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Financing Round Secured For Nevele Project

From Ellenville, New York, here is a classic tv commercial from 1981.
From Ellenville, New York, here is a classic tv commercial from 1981. Video Credit: commercialclassic

The first round of financing has reportedly been completed for the historic Nevele Grand Resort, which was auctioned off last month.

The Nevele Resort and ProSport Campus has successfully completed its first round of funding, according to a statement released by the Asia Pacific Investment House out of Singapore, which is the chief financier of the proposed $318 million development at the prominent location.

Mortgage lender iStar took back the property for $3.5 million after being the only bidder at an auction for the land that was held last month. It had initially been put up for sale last November with an asking price more than double what iStar paid.

Investors plan to develop the 580-acre Nevele Resort into “the leading conference and youth sport destination in Northeastern USA, including a 500 room hotel, spa, conference center, a variety of dining experiences, an 18-hole signature golf course, nine MLB and Little League baseball fields, a 14 court tennis academy, mountain biking, zip lining, skiing and ice skating.”

"The range of amenities, services, and attractions, and access from New York City positions the resort distinctly, to meet the strong demand for second homes in the Hudson Valley where the supply of similar homes is very limited,” Graham Kwan, CEO of Character Capital, the co-developer of the resort with Nevele said in a statement.

“We are advising on the Nevele Resort and ProSport Campus investment proposal via our equity and debt finance relations specifically in the Far East, which is the fundamental core of our business,” Asia Pacific Investment House Chief Investment Officer Pierre Moerland noted. “We are extremely proud to be part of this exciting redevelopment.”

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