A partnership between Blue Flag Capital and Bain Capital Real Estate secured $54 million in refinancing of Baron's Cove, a 67-room luxury boutique hotel in Sag Harbor, N.Y.
JLL worked on behalf of the borrower to secure a three-year, floating-rate loan through Blue Owl Capital–managed funds.
Baron's Cove, located at 31 W Water St., features 67 well-appointed guest rooms, including luxurious lofted suites with panoramic harbor views and private garden accommodations. Built in the late 1950s and renovated in 2015, the property offers a comprehensive resort experience with amenities including a seasonal saltwater pool, lounge, complimentary bicycles and kayaks, a full-service wellness center, a tennis court, and signature dining options at The Restaurant at Baron's Cove and The Lounge.
The financing package will be used for a comprehensive renovation scheduled to begin in October 2025. The seven-month project will enhance all aspects of the guest experience, incl
