BUSINESS BULLETIN: Shared Estates Acquires Kemble Inn; Greylock gets $ 1.8 million from the Rapid Response program and promotes Carlotto; MOLARI adds Hydon
Kemble Inn in Lenox was recently acquired by Shared Estates. Photo courtesy of Kemble Inn
Shared Estates to acquire Lenox’s Kemble Inn
LENOX – Shared Estates Asset Fund GP, LLC (Shared Estates) is the largest real estate syndicate in the Berkshires. The company is a carbon neutral real estate developer, owner-operator of high-end historic estates, modernized for the group travel, sustainability and luxury travel markets. The company recently announced its contractual acquisition of the Kemble Inn (2 Kemble St.), one of Lenox’s top hotel destinations. Shared Estates Managing Director Daniel Dus previously developed the # 1 VRBO property in the market, The Playhouse, as seen in Netflix’s “The World’s Most Beautiful Vacation Rentals” series, which was released. June 18.
“The Kemble, built in 1880 for the then US Secretary of State, is a magnificent property with a breathtaking view,” said Dus. “Our substantial additional investment in this will be focused on renovating additional rooms and adding a long list of experience-based amenities. From VR game rooms to vineyards and property-to-table produce, we aim to provide the best possible amenities for less per person than standard hotel rooms.
In May, Shared Estates became the largest real estate syndicate in the Berkshires when 141 investors became equity investors in The Freeman Berkshires, an 11,300 square foot, 40 acre estate in Egremont being redeveloped for the rental market. vacation.
The company aims to add amenities to enhance guest experiences at The Kemble, including a tennis court, swimming pool, English garden and patios. It will be complemented by art originals and a sculpture garden.
“Our properties promote local businesses and each donates a percentage of the proceeds to a local non-profit organization. Equity crowdfunding which is at the heart of our model also creates the opportunity for residents of Berkshire County to invest in fractional ownership of luxury properties, allowing everyone to benefit from the strong tourism economy with which we have. grown up, ”Dus said.
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Greylock receives $ 1.8 million from federal rapid response program
PITTSFIELD – In a recent live webcast, the White House announced grants totaling $ 1.25 billion through the Fund for Community Development Financial Institutions (CDFI) of the US Department of the Treasury and its rapid response program (RRP). Locally, Greylock Federal Credit Union received the maximum level of $ 1,826,265 of federal funds in this first round of a three-tier program designed to support economic recovery by increasing access to capital in this region.
In line with the RRP’s intention to increase lending capacity at the community level, Greylock will use this capital injection to help stabilize local households and businesses affected by the pandemic. They will also leverage these funds to support wealth creation activities by increasing regional home ownership, supporting more small businesses and designing new financial products such as the New Road Loan. The New Road Loan program enables Greylock to provide loans to members with credit distress to obtain and maintain reliable transportation for employment, security and family stability.
“Greylock’s vision is to help our community thrive,” said Greylock President and CEO John L. Bissell. “These funds will allow us to further strengthen our commitment to providing access to financial solutions that meet people where they are. Greylock recently released a Community Impact Report detailing the impact of financial solutions designed to meet community needs during the COVID-19 pandemic. The full report is available on their website.
According to data cited by Congresswoman Maxine Waters (D-CA), chair of the House Committee on Financial Services, minority groups are disproportionately affected by COVID-19 and the use of these funds must address this disparity. At this point, Bissell added, “We will seek to work collaboratively, listening openly to partners and community advisors, to allocate up to $ 500,000 of these funds to benefit communities of color and immigrants in our region. as part of our ongoing commitment to the Four Pillars. IDEA (inclusion, diversity, equity and accessibility).
Greylock received one of three Massachusetts awards given west of Worcester and is one of two statewide credit unions to receive awards.
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Greylock promotes Carlotto to assistant vice president
PITTSFIELD – Greylock Federal Credit Union also recently announced the promotion of Erin Carlotto to the position of Assistant Vice President, responsible for mortgage origination. She joined Greylock in 2014 and has worked in the mortgage industry for 10 years.
Carlotto is recognized as one of the leading producers of mortgages throughout the region. She also sits on the board of directors of the Gladys Allen Brigham Center.
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Chelsea Hydon Joins MOLARI Healthcare Services Division
PITTSFIELD – Gail Molari, President and CEO of MOLARI Employment and HealthCare Services recently announced that Chelsea Hydon has joined the company as Health Care Supervisor.
As Healthcare Supervisor, Hydon will be a full member of MOLARI’s HealthCare division. She will work with the company’s health workers to provide quality home care to the elderly and disabled in Berkshire County, allowing them to stay safely in their homes.
Hydon has worked as a Case Manager and Care Coordinator at Unity House of Troy, Inc. and most recently as a Residential Site Manager for Berkshire County Arc. She holds a degree in Multidisciplinary Studies from Castleton University.