Courtesy / MAINE MOUNTAIN MEDIA
Jonathan Tower
January 27, 2022
New financing help from FAME will support improvements at Saddleback
Courtesy / Arctaris
A new round of state-sponsored commercial loan insurance will support improvements at Saddleback Ski Resort.
By Staff
Workforce housing, additional ski lifts, a new mid-mountain lodge and additional snowmaking equipment are among projects at Saddleback Ski Resort that have received a new round of support from the Finance Authority of Maine.
The quasi-independent state agency last week approved 50% pro rata commercial loan insurance on $5.5 million in financing, or $2.75 million, for Arctaris Impact Investors LLC, a Boston-based fund manager that owns and operates the Rangeley ski area.
“FAME is pleased to help with continued financing for this important project, which will enable Arctaris to continue their plans for additional improvements at the Saddleback Ski Resort,” said Dave Daigler, FAME board chair, in a news release.
“We are impressed by the progress made by Arctaris thus far, as well as by the benefits the resort’s operations have brought to the local economy in Rangeley.”
The financing comes through FAME’s Commercial Loan Insurance Program, which insures a portion of a loan to a business made by a participating financial institution or investment firm.
The loan insurance is the latest round of support FAME has provided for the Saddleback project. In January 2020, FAME approved commercial loan insurance for the project, but the financing was never used and has since expired. FAME also approved a $1 million FAME Direct Loan to Arctaris.
In March and November of 2020, FAME approved state New Markets Tax Credit financing related to investments to help with financing the costs of capital improvements, construction and equipment procurement. Including a prior Maine Rural Development Authority loan of $1 million, as well as FAME financing, the state's commitment to the Saddleback project now totals $6.5 million. Arctaris has also leveraged community and state support of the project to obtain financing from third parties.
Arctaris views the facility as an economic development driver for the region, as the mountain becomes a year-round destination for outdoor recreation, said the fund manager’s founder and managing partner, Jonathan Tower.
Arctaris reopened the mountain in 2020 and attracted over 72,000 skier visits in the first year of operations.
Since reopening, Maine’s third-largest ski mountain has made improvements including renovations to the base lodge; a new, high-speed detachable quad lift; expanded snowmaking; a new grooming fleet; and expanded four-season programs for weddings and summer outdoor recreation.
More improvements are planned over the next few years, Arctaris has said.
Saddleback Mountain offers a 2,000-foot vertical drop and is one of seven New England mountains with a top-lift elevation of over 4,000 feet. The mountain also has a 20-acre terrain park.
In December, Saddleback launched a capital campaign to fund construction $4.5 million affordable housing complex including100 units for seasonal workers in the Rangeley area.
COURTESY / SADDLEBACK MOUNTAIN
Saddleback Mountain launched a $4.5 million campaign to develop affordable workforce housing, as envisioned in this rendering, for the ski resort and the community.
Located in the High Peaks and Lakes District of western Maine, Saddleback Mountain opened in 1960. Just below the mountain is the village of Rangeley, which is the gateway to Rangeley Lake, Mooselookmeguntic and Richardson Lakes.
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