I haven't heard that Sugarbush had any issues with their EB-5 work. I wonder if it went smoother here. I guess you never know until it hits the news.
http://vtdigger.org/2014/07/27/vtdig...b-5-investors/
Great article by VTDigger that was originally posted on Alpine Zone
Stan
"There's No Cure For Life"
I haven't heard that Sugarbush had any issues with their EB-5 work. I wonder if it went smoother here. I guess you never know until it hits the news.
Trouble with you is the trouble with me,
Got two good eyes but we still don’t see!
I would say that Win was a Man with a Plan when it came to EB-5. Bill Stenger is a Man with a relative as a Partner and way too many other EB-5 partners. In my experience that never works.
Stan
"There's No Cure For Life"
Ya, that is a Sh*T ton of work they did up there and they are now on hold with the next phases. They were also talking about more work at Burke as part of the plan with the purchase of the area. Those guys are starting to look like ASC. I hope it doesn't end up the same way.
Trouble with you is the trouble with me,
Got two good eyes but we still don’t see!
Stan, I did some reading of the Alpine Zone thread and there was some interesting thoughts in there. I wonder how the events up at Jay affect the dealings with our EB-5 investors here at Sugarbush for both past and future dealings? Is Wins deal still good or does this put some question into the equation? I have absolutely no idea of the terms or what was part of the deal. Was it just Claybrook that was an EB-5 or are the future phases part of the deal also? Lots of questions.
Trouble with you is the trouble with me,
Got two good eyes but we still don’t see!
I was under the impression that the profits from the Rice Brook sales are going to be utilized to pay the Existing EB-5 investors. But, I am not completely sure if this is true. Is anybody aware of any other future development plans that would require additional EB-5 investors? I am not.
Stan
"There's No Cure For Life"
By future I was referring to the remaining Phase or Phases? of construction including the next phase where they relocate the VR lift. Is that all part of the deal? Is the whole base are development all part of One big development deal? I'll be up for a week in August and will have to ask around. I am betting that everything is fine. These guys are very conservative with the risk.
Trouble with you is the trouble with me,
Got two good eyes but we still don’t see!
who knows how these things are structured. My guess would be that the gatehouse/claybrook financing is separate from rice brook. and I would assume that eb-5 money was utilized for rice brook as well. and with rice brook almost sold out, one would think the investors will be paid back.
while this jay situation isnt good for the eb-5 program in general, I would think that it is more of an issue for Jay in particular in getting new investors. perhaps SB benefits as an alternative assuming the SB investors are pleased with their returns and how they have been treated.
I also think this is a good reminder to those on this forum clamoring for all kinds of capital improvements, that they must be done judiciously. I honestly hope everything works out for Jay, but I'm afraid of what they are going to have to do in the coming years to come up with the money to pay off the debt. we all say what happened with ASC.
I was fairly well read on the Claybrook and Rice Brook developments and my recollection was that each used EB-5 investors, but that each was a separate and unique project. Assuming these projects provided a reasonable return to investors, I would argue that the Jay news puts SB in a better position for the next project requiring EB-5 money.
With all the news on the VT EB-5 program I would expect that SB would be mentioned as 1) an example of how well the program can work or 2) another example of its failure (given the bias in the media, if case #2 were true we'd probably already know about it). In any event, I'll bet we will learn more about the SB EB-5 program soon.
From what Win said in some previous thread, my understanding was that $40 million of EB-5 money was used to finance the immediate base area (Clay Brook, Gate House, Farm House, and Schoolhouse). The Rice Brook property was supposed to be privately financed and the profits used to pay back the EB-5 investors. The move of the Village Double was to be rolled into the construction costs of the second Rice Brook phase.
As usual you WW do not know what is going on in regards to the use of EB-5 money at the bush.
No monies were used to build Clay Brook (1).period
Appox. $17.5 million was acquired through EB-5, some monies were used for 1/2 of the construction of the $10mil. Farmhouse/Schoolhouse project, the rest was used to pay down debt. One building was self financed and one was EB-5 financed. One was built by Brothers Building and one by Pizzagalli. It was stated that profits from Rice Brook [self or borrowed unknown] is going to pay off EB-5 investors.
Seems like a cherry deal, loan someone $500k , get a green card and get your money back quickly. Heck, a lot of you are looking at the long end of a 15 year mortgage that will grow to 20 after you borrow against your equity to repair the many issues the crop up over the first 3 or 4 years.
(1) maybe some EB-5 money was used to pay down loans for unsold Clay Brook units.
I for one am looking forward to refurbished lifts that run as scheduled.
tic toc tic toc
But, maybe I'm wrong.
Nice work RD. That answers my questions. I do remember this from the way back machine now. Your memory is way better.
Trouble with you is the trouble with me,
Got two good eyes but we still don’t see!
http://money.cnn.com/2014/08/27/news...isa/index.html
Found this to be interesting...
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