Taking a Swing at Funding Fox Hopyard

The Sandri family began their local New England business empire in 1930 when A.R. Sandri leased his first gas station in Greenfield, MA. By the mid-1940s, he had six service stations and began expanding into the heating fuel business with the purchase of Greenfield's Rex Oil Co. His son Bill joined the family business in 1969. By the early '70s, Bill purchased all Sunoco stations in VT and Western NH, and in 1976, Sandri became the largest Sunoco distributor in the United States. As the gas station and heating fuel businesses continued to expand, Bill looked to invest in other projects. He purchased Crumpin-Fox Club in Bernardston, MA and turned it from a 9-hole golf course, into an 18-hole club. This entry into the golf and hospitality business inspired Sandri to build a course from the ground up.

Bill began to look at sites in Southern Connecticut, and stumbled upon land in East Haddam in the late '90s. The grounds seemed like the ideal terrain for a course, already intact with rolling terrain, ledges and water. He received funding for this passion project and permits for the land. The course was soon under construction, and was completed in 2001.

In 2012, Chelsea Groton was approached to provide Fox Hopyard with a commercial loan that would cover the re-financing of the existing loan.

The 20-year commercial mortgage used to re-finance the existing Fox Hopyard loan was secured by a first mortgage lien on the properties and business assets of Fox Hopyard and Crumpin-Fox.

"We worked through a few different challenges to ensure the deal went through," explained Dave Stone, VP, Commercial Lending Officer at Chelsea Groton Bank. "The first was financing courses in two different states, since we had to involve a second attorney and appraiser for the Crumpin-Fox course in Bernardston."

The Fox Hopyard property was zoned residential since it was approved to build on 53 residential lots on a portion of land adjacent to the golf course. Nine of the lots were already purchased, and two were under contract, so only the sale of the remaining 42 lots would be used to help pay down the loan. "We worked together to figure out a plan as to what would happen when a lot sold and for us to agree to release the lot. We ended up agreeing to a certain monetary amount that had to be put toward the loan principal in order for us to release a sold lot," Stone continued.

In addition to the residential acreage, the 18-hole course sits on 237 acres, and there were close to 200 acres of additional open space on the property not slated to be built upon.

Since conditions of the loan included that Chelsea Groton and Essex Savings Bank would each participate at 50 percent, "Chelsea Groton worked with an additional attorney who represented Essex and a loan officer from Essex, who each also had to review and approve all the terms of the deal," said Stone. An environmental Phase I report was also required. Upon review and agreement to these terms, among others, the loan was granted.

Situated next to Devil's Hopyard State Park, visitors are immediately taken aback during the drive up to the course by the beauty of the sprawling landscape and the clubhouse, which sits on a 30-ft. ledge and overlooks a pond. Within the clubhouse is a classic New England tavern and restaurant that features a seasonal menu year-round, and offers golfers options for quick bites or savory, multi-course meals. Guests are able to enjoy a view of several holes while dining outdoors on the wraparound porch during the warmer months. The Club is host to a variety of events every year, including outings, meetings, showers and weddings. With entertainment and dining spaces inside and out, the Club's pavilion has proven to be a memorable place to dance the night away under the stars.

The par-71 course designed by Roger Rulewich plays about 7,000 yards from the back tees and boasts the feel of three different golf courses. "It's like playing through the mountains of Vermont, the lowlands of Kiawah, and the links of Scotland in a single round," according to Ron Beck, Director of Golf at Fox Hopyard.

Ranked in the top three courses in Connecticut by Golf Digest, and named "Best Public Golf Course in Connecticut" by Connecticut Magazine, the course "is one of the most scenic and challenging tracts in the state. In addition to the rolling hills, woods, ponds and wetlands, golfers love the 18th, a par-5 challenge with a pond tight up against the green that demands saving some of your best shots for last," according to Connecticut Magazine.

Since the success of the golf program was a critical component of the success of the club, it was important to bring in the right director for the program. After spending 12 years as the Director of Golf at Crumpin-Fox, Ron Beck was asked to make the move to Fox Hopyard for the opening of the club, and has been the Director of Golf ever since. He has served on the Connecticut Section PGA board of directors for over a decade. The Connecticut PGA Section named Beck the Merchandiser of the Year from 1990 – 1993, a Horton Smith Award winner in 1993 and 2006, a Bill Strausbaugh Award winner in 2000 and 2002, Teacher of the Year in 1996 and Golf Professional of the Year in 1997. He was named the national PGA Merchandiser of the Year in 1994, and is one of the original members of the National PGA adjunct faculty team. Ron was recently inducted into the Connecticut Section PGA Hall of Fame. His accolades and passion for the game have made Ron the perfect person to run Fox Hopyard's expansive pro shop, teach lessons and develop programs for young kids through retirees, and plan tournaments and events throughout the playing season.

In addition to the golf club, the neighboring Residences at Fox Hopyard offer individuals, couples and families the opportunity to live in state-of-the-art customized homes, built with high-efficiency geothermal heating and cooling and green construction. At this point, 11 homeowners are enjoying the peace and quiet of the neighborhood, and the convenient access to dining, tennis, golf and social events.

Fox Hopyard was a dream-realized for the late Bill Sandri, who was able to enjoy the success of the business for 11 years before passing away. Tim Van Epps, Bill's son-in-law, became president of The Sandri Companies in 2007. He has overseen the Sandri energy businesses as well as the golf clubs since that time.

Chelsea Groton Bank was proud to partner with Essex Savings Bank to fund the Fox Hopyard Golf Club project. Interested in seeing more of the beautiful course? Click here for a chance to play Fox Hopyard. To learn more about the Bank's lending capabilities, click here.

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