Site clearing and some foundation work was well underway as of last month

MONTICELLO – Construction is already well underway on what eventually could be a $1 billion resort and entertainment complex on the old Concord Hotel site. Now, more financing is in place. 

The second bridge loan construction financing is closing today.  This loan, in the amount of $33 million, will bring the total financing in place to $300 million. 

This loan is through Union Labor Life Insurance Company (ULLICO) and Canadian Imperial Bank of Commerce (CIBC).

“The $300 million dollars is part of the $1.1 billion dollars required for the project and demonstrates the commitment level of ULLICO, CIBC, and Entertainment Properties Trust”, Cappelli said, in an e-mail made public Thursday. 

“We are projecting a full project closing on our about the first week in November,” Cappelli added.

Tim McCausland, head of the Sullivan County Partnership, said “Despite the market credit crunch we are in, they are very optimistic and are preceding full-speed.”