The redevelopment team of the Balsams Grand Resort says it has withdrawn its application for a $28 million loan guarantee through the New Hampshire Business Finance Authority.
The team said Monday that the conditions ultimately required by the authority don't allow the Balsams and lead lender Service Credit Union to proceed.
An application was submitted to the authority in December. The team said its withdrawal results from positions taken by the authority on loan guarantee conditions that were "not contemplated" by the Balsams and are "inconsistent with its historical understanding of the proposed transaction."
The authority said Executive Director James Key-Wallace was on vacation and unavailable to comment.
Lead developer Leslie Otten said he will need to take some time to reassess the approach to re-financing the resort's redevelopment.