13
SAG HARBOR, N.Y. — JLL has arranged a $54 million loan for the refinancing of Baron’s Cove, a 67-room boutique hotel located in Sag Harbor on Long Island. Built in the late 1950s and renovated in 2015, the property features lofted suites and amenities such as a saltwater pool, lounge, complimentary bicycles and kayaks, a wellness center, tennis court and onsite food-and-beverage options. Kevin Davis, Mark Fisher, Jillian Mariutti and Connor Medzigian of JLL arranged the three-year, floating-rate loan through funds managed by private equity firm Blue Owl Capital. The borrower, a partnership between Blue Flag Capital and Bain Capital Real Estate, will use a portion of proceeds to fund capital improvements.