Pronghorn finds financing; Four Seasons Island, Spruce Creek sell

Sales & Finance news

Pronghorn Resort, a high-end development in Bend, Ore., has found a way to move forward. The 640-acre golf, residential and resort development was begun in 2002, but was delayed in 2007, due to the housing downturn and recession. The resort has more than 400 residential lots and fractional units and two golf courses, designed by Jack Nicklaus and Tom Fazio.

FocalPoint Securities, served as the financial advisor to HDDP Holdings, the owner of Pronghorn, and helped it find a capital partner that would allow for the completion of the development and create liquidity for existing stakeholders.

The resort was recapitalized through the sale of approximately $55 million of existing secured debt to affiliates of The Resort Group, a resort and development company based in Hawaii. The transaction will now allow the completion of the development plan and continued operations.

The Four Seasons Island Resort on Majestic Miscauno Island sold for $1.3 million at the end of December, less than half of its $2.69 million asking price. The resort includes a 9-hole golf course and a 55-room hotel. It was opened in 1905 and includes a 24,000 square-foot clubhouse. It is located in Pembine, Wisc.

Spruce Creek Preserve Golf Club, an 18-hole golf course located in Dunnellon, Florida, was sold for $1.325 million. The Preserve Golf Club is a Terry Dos designed, championship 18-hole golf course on 179 acres. It is the centerpiece to Del Webb's surrounding Spruce Creek development, an age-restricted, active-adult retirement community located on 416 acres and surrounded by Ross Prairie State Forest.

Built in 1997, the club offers casual dining from its 5,400-square foot clubhouse. A private investor from Windemere, Fla. purchased the course. The sale swas brokered by Steve Ekovich and Chris Karamitsos with Marcus & Millichap Real Estate Investment Services

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