VIRGIL — Greek Peak Mountain Resort must refinance several loans after regulators shut down its lender, Nashville–based Tennessee Commerce Bank, last week.
Loans made to Greek Peak were not acquired by another bank. Greek Peak has retained BDO Capital Advisors, LLC, an affiliate of the Delaware professional services firm BDO USA, LLC, as an investment banker to help as it refinances the loans.
“While many of the Tennessee Commerce Bank personnel remain in place, they are operating under the direction of the FDIC, and we have been asked to replace those loans with a new lender,” said Greek Peak President Al Kryger in a news release.
Kryger was not immediately available for comment, and the release did not specify the loan amounts. However, Tennessee Commerce Bank provided a $10 million loan in 2008 for the construction of an indoor water park and was part of a consortium of lenders providing a $33 million package of loans to expand the resort.
Greek Peak completed part of its expansion, the new 5,600-square-foot Acropolis Conference Center, in November 2011. It previously completed work on a new Adventure Center, Hope Lake Lodge, and Cascades Indoor Waterpark.
The ski resort includes 32 trails, a beginners’ slope, three terrain parks, a progression park, and a Nordic Center with cross-country and snowshoe trails. It employs 600 part-time and seasonal employees.
Contact Seltzer at rseltzer@cnybj.com