Catskills Hotel Project Gets $525M in Redevelopment Funding
Redevelopment of the site that was once home to the Borscht Belt’s legendary Concord Hotel, in Kiamesha Lake, N.Y., has taken two major steps forward. In one, Concord Associates L.P., joint venture partner of Empire Resorts Inc., has completed a $225 million equity loan financing with Entertainment Properties Trust, a REIT based in Kansas City. In the other, the County of Sullivan (N.Y.) Industrial Development Agency has announced a $300 million bond financing for the resort’s redevelopment, the agency’s first major funding for the $1.1 billion project.