Bernstein Shur Represents York Beach Hotel Project in Avoiding Foreclosure Auction
York Beach Surf Club, LLC, the owner of the York Beach Surf Club, a 54-unit boutique hotel development in York, ME, has completed a refinancing transaction to avoid a foreclosure auction scheduled for late last week by its largest lender.
Bernstein Shur’s Adam R. Prescott represented the owner in negotiating a settlement with the prior lender and closing the refinancing in time to avoid the auction, in a transaction valued at over $10 million. With the refinancing complete and the auction canceled, York Beach Surf Club, LLC and its manager, Taylor Perkins, are moving forward with plans to complete the hotel project in the upcoming weeks, with a soft opening scheduled for December and a grand opening slated for Spring 2022.
“Bernstein Shur was instrumental in assisting us navigate a situation that was entirely foreign to us, but an area of expertise for them. Because we value our business relationships above all else, it was important to us, even in a dispute, to see all parties satisfied with the outcome,” Perkins said. “Bernstein’s expertise secured that outcome for us. Ultimately, we are grateful for their counsel and our return to a proactive business position, where we have the good fortune of being able to begin hosting guests next month.”