million senior debt
EB-5 investors expected to receive a 3% return.
The owner will contribute land appraised at $19.7 million in the form of a 50-year lease with an option to extend the lease for 50 years.
The general partner may also decide to raise up to $94 million in EB-5 financing, if the minimum EB-5 investment amount is increased and market conditions are favorable.
The economic report was prepared by Economic & Policy Resources (EPR). EPR has more than 50 years of professional experience and completed the economic report for the Great North Regional Center, which was approved by USCIS in November 2017. The report projects 1,396 jobs, exceeding the requirement by 26%.
The NES Financial Platinum Medallion is a hallmark of this project's dedication to best practices throughout the EB-5 life cycle.
It signifies that the project employs at least three qualifying NES Financial Intelligent Solutions, providing international investors with the highest level of security, transparency, and compliance.
The EB-5 program is open only to persons who provide satisfactory verification to Great North Regional Center of their status as “accredited investors” under the U.S. Federal securities laws. Offers will be made to accredited investors only by private placement memoranda of one or more entities affiliated with Great North Regional Center. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer, sale or solicitation. Past performance is not indicative of future results.
In order for an individual to qualify as an accredited investor, he or she must accomplish at least one of the following:
- Earn an individual income of more than $200,000 per year, or a joint income of $300,000, in each of the last two years and expect to reasonably maintain the same level of income.
- Have a net worth exceeding $1 million, either individually or jointly with his or her spouse, not including their primary residence.