Greek Peak Mountain Resort

Greek Peak Mountain Resort has wrapped up financing for construction of its Hope Lake Lodge and Indoor Waterpark Resort.

The resort is scheduled to open in the fall of 2009.

The $33 million package of loans includes $23 million for construction of a hotel-condominium complex from a consortium of lenders including Tennessee Commerce Bank of Nashville as the lead. M&T Bank will administer the loan.

Other participating lenders include Mid Atlantic Financial Partners of Germantown, Md.; Green Lakes of Tully, First Community Financial of Franklin, Tenn.; and HSK Funding of Binghamton.

Tennessee Commerce Bank is providing an additional $10 million loan for the indoor water park.

A further $9.5 million in funding is coming in the form of grants from organizations including Empire State Development, the Cortland County Business Development Corp. and Industrial Development Agency, the New York State Energy Research and Development Authority, and National Grid.

Corporate Fuel Advisors, LLC of New York City was an advisor on the project financing.

Greek Peak employs 600 part-time and seasonal employees. The expansion will add another 250 full-time jobs and 270 construction jobs.

The lodge and water park project is the first part of an expansion that also includes plans for new ski trails, lifts, a mountaintop lodge, a golf course, upgraded snowmaking equipment, and additional hotel and condo units.

When finished, the current project will add a 106-unit, hotel-condo facility, an 8,500-square-foot conference center, and the 40,000-square-foot water park.