Gold Watch Investment Group Arranges $13.5 Million Refinance of Tri-Palms Country Club in Palm Springs
San Diego, California (PRWEB) November 19, 2014 -- Scott Westover, Managing Principal of Gold Watch Investment Group http://www.goldwatchig.com, negotiated a cash out $13.5 million dollar refinance of the Tri-Palms Country Club located near Palm Springs, California. The transaction was structured with a five year term and floating rate with a 3.75% interest rate floor. The property is a 114 acre resort development with a 27-hole golf course, club house, various club amenities and excess land earmarked for possible future development. Gold Watch Investment Group arranged financing for the borrower through its relationship with an institutional investor.
“By no means was this loan a slam dunk”, said Westover. “These days, Golf courses are a difficult asset class to get financed as golf rounds in America are trending down, maintenance costs are increasing and water restrictions in Southern California are only getting tighter. What made this deal attractive for our lender was the fact that several million dollars in HOA Recreation Fees are being paid to the Club by over 1,800 residents living around the facility. We were able to demonstrate to the lender that HOA revenue was consistent and substantial throughout the economic downturn. This made income from greens fees and the restaurant somewhat secondary.” Mr. Westover added that, ”… the financial strength and experience of the borrower coupled with their comprehensive plan to upgrade the facility also helped get the investor over its initial concerns”.
ABOUT GOLD WATCH INVESTMENT GROUP
Gold Watch Investment Group arranges debt and equity for commercial real estate acquisitions and construction projects. Its Clients are some of the most active real estate developers in the country investing in multi-family apartments, retail centers, hotels, offices, healthcare and a variety of other asset classes. The company has a loan production relationship with hundreds of investment banks, private equity funds, bridge lenders, real estate investment trusts (REITS) and life companies.
For more information please visit http://www.goldwatchig.com or contact:
Scott Westover
Managing Principal
Gold Watch Investment Group
858-882-7451
swestover(at)goldwatchig(dot)com
http://www.goldwatchig.com
Scott Westover, Gold Watch Investment Group, http://www.goldwatchig.com, +1 (858) 882-7451, [email protected]
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