Saddleback Mountain
In 2015, Saddleback Mountain, a beloved ski resort in the High Peaks and Lakes region of rural Maine, closed its doors to the public due to financial challenges. Despite extensive efforts and an engaged community, its owners struggled for years to find the right buyers and close the deal.
Saddleback’s closure had a widespread, detrimental economic impact on the Town of Rangeley and other nearby rural communities that depended on the resort for much needed employment during the winter months. The closure also led to the cessation of important outdoor programs for area youth.
In January 2020, Arctaris Impact Fund acquired the resort and began dramatically improving its lift, lodge, and snowmaking infrastructure, as well as helping the community solve challenges related to affordable housing and child care. Saddleback Mountain’s grand reopening is planned for December 2020!
Venn’s PRI will help Arctaris capitalize the rehabilitation, improvement, and sustainable re-opening of the resort, thus promoting job creation, economic development, and health and wellness in the rural Rangeley region of Maine.
New High-Speed Rangeley Quad Lift
Expanded Snowmaking Capacity
Newly Renovated Base Lodge
Recipient: Arctaris Saddleback Ski Operations
& Saddleback Community Loan Company
Corporate Form: Affiliated limited liability companies
Owner: Arctaris Impact Fund
Total Investment Sought: $1-7 million
Amount Raised To Date: $7,249,691
Overview of Venn PRI Terms for Saddleback/Arctaris:
Subordinated, Forgiveable Loan
6-year Term, 5% simple annual interest
(1% paid annually and 4% accrued annually)Conditional Forgiveness
(1) Groundbreaking for mid-mountain lodge:
20% principal forgiveness
(2) First paying customer served in mid-mountain lodge: 50% principal forgiveness
(3) Ski resort, ski school, and race program run each year:
30% principal forgiveness
(4) If all principal is forgiven, then all accrued but unpaid interest will also be forgivenGuaranteed by Arctaris Impact Fund