BUSINESS BRIEFS: Shared Estates acquires Kemble Inn; Greylock nets $1.8M from Rapid Response Program, promotes Carlotto; MOLARI adds Hydon – theberkshireedge.com

  • by

Shared Estates to acquire Lenox’s Kemble Inn

LENOX — Shared Estates Asset Fund GP, LLC (Shared Estates) is the largest real estate syndicator in the Berkshires. The company is a carbon-neutral real estate developer, owner-operator of premium historic estates, modernized for the group-travel, sustainability, and luxury travel markets. The company recently announced its contracted acquisition of the Kemble Inn (2 Kemble St.), one of Lenox’s finest hospitality destinations. Shared Estates Managing Director Daniel Dus previously developed the #1 property on VRBO in the market, The Playhouse, as seen on Netflix’s “World’s Most Amazing Vacation Rentals” series, which was released June 18.

“The Kemble, built in 1880 for the then U.S. Secretary of State, is a magnificent property with breath-taking views,” said Dus. “Our substantial additional investment in it will be focused on renovating additional bedrooms and adding a long list of experience-based amenities. From virtual reality gaming rooms to vineyards and property-to-table produce, we aim to provide the best amenities possible for less per person than standard hotel rooms.”

In May, Shared Estates became the largest real estate syndicator 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 vacation rental market.

The company aims to add amenities to enhance guest experiences at The Kemble, including a tennis court, pool, English garden, and patios. It will be finished with fine art originals and a sculpture garden.

“Our properties promote local businesses and each donates a percentage of profits to a local nonprofit. The equity crowdfunding that is core to our model also creates the opportunity for Berkshire County residents to invest in fractional ownership of luxury properties, allowing everyone to benefit from the strong tourist economy we’ve grown up with,” said Dus.

—A.K.

 *     *     *

Greylock awarded $1.8M from federal Rapid Response Program

John L. Bissell. Photo courtesy Greylock Federal Credit Union

PITTSFIELD — During a recent live web-stream, the White House announced grants totaling $1.25 billion through the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund and its Rapid Response Program (RRP). Locally, Greylock Federal Credit Union was awarded the maximum level of $1,826,265 in federal funds in this first round of a three-tier program designed to support economic recovery by increasing access to capital in this region.

Following the intent of the RRP to increase community-level lending capacity, Greylock will use this capital infusion to help stabilize local households and businesses affected by the pandemic. They will also leverage these funds to support wealth-building 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 allows Greylock to make loans to credit-challenged members to get and maintain reliable transportation for the purposes of employment, safety, 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 enhance our commitment to provide access to financial solutions that meet people where they are.” Greylock recently released a Community Impact Report detailing the impact of financial solutions designed in response to 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), Chairwoman of the House Committee on Financial Services, minority groups are disproportionately affected by COVID-19 and use of these funds must address this disparity. To this point Bissell added, “We will seek to work collaboratively, listening openly to community partners and advisors, to direct up to $500,000 of these funds to benefit communities of color and immigrants within our region as part of our ongoing pledge to the four pillars of IDEA (inclusion, diversity, equity and accessibility).”

Greylock received one of three Massachusetts awards granted west of Worcester and is one of two credit unions statewide to receive awards.

—A.K.

 *     *     *

Erin Carlotto. Photo courtesy GFCU

Greylock promotes Carlotto to Assistant Vice President

PITTSFIELD — Greylock Federal Credit Union also recently announced the promotion of Erin Carlotto to assistant vice president, mortgage origination officer. She joined Greylock in 2014 and has been in the mortgage industry for 10 years.

Carlotto is recognized as a top mortgage producer throughout the region. She also serves on the board of directors for the Gladys Allen Brigham Center.

 —A.K.

 *     *     *

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 a HealthCare Supervisor.

As HealthCare Supervisor, Hydon will be an integral member of MOLARI’s HealthCare Division. She will work with the company’s healthcare employees to provide quality in-home care to Berkshire County seniors and people with disabilities, enabling them to remain safely in their homes.

Hydon has worked as a Case Manager and Care Coordinator at Unity House of Troy, Inc. and most recently worked as a Residential Site Manager for Berkshire County Arc. She has a degree in multidisciplinary studies from Castleton University.

—A.K.