The Saddleback Mountain Resort lodge, shown at night. Credit: Courtesy of Saddleback

Saddleback Mountain has officially been sold to a group of Boston investors.

The deal was sealed Friday afternoon and paves the way for a new beginning at Maine’s third largest ski mountain.

Investors will immediately shift their focus toward getting the mountain back open by the end of 2020, General Manager Andrew Shepard said.

Earlier this week, the Finance Authority of Maine approved loan guarantees and a loan for $12.5 million.

That loan made it possible for Arctaris, the Boston investment group buying the mountain, to move forward.

Investors plan to purchase new equipment, including chairlifts, housing and a base lodge.