Mattapoisett, MA (PRWEB) October 27, 2006
The Bay Club at Mattapoisett, one of the New England's premier country clubs and residential communities, has been purchased by a group of its members. 169 of its current members participated in this transaction, done to ensure this private club and lifestyle residential community fulfills its original goal to be a fully member equity-owned, country club community. The purchase was completed on October 10th.
Development of the club and surrounding real estate was at a point where additional capital was needed to ensure the financial soundness of the entire project. In the few years since the opening of the golf course in 2004, the members had developed deep emotional ties to the club and the lifestyle it has come to offer. So rather than let new outside investors come in, and potentially alter the end result, they decided to mobilize and raise the required capital to accelerate the process toward full member ownership. Working closely with Sovereign Bank, which was very supportive of the effort, the member group purchased all of the country club assets and the remaining unsold house lots, and as a result, now own the entire complex. Sovereign continues to provide financing for ongoing development.
The Bay Club is a unique complex of recreational and residential amenities designed to provide its members, many of whom live on the property, with a family oriented, resort lifestyle. Its facilities include one of the area's finest 18-hole golf courses, designed by PGA Professional Brad Faxon and his partner, Brad Booth, as well as a sports and activities center featuring tennis, paddle-tennis, an Olympic size swimming pool and a state-the-art health club. A gourmet grill-style restaurant overlooks the golf course.
"There is really nothing that compares to the Bay Club in the surrounding region," said Dennis Fusco, a resident of the community and current board member of the group that purchased the complex. "We are now on a solid financial footing and on track to become a club with the equity totally owned by the members. The Bay Club has all the benefits you would expect from a first class country club and residential community. And just outside the complex are all the additional recreational opportunities that Buzzard's Bay and Nantucket Sound have to offer."
In the three seasons since the completion of the golf course in 2004, more than 65 of the 114 lots in Phase One of the project have been sold. This includes 17 lots associated with the recent member purchase of the complex. More than 40 homes are completed. The members anticipate that more than a dozen will begin construction by early next year or before. Phase Two, which will be built on land that is yet to be developed, will include approximately 75 residences.
"As members, we felt now was the time to act," said Fusco. "The lifestyle at the Bay Club had become very special to our members. That includes those living inside the club itself, and those living throughout the South Coast, as well as the Boston, New York and Connecticut areas." He said, "The vision of the club has always been to be a member-owned equity club. Our purchase of the entire operation puts it on a sound financial footing and helps ensure the club's eventual ownership by the entire membership."
The Bay Club will continue to market the remaining available house lots. Memberships are also still available. For more information, call John Farrell, Bay Club Chief Operating Officer (508-758-9543) or Craig Fleming, Bay Club General Manager (508-207-9205).
The following Bay Club Members can provide further background and clarification on the member purchase.
Dennis Fusco 617-388-0815
John O'Connor 646-201-8111