The Montauk Yacht Club Resort is now under new ownership

On May 2, Gurney’s Resorts and their owners Metrovest Equities and BLDG Management closed on a deal to finalize the purchase of the luxury resort located on scenic Lake Montauk in The Hamptons. The deal was financed by a $56 million loan from ACORE Capital. The loan was used for the initial acquisition costs as well as the planned renovations of the Montauk, New York resort. The 60-month loan term includes a first mortgage and a mezzanine loan. The acquisition of the Montauk Yacht Club brings the total of Gurney properties in the region up to three. Also, in the Hamptons Hamlet, the company owns and operates the neighboring Gurney’s Montauk Resort & Seawater Spa. Last year the company bought what is now known as Gurney’s Newport Resort and Marina, located in...