Bringing Back The Balsams

December 4th, 2018

DIXVILLE NOTCH – “Les Otten likes to fix things. After moving to Maine in 1972, Otten bought Sunday River Ski Resort 8 years later and turned it into one of the premiere ski destinations in the northeast.

In 2001, he helped form the current ownership group of the Boston Red Sox and spent 5 years as a minority owner with the task of ‘saving’ Fenway Park. His newest labor of love is located in Dixville Notch, New Hampshire, the Balsams.” Read and watch more from News Center Maine.

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Otten asks Coos Legislators to help Balsams Project

September 18th, 2018

LANCASTER – “Balsams Resort developer Les Otten last week asked Coos County legislators to support legislation that would allow the creation of a tax assessment district without the need for a $28 million loan guarantee from the N.H. Business Finance Authority.

Addressing a joint meeting held Sept. 12 of the Coos County delegation and commission, Otten said he remains committed to redeveloping the Balsams Resort.” Read the full article by the Conway Daily Sun.

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Balsams Application Withdrawn from New Hampshire Business Finance Authority

August 27th, 2018

“The Balsams Resort redevelopment team, through its lead lender Service Credit Union (SCU), has withdrawn its application for a loan guarantee through the New Hampshire Business Finance Authority (NH BFA). Despite collectively working with all parties for several months to find a collaborative solution to advance a $28 million Tax Assessment Bond with a State of New Hampshire Loan Guarantee, the conditions ultimately required by the Authority do not allow SCU and the Balsams to proceed.” Read the full Press Release here.

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December 19th, 2017

DIXVILLE, NH – “The Balsams Resort redevelopment has taken a significant step forward on financing, just weeks after announcing it has received pre-sale deposits representing more than $26 million of real estate. The project’s lead lender, Service Credit Union (SCU), has applied to the New Hampshire Business Finance Authority (NH BFA) for consideration of a state-backed guarantee on the credit union’s $28 million loan to the development.” Read the full press release here.

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Balsams tops $26 million in real estate reservations

November 22nd, 2017

“Lead developer Les Otten said the pre-sale contracts represent $26.1 million worth of future sales at the resort. He said deposits have been received from future purchasers in 18 states, including California, Colorado and Texas as well as Ontario, Canada…He also said the project’s lead lender is moving closer to taking its next step,” Read the full article by the New Hampshire Business Review.

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