Affiniti Golf Partners was appointed the Receiver of the Celebrity Golf Club in Tucker, Georgia after the club’s owner, Sundown Hills, LLC faced foreclosure. Sundown Hills filed for bankruptcy prior to the foreclosure.
Textron Financial Corporation, the lender to the LLC, sought an emergency appointment of a Receiver after scheduling the foreclosure. Celebrity Golf Club is the fourth course foreclosed by Textron that Affiniti Golf Partners has operated.
Just last month, Affiniti Golf Partners took over operation of Bermuda Run Country Club, after the North Carolina club defaulted with first mortgage lender, Textron Financial.
A court-appointed receiver seized control of the 36-hole private club on Feb. 9, from North Carolina developer and hotel owner Don Angell.
Textron Financial has stated in court filings that Angell guaranteed a loan of $8 million in 2004 and that one of Angell’s companies, WFBRCC LLC, defaulted on the loan late last year, the Winston-Salem Journal reported. WFBRCC owns the country club and used it as collateral for the loan.
“This is not a distressed property,” said Whitney Crouse, Affiniti’s founding partner. “The course has a very good EBITDA. The foundations of the club are really good. The financial problems are from elsewhere.”
Angell developed Bermuda Village as a retirement community. His companies own a number of hotels, and some other buildings.
“I am sorry that Bermuda Run is going through this process,” Crouse said. “However, until a resolution of the ownership is reached, Bermuda Run will be well-funded and managed. We plan no changes to the membership program or staffing of this wonderful club during this awkward time. All we need is some warm weather to return so the members can start having some fun at their club.”
Affiniti now operates nine courses, and this is the third course that it has operated that Textron Financial foreclosed on.
Textron Financial has foreclosed on some 20 properties over the past few years, industry brokers say. The financial arm of Textron and E-Z Go has no desire to sell properties at a distressed price, and had even shown interest in investing into capital improvements for some properties. Industry experts expect Textron to foreclose on another 20 courses this year.