By Joshua Burd
The owners of Crystal Springs Resort in Sussex County have secured a $68 million loan to refinance the sprawling hospitality destination, in a deal arranged by Newmark.
The lender, Deutsche Bank, provided the funds to Mineral Resort & Spa and Wild Turkey Golf Club in connection with the property east of Route 23 in Hamburg. Proceeds will support a property that comprises a 485-room hotel-condo complex with six golf courses, as well as 100,000 square feet of meeting and event space that includes ballrooms, boardrooms and outdoor terraces, plus more than 18 restaurants.
Newmark’s Jordan Roeschlaub and Nick Scribani arranged the nonrecourse loan on behalf of the sponsors, a partnership led by the Davidowitz family. The brokerage team declined to comment.
