NEW YORK—Smith Hill Capital and Bain Capital introduced that the corporations’ three way partnership accomplished a $235 million refinancing for Gurney’s Montauk Resort & Seawater Spa in Montauk, New York for BLDG Administration Co., Inc., and Metrovest Equities.
The 158-key property is an oceanfront resort positioned on a 2,000-foot non-public seashore in Montauk, divided between 109 guestrooms, 35 suites, eight beachfront cottages, and 6 residences, and consists of 5 eating venues, a 30,000 sq. foot onsite spa with 4 spa swimming pools, full-size indoor saltwater pool, 20 remedy rooms, a salon, a health heart, and 25,000 sq. toes of assembly area.
“Gurney’s Montauk represents the kind of irreplaceable, generational asset that aligns completely with our funding technique—anchored by sturdy market fundamentals, distinctive sponsorship, and long-term worth creation,” mentioned Brendan McCormick, managing principal, Smith Hill Capital. “Even in in the present day’s unsure capital markets, we proceed actively deploying capital for high-conviction alternatives like this. We’re proud to accomplice with Bain Capital and assist BLDG and Metrovest within the continued evolution of this iconic resort, which is uniquely positioned as a luxurious vacation spot in one of the sought-after leisure markets within the nation.”
“The Gurney’s Montauk mortgage exemplifies our strategic method to industrial actual property lending,” mentioned David DesPrez, a accomplice at Bain Capital. “This transaction underscores our dedication to offering versatile financing options to high-quality debtors and belongings by way of an unsure macroeconomic atmosphere.”
“Gurney’s Montauk is an distinctive and iconic property in a one-of-a-kind location with world-class facilities,” mentioned Justin Kleinman, government vp and chief working officer at BLDG Administration. “This property is a premier resort vacation spot within the Northeast and is an elite asset in our portfolio.”
“Smith Hill Capital and Bain Capital proved to be excellent lending companions on the Gurney’s venture,” mentioned Christopher Peck, senior managing director and co-head of the New York Workplace, JLL. “The group’s experience and collaborative method have been invaluable in financing this distinctive asset. They instantly acknowledged the distinctive worth of this 20-acre resort in Montauk, and their versatile lending options completely aligned with the sponsors’ necessities.”
JLL represented the sponsors within the transaction.
