Pinnacle Project, LLC at Loch Lyme Lodge is creating a cabin condominium for the 19 cabins on the Lodge side of Route 10. We are offering cabins for sale to members of Pinnacle Project, LLC.
The total price of each cabin, (including initial Pinnacle membership) will range from $116K to $202K, and reflects the cabin’s location, actual footprint, (the footprint cannot be modified but a second story may be added), and recent rental history. There are 4 components to the total price:
- the initial capital contribution to join Pinnacle Project, LLC ($21,000)
- a second capital contribution specific to the cabin condominium ($30,000)
- an assessment, which will be used to fund infrastructure improvements to existing septic, water and electricity and common buildings. The amount of the assessment reflects cabin size, number of bathrooms, kitchen, etc.
- an amount that reflects each cabin's special characteristics.
We expect that many weekends in spring and fall (10-12 total weekends) all cabins will be rented to wedding parties. Our practice will be for Post Pond, LLC (the entity that runs the hospitality business) to manage all cabin rentals. We strongly encourage cabin owners to make their cabins available to other guests when not using the cabins themselves.
Cabin Owners will receive a percentage of total cabin income generated by their cabin, computed at the end of the season, so long as the annual rental income exceeds the annual assessment, which is based on the previous 4-year average expense. As part of the full condo agreement we will adjust the assessment annually.