ClubCorp has sold at least two clubs to Sculptor Capital Management as part of a deal that provided the club owner-operator with $64 million in financing. 

Sculptor Capital Management is a New York hedge fund with $33.3 billion in assets under management, of which $4.8 billion is in real estate. The company announced in June that it had raised $2.6 billion for its newest real estate fund. 

ClubCorp, which is owned by Apollo Global Management, is the world’s largest owner of private country clubs. The company did not release details on the transaction, but indicated there were more than two courses sold as part of the deal. 

The two known courses in the transaction were Brookfield Country Club in Roswell, Ga. and Devils Ridge Golf Club in Holly Springs, N.C. Both were sales-leaseback agreements for 20 years, meaning that ClubCorp will continue to operate the clubs and the clubs will remain in their network. 

Companies typically use leasebacks when they need to utilize the cash invested in an asset for other purposes but they still need the asset to operate their business. With a leaseback, a company gets access to capital without increasing its debt load. 

Brookfield, a 150-acre club with an 18-hole championship golf course, a clubhouse with banquet rooms, a pool and tennis and fitness facilities, sold for $9 million in a deal that closed on July 17. ClubCorp acquired the club, along with five others, for $44 million in 2015. 

Devils Ridge sold for $4 million on Aug. 4. It features 18 holes, two practice putting greens, a driving range, clubhouse with dining options and a bar. ClubCorp bought Devils Ridge in 1999.