GREEN FIELDS DEVELOPMENT RETAINS BMO CAPITAL MARKETS TO RAISE CAPITAL FOR SARATOGA POLO RETREAT
GREENFIELD, N.Y. – Green Fields Development, LLC, has retained the BMO Capital Markets as its lead agent to raise capital for its planned Saratoga Polo Retreat Development on Bloomfield Road.
The Saratoga Polo Retreat is the area’s first private-residence club and features luxury residences, a grand event hall, meeting and conference facilities and a world-class spa and water club. The estimated cost of the project is $85 million.
The focal point for the development is historic Whitney Polo Field, established in 1898. The Saratoga Polo Retreat will be built on 42.7 acres in the Town of Greenfield owned by Green Fields Development, a privately held company that owns the Saratoga Polo grounds and operates the Saratoga Polo Association.
Jack Daley, President of Green Fields Development, said, “We are extremely pleased to announce our relationship with BMO Capital Markets. They have specific experience in raising funding for a number of other world-class Private Residence Clubs similar to what we have planned for the Saratoga Polo Retreat. BMO Capital Markets was the perfect fit for us and will enable our project to continue to move forward at the ambitious pace we have set for ourselves.”
Faris Mansour, Vice President of BMO Capital Markets’ Real Estate and Construction group, said, “As the first luxury Private Residence Club in the area, the Saratoga Polo Retreat is an exciting project to be involved with. We are aware that Green Fields Development had many options in raising capital and we are thrilled that we have been chosen to help bring this dream to fruition.”
Groundbreaking for the project is expected to take place in spring 2007. The retreat is scheduled for completion within three years, Mr. Daley said.
Private Residence Clubs are a new trend in vacation home ownership where residents own deeded shares of a residence for extended periods of time ranging from a number of weeks to a full year. A high level of services and amenities are typically offered to owners at Private Residence Clubs – which are mostly located in golf, ski or beach resort destinations.
The Saratoga Polo Retreat is unique in that it is the first to be focused on the special interests of polo and thoroughbred racing – in addition to the numerous attractions of the Saratoga Region.
For more information on the Saratoga Polo Retreat, visit www.saratogapoloretreat.com.
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BMO Capital Markets is a leading North American financial services provider offering investment and corporate banking, advisory services, treasury and market risk management, institutional investing, and research. BMO Capital Markets is a member of BMO Financial Group (NYSE, TSX: BMO) and has more than $268 billion in assets and 34,000 employees as of January 31, 2006. For more information, visit www.bmocm.com.