RESUME

The following summaries describe many of the transactions we have closed. For a more complete summary of our closed transactions, along with a statement of golf industry and borrower references contact us.

New York Country Club New Heampstead, NY

New York Country Club is an 18-hole championship facility located just north of Manhattan. The owner had originally, constructed the Club in the late 1990s and subsequently converted it from private to semi-private status. Operations had not yet stabilized, and several mortgage holders and other creditors remained unpaid. Due to its premier location, national golf industry lenders had offered financing to the Club, but required that the Club retain a professional golf management firm, which the owner was unwilling to do since a management firm had helped cause some of the Club's operational problems in the first place. Clubhouse Capital secured an extremely competitive loan that allowed the owner to retain 100% ownership and control of the Club. The loan closed in May 2002.

Wedgewood Pines Country Club Stow, MA

Wedgewood Pines Country Club is an 18-hole private club located west of Boston opened in 1998. The owner / developer of the club was unable to construct a clubhouse due to the closing of a small bank that had provided the original project financing. Without a clubhouse, membership sales slowed considerably. Over the course of a year, the owner unsuccessfully sought financing from over a dozen financial institutions. Clubhouse Capital structured $4.25 million in construction financing to refinance existing debt and fund construction of the clubhouse. The loan included covenants that allowed the owner to retain a significant portion of all membership sales (instead of applying all sales proceeds to reduce loan principal). The loan closed in April 2002.

Newport National Golf Course Middletown, RI

Newport National Golf Course is a 36-hole project under development in Middletown, RI, just 3 miles from Newport's historic waterfront. The project includes one exclusive Private Course (The Orchard Course, which opened in June 2002 to rave national reviews) and one Resort Course (The Vineyard Course, which will cater primarily to area tourists and convention guests). Clubhouse Capital has served the project's financial and golf advisor since late 1998. We were responsible for resurrecting the project from near-failure, which included successfully navigating a complicated Chapter 11 bankruptcy; for bringing in PGA Tour Player Brad Faxon as a collaborating architect on the Resort Course; for securing construction financing; for structuring and coordinating the facility's Membership Program; and for supervising all project marketing.

Vista Royale Golf & Country Club Vero Beach, FL

Vista Royale Golf & Country Club is a 27-hole semi-private facility located within a large Vero Beach residential community. The course lost 80% of its memberships in less than 4 years due to deteriorating playing conditions, and in December 1999 the mortgage holder commenced foreclosure. On behalf of the owners, Clubhouse Capital negotiated a forbearance agreement with the foreclosing mortgage holder, advancing our own funds to bind the agreement and keep the owners from falling further behind. We then directly funded a $900,000 bridge loan to pay the mortgage holder current and complete a comprehensive capital improvements plan.

Polo Trace Golf & Country Club Delray Beach, FL

Clubhouse Capital was retained in late 1996 to finance the $7.0 million acquisition of Polo Trace Golf & Country Club, a high-end daily fee golf course in Palm Beach County, FL. Suffering from a recent bankruptcy and RTC mismanagement, Polo Trace had an NOI of under $400,000. On behalf of the minority owners who enjoyed management control, we created and implemented a new marketing plan that increased NOI to $700,000 in just 12 months, enabling us to secure $5.0 million in mortgage financing to fund our clients’ buy-out of the majority partner. Following the December 1996 closing, we expanded the marketing plan, re-evaluated and amended the operating budget, and implemented some additional operating policies, leading to an increase in rates from $70 to just under $100 per round and causing the NOI to increase to almost $1.0 million. On behalf of the owners, we then sold Polo Trace in July 1998 to a national golf company for $13.3 million, nearly twice the original purchase price.

Indian Meadows Golf Club, Westboro, MA

In April 1999, the owners of Indian Meadows Golf Club in Westboro, MA owed over $1.9 million to a hostile mortgage lender. The golf course was worth about $2.2 million and enjoyed an NOI in excess of $220,000, but refinancing was impossible due to the high loan balance. On behalf of the owners, Clubhouse Capital negotiated a loan discount with the mortgage holder, reducing the principal balance to $1,325,000. When the mortgage holder required a payoff within 3 weeks, we purchased the loan with our own funds, and then secured $1.4 million in permanent financing for the owners. Our efforts saved the owners over $500,000 in golf course equity, and the entire process took less than 4 months.

Hawthorne Country Club, Dartmouth, MA

Hawthorne Country Club in Dartmouth, MA is one of the region’s busiest banquet facilities. The owner desired to renovate the facility and was seeking a $3.0 million loan, but regional lenders were reluctant to finance a banquet operation, and SBA financing was too expensive.  Clubhouse Capital advised the owner to open the golf course up to the public on a limited basis, which led to $50,000 increase in NOI. Clubhouse then secured $3.0 million in mortgage financing that closed in May 1999 at a fixed rate of 8.5%, almost 1.5% cheaper than the rates offered at that time by most regional and national lenders.