RANGELEY, Maine — Arctaris Impact Fund has officially completed the purchase of Saddleback Mountain, Andrew Shepard, Principal of Harraseeket Consulting Group told NEWS CENTER Maine Friday afternoon.
On Monday, we reported that the board of directors of the Finance Authority of Maine (FAME) approved leveraged loan insurance of $2.5 million on a $12.5 million loan by Arctaric Impact Investors, LP in the firm's effort to get Saddleback Mountain back up and running.
FAME also approved a $1 million FAME Direct loan to Arctaris as part of the financing package, which now totals $23.5 million. In December 2019, the Maine Rural Development Authority (MRDA) approved a $1 million loan to Arctaris as well.
Skiing has been dormant at the mountain since 2015. Arctaris has said it plans to reopen the mountain by December 2020, and that it plans to invest $38 million to upgrade lifts, the lodge and potentially develop more housing and lodging.