Numerous business entities have been set up to redevelop the defunct resort.
Saturday, February 22, 2020, NewEnglandSkiIndustry.com
With the half-decade Saddleback sale saga reaching an end, details are beginning to emerge about the transaction and future plans.
According to Mark Berry, the family had been offered $3 million for the lifts and $6.5 million for the land, but wanted to sell to an entity that would keep the ski area operational. According to Berry, the family spent $4 million to maintain the mountain during the years of closure.
Saddleback Community Loan Company, a Delaware-based LLC formed in December, acquired holdings from the Berry family this winter. Led by the Boston-based Arctaris Impact Fund, the reported $6.5 million sale included the ski resort and 6,400 acres of land. The Berry family reportedly acquired the then-8,000 acre resort in 2003 for $7.5 to $8 million. Some 1,750 acres were sold in 2014 to generate funds.
According to Maine Business, the $6.5 million purchase included a $2 million loan from the community-driven Saddleback Mountain Foundation.
Finance Authority of Maine provided $3.5 million in financing and financing insurance.
The new ownership has ordered a new Doppelmayr high speed quad for the 2020-21 reopening, following the same line as the Rangeley double. Other plans for the resort include lodge improvements, expanded cross country skiing, fat biking, a mountain coaster, and a solar array.
Arctaris entities registered in Maine last year include:
ARCTARIS SADDLEBACK COMPANY, LLC
ARCTARIS SADDLEBACK EQUIPMENT COMPANY, LLC
ARCTARIS SADDLEBACK FOOD AND BEVERAGE, LLC
ARCTARIS SADDLEBACK LANDOWNER, LLC
ARCTARIS SADDLEBACK LODGE, LLC
ARCTARIS SADDLEBACK PROPERTY MANAGEMENT, LLC
ARCTARIS SADDLEBACK REAL ESTATE, LLC
ARCTARIS SADDLEBACK SKI OPERATIONS, LLC
ARCTARIS SADDLEBACK SOLAR, LLC
ARCTARIS SADDLEBACK WATER AND SEWER, LLC