MIDDLETON, MA-Charlottesville, VA-based Affinity Golf Management will use $11.2 million in financing to fund the acquisition and repositioning of the Ferncroft Country Club. Located directly off Route 1 and Interstate 95 about 18 miles north of Boston, the club features a nine-hole executive course, an 18-hole championship course and tennis and pool facilities.
"It's a very attractive acquisition," Mark West, with Holliday Fenoglio Fowler, who arranged the financing package for the buyer, tells GlobeSt.com. West says Affinity, which owns or operates golf courses in 19 state throughout the country, plans to use a portion of the financing to upgrade the course facilities and improve membership.
West says the club has played host to golfing events including the LPGA Boston Five Classic. "This opportunity to reposition the club has the potential to substantially increase returns," says West, who along with Mark Remington, also with HHF, arranged the five-year adjustable-rate loan through GMAC Commercial Mortgage Company. Affinity could not be reached by GlobeSt.com for further comment.
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