NEW YORK—Smith Hill Capital and Bain Capital announced that the firms’ joint venture completed a $235 million refinancing for Gurney’s Montauk Resort & Seawater Spa in Montauk, New York for BLDG Management Co., Inc., and Metrovest Equities.
The 158-key property is an oceanfront resort located on a 2,000-foot private beach in Montauk, divided between 109 guestrooms, 35 suites, eight beachfront cottages, and six residences, and includes five dining venues, a 30,000 square foot onsite spa with four spa pools, full-size indoor saltwater pool, 20 treatment rooms, a salon, a fitness center, and 25,000 square feet of meeting space.
“Gurney’s Montauk represents the type of irreplaceable, generational asset that aligns perfectly with our investment strategy—anchored by strong market fundamentals, exceptional sponsorship, and long-term value creation,” said Brendan McCormick, managing principal, Smith Hill Capital. “Even in today’s uncertain capital markets, we continue actively deploying capital for high-conviction opportunities like this. We’re proud to partner with Bain Capital and support BLDG and Metrovest in the continued evolution of this iconic resort, which is uniquely positioned as a luxury destination in one of the most sought-after leisure markets in the country.”
“The Gurney’s Montauk loan exemplifies our strategic approach to commercial real estate lending,” said David DesPrez, a partner at Bain Capital. “This transaction underscores our commitment to providing flexible financing solutions to high-quality borrowers and assets through an uncertain macroeconomic environment.”
“Gurney’s Montauk is an exceptional and iconic property in a one-of-a-kind location with world-class amenities,” said Justin Kleinman, executive vice president and chief operating officer at BLDG Management. “This property is a premier resort destination in the Northeast and is an elite asset in our portfolio.”
“Smith Hill Capital and Bain Capital proved to be outstanding lending partners on the Gurney’s project,” said Christopher Peck, senior managing director and co-head of the New York Office, JLL. “The team’s expertise and collaborative approach were invaluable in financing this unique asset. They immediately recognized the exceptional value of this 20-acre resort in Montauk, and their flexible lending solutions perfectly aligned with the sponsors’ requirements.”
JLL represented the sponsors in the transaction.
