Saddleback Mountain
Affordable Workforce Housing

In 2020, Venn made its first PRI to Saddleback Mountain, a beloved ski resort in the High Peaks and Lakes region of rural Maine that had previously been closed for five years, in order to help the resort’s new owner, Arctaris Impact Fund, update its key operational infrastructure and reopen to the public.

Saddleback is a critical anchor employer and economic engine in the region. The resort’s closure had a widespread, detrimental economic impact on the Town of Rangeley and other nearby rural communities that depended on it for much needed employment during the winter months.

Since reopening, Saddleback has brought back or created quality employment opportunities for over 150 employees, and more are planned. However, as its workforce has grown, another problem has become apparent…a lack of affordable workforce housing in the area. This issue is widespread in the community, and it constrains hiring and economic growth in the entire region.

Venn’s second PRI to Saddleback Mountain will help create new affordable workforce housing, specifically an envisioned 100-bed, on-mountain residence preliminarily called “Saddleback House.”

“Saddleback House” Vision

  • 100 bed capacity

  • Both private and shared rooms

  • Common kitchen and lounge

  • Shared laundry facilities

  • Ski-in/ski-out or bike-in/bike-out trailside living

  • $4.5M total cost to build

Saddleback Workforce

Recipient:  Arctaris Saddleback Ski Operations
& Saddleback Community Loan Company
Corporate Form:  Affiliated limited liability companies
Owner:  Arctaris Impact Fund
Total Investment Sought: $1-4 million
Amount Raised To Date: $1.61 million

Overview of Venn PRI Terms for Saddleback/Arctaris:

  • Subordinated, Forgiveable Loan

  • 5-year Term, 5% simple annual interest
    (1% paid annually and 4% accrued annually)

  • Conditional Forgiveness

    (1) Groundbreaking for Saddleback House:
    20% principal forgiveness


    (2) First paying resident of Saddleback House:
    50% principal forgiveness


    (3) Ski resort and Saddleback House run each year:
    30% principal forgiveness

    (4) If all principal is forgiven, then all accrued but unpaid interest will also be forgiven

  • Guaranteed by Arctaris Impact Fund