Hammock Creek Golf Club
hammock creek golf club
Indian head again for the Ginn Co.? I hope not!
Real Estate is going through some of their most difficult times in 30 years. Funding is to be almost impossible, even for Bobby Ginn.
Bobby Ginn quotes that:
* In the past year, we offered several different buyer incentives for Villas in the Plaza of the meeting in an effort to protect property values near the project and continue with my original vision. We have had some success with these incentives, but due to the slowing housing market, some prices have fallen even below the incentives offered to us.
* It is for these reasons we have taken the decision to lower the purchase price in a number of property developers in the Villas units. We hope that by offering these units, and amenities and Ginn One Club membership that accompany them, at prices more in line with the current market, we can to stay the course and complete the vision of the Meeting.
I I am one of Reunion Resorts biggest supporters and believe that things will eventually return, and problems such as the following should be addressed and not just blame the bad market and sales that were canceled.
On 01 July it was reported that Ginn Clubs & Resorts lost principal and interest payments on their first and last second-lien debt, sources said.
Interest payments are subject to a grace period of three days, but there is no grace in the beginning, the sources said. The lenders have agreed to seek remedies ancestor for 30 days, but have not waived the default. Ginn loans are in / The Standard & Poor's LSTA.
In the framework of tolerance agreement, Lubert-Adler is kicking in $ 5 million of equity to be used for operations, according to market sources. Not be used to make payments on loans from Credit Suisse addressed.
The company has been in active talks with lenders regarding a restructuring of the facilities of the credit card company $ 675 million. These negotiations are course, the sources added.
Ginn first-lien debt is traded on 45/50 this morning, with the second-lien at 10/20, the sources said. There was a small trade in the first-lien last week near 50 and the document was quoted in 47.5/52.5 since. The second-lien loan was not active, quoted at 17.5/22.5 week month, down from 35/45 in early June.
Loans from the development of five new communities with the holding company based in Florida. The properties Treasury is a mature community in Port St Lucie, Florida, Quail West, a mature community in Naples, Florida, Hammock Beach River Club in Palm Coast, Florida, and Laurelmor and Grand Bahamas projects, which include golf courses and single-family and condominium homes.
That President Robert Gidel issued this statement:
Today, Standard & Poor's will release a statement indicating that two Ginn affiliated companies, Ginn-LA CS Borrower LLC and Ginn-LA through Lender Inc. did not make a principal payment and interest-free credit of $ 675,000,000 action led by Credit Suisse. They also say that we have agreed tolerance 30 days and are actively negotiating with our lenders.
There are four communities involved in this credit facility:
* Ginn-LA St. Lucie, Ltd., LLLP, which owns Tesoro
* Ginn-LA Quail West Ltd., LLLP, which owns Quail West
* Ginn-LA Laurel Creek Ltd., LLLP, which has Laurelmor
* Ginn-LA West End Limited, which owns Ginn sur Mer
Due to the ongoing slowdown in the residential housing market, it became clear would not be possible to meet sales objectives necessary to HomeSite payments under the credit facility.
We have been discussing these issues with lenders in order to find ways to restructure the terms of the credit facility. Today's announcement of tolerance provides an environment for both us as borrowers and lenders to continue to work out a restructuring of the credit line, which we believe will happen in the next 30 days and allow each of the communities to be completed as planned.
Even though sales throughout our industry have been left behind, almost all development work has been completed at Tesoro and Quail West. While there is work to be done in Laurelmor, we have begun to work in much of the infrastructure, including paving miles of road and have completed the delivery of water and electricity to the lots.
Ginn-LA West End limited set up accounts containing funds for infrastructure and complete the initial 18 holes of golf at Ginn sur Mer. These funds are not subject to the credit facility and are unaffected by the current situation, which means there will be no interruption in the continuous development of the surface of Mer Ginn project or operations and the development of Old Bahama Bay. The properties owned by Ginn-LA OBB, including the tourist core of the project area Mer Ginn, are not subject to this or any other credit facility.
The credit line Credit Suisse directed only affects these four communities. All our communities, including Reunion Resort & Club, Hammock Beach, the Conservatory, Bella Collina, Old Bahama Bay, Tesoro Preserve and Cobblestone Park, are funded separately and maintain their operations in accordance with business demands.
This situation has no effect about our ongoing business operations throughout the company. In fact, we are creating new initiatives to create better experiences for our members at this time. Recently announced the formation of the Ginn One Club, which will provide our members with the reciprocal select clubs and resorts across our portfolio.
In addition, We are finalizing plans to complete the amenities at our Clubs and Centres including a water park expansion at Reunion Resort & Club, which will members only area, expanding the pool and food and beverage locations in the South Tower Plaza at Hammock Beach, completing the lobby area and tennis store course at Yacht Harbor Village, completing the social and equestrian center at Bella Collina and finishing the Clubhouse at Cobblestone Park, among other projects.
These important and significant impact issues Ginn Company and its name, and I think it should have been notified before the media notified us. Questions were raised at the meeting last concert held by CEO Bobby Ginn at his last meeting live to please tell us the news is good or bad, and keep lines of communication open to everyone on the same page. I think some of the news of missing payments and some of the restructuring that is happening should have been mentioned in today's announcement.
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