SNO MOUNTAIN SET FOR FORECLOSURE SALE IN JULY

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Publish Date

06/27/2012

SAM Magazine—Scranton, Pa., June 27, 2012—Sno Mountain ski resort and Sno Cove water park are in foreclosure and a sheriff's sale is set for July 17, according to the Scranton Times-Tribune. The owners, Sno Mountain LLC, say they are in the process of refinancing the property and hope to complete the process before that time.

National Penn Bank is seeking more than $6.6 million in principal on a $7.5 million mortgage. The owners say they have been working on a refinance deal since last November. Any refinancing must also include more than $700,000 in county and school taxes, or the property could be listed for a tax sale in September.

The area also defaulted on a separate, $5 million state loan but has renegotiated the terms on the $4.5 million balance. Those terms include no payments for as long as a year, according to the Times-Tribune.

In the meantime, summer operation of the waterpark has continued.

The ski area has five chairlifts, two conveyors, 26 ski trails, two terrain parks and two halfpipes, as well as a tubing hill.