X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

It’s game over for five-year-old Golf Communities of America Inc. U.S. Bankruptcy Judge Arthur Briskman is ordering the Orlando luxury shelter developer to sell four assets valued at about $11 million to pay off unsecured creditors.

The creditors are owed about $25 million. The developer’s lead lender, Credit Suisse First Boston Mortgage, is owed $130 million. The developer is struggling with a debt load of $160 million.

The company remains under Chapter 11 protection until the court dissolves the case. Industry observers familiar with the firm’s problems tell GlobeSt.com Golf Communities will liquidate all its assets shortly.

Golf Communities’ remaining assets of about $65 million will go to Credit Suisse First Boston, the judge ruled. The bank provided $250,000 to the unsecured creditors to operate the properties until they are sold.

On the selling block are Hillcrest Country Club, Orlando; Wedgefield Golf & Country Club, east Orange County; The Pines in Deltona, FL; and CottonAcres/Cotton Manor, Salt Lake City, UT.

Golf Communities of America Inc. merged with Golf Venture Inc. of Salt Lake City in 1995. Golf Communities filed for Chapter 11 protection in 1999 after Credit Suisse closed the funding pipeline on the developer.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.