TRACK
RECORD: RECENT SALES, TURN-AROUNDS, AND/OR FINANCINGS
SOLD:
PRICE $1,650,000, JANUARY 26, 2007, Northwood Hills Golf Club, Shreveport,
Louisiana. We helped place a new partnership into this golf course
property that has some future development potential. Financing was
a particularly delicate issue, which we were skillfully able to successfully
achieve to get this one to closing.
SOLD
AND FINANCED - PRICE: $2,900,000, June-05: Crescent Oaks Golf Club,
Tarpon Springs, Florida: - $2.9 million,
closed June 22, 2005. Another Buyer-Broker golf course sale by Prime
Sites USA - a combined effort by Golf Division Manager, Mike Kahn
and PSUSA's newest sales associate, Mark Hoffman. Crescent Oaks Golf
Club is a private country club with over 300 members, swimmng pool,
tennis courts and a full service clubhouse.
SOLD - PRICE: $3,600,000, February-05: Bobcat Trail Golf Club, Northport,
Florida: closed February 3rd, 05. This highly prized Bob Tway
designed 18-hole golf course has been on the radar of many golf course
buyers. With a projected 15 cap, we show how it pays to hire Prime
Sites USA's professional golf sales team to work for you under our
non-exclusive buyer-broker agreement.
SOLD AND FINANCED - PRICE: $3,200,000, November-04: Olde Point Golf
Club, Hampstead, North Carolina: Closed on November 15 at 5: pm.
Another sale by Prime Sites USA, LLC Director of Golf Course Sales,
Mike Kahn, and Steve Taylor. Olde Point was another golf course transaction
put together using our knowledge and skill in the golf course business.
SOLD AND FINANCED - PRICE: $3,200,000, October-04: Oak Grove Island
Golf Club, Brunswick, Georgia: Closed October 12, 2004. Along
with my colleague, Steve Taylor, we put a unique deal together to
satisfy a foreign buyer's financing needs. We assisted in preparing
the
contract, diligence, transition and go-forward management plans.
SOLD AND FINANCED - PRICE: $3,200,000, October-04: Magnolia Plantation,
Jacksonville, Florida : Magnolia Point Golf Club, a 27-hole private
golf club including tennis, pool and fine dining, listed exclusively
with Prime Sites USA, LLC, in the fall of 2003, sold for $3.2 million
in spring of 2004. The sale was a joint effort between PSUSA Golf
Course Sales Associate, Steve Taylor and myself.
FINANCING - September-04: The Eagles Golf Club, Tampa, Florida: Managed
the property and prepared the business plan successful in achieving
new financing. Achieved 70% LTV, a 25-year, seven year baloon.
SOLD - PRICE: $1,000,000, September-04: Red Eagle Golf Club, Eufaula,
Alabama: Another joint effort between Lighthouse Golf Group and
Prime Sites USA. Skip Smith and Mike Kahn successfully sold Red Eagle
for $1 million in September of 2004. Red Eagle is a beautiful 18-hole
golf course designed and built by renowned architect, Dennis Griffiths.
SOLD AND FINANCED - PRICE: $3,000,000, January-04: The Ravines Golf
Resort, Middleburg, Florida:
Primes Sites USA, LLC, sales associate, Mike Kahn, brought buyers
and sellers together for the $3 million sale of The Ravines Golf Resort,
closing in January of 2004. Listed and contracted for sale in less
than 60 days.
SOLD AND FINANCED PRICE: $3,200,000, December-03: Fox Ridge Golf Club,
Dike, Iowa: Successful $3.2 million sale and financing of Fox
Ridge in December of 2003. Brokerages, Prime Sites USA, LLC, Clearwater,
Florida, Associate Mike Kahn, and Lighthouse Golf Group, Atlanta,
Georgia, Associate Skip Smith.
MANAGEMENT TURN-AROUND - $3,000,000, November-03: Eagles Golf Club,
Tampa, Florida: Engaged as management consultant for Tampa, Florida's
famous 36-hole Eagles Golf Club. Successfully reorganized all operations
including golf course maintenance, food and beverage, marketing, pro
shop and administration. Increased earnings by $500,000 even before
pursuing additional rounds.
MANAGEMENT TURN-AROUND - $1,000,000, October-03: Scottish Heights
Golf Club, De Bois, Pennsylvania: Engaged as consultant to advise
ownership on all phases of this financially challenged golf course.
After implementing many of our recommendations the business reached
break-even cash flow for its first time in 2004. Subsequent area real
estate activity could result in a financial winfall for ownership.
Estimated added value $1 million.
FINANCING - June-03: The Golf Club at Cypress Creek, Sun City, Florida:
Provided consulting service for a successful 75% LTV financing.
FINANCING - June-03: Michigan Golf Course (remains confidential:
Successfully financed a highly difficult reorganization for an ownership
group.
SOLD - PRICE: $3,200,000, May-03. Bobcat Trail Golf Club, North Port,
Florida: Sold for $3.2 million in spring of 2003 by Mike Kahn,
Brokerage, Prime Sites USA, LLC, Bobcat Trail was a highly prized
18-hole golf course, with a 'difficult' balance sheet. Our innovative
transaction techniques resulted in this successful sale.
MANAGEMENT TURN-AROUND - $1,000,000, February-03: The Ravines
Golf Resort, Middleburg, Florida: Successfully reorganized golf
course maintenance operations including golf course maintenance, food
and beverage, marketing, pro shop and administration. Using our exclusive
associations and connections, increased play by 2,000 rounds in January
and February of 2003. Turnaround: $1 million in less than 12 months.
SOLD AND FINANCED - PRICE: $2,000,000, December-02: The Ravines Golf
Resort, Middleburg, Florida: Exclusive listing with Prime Sites
USA, LLC. A successful $2 million sale and financing of The Ravines
Golf Resort in December of 2002. Participating brokerages, Prime Sites
USA, LLC, Clearwater, Florida, Associate Mike Kahn, and Lighthouse
Golf Group, Atlanta, Georgia, Associate Skip Smith.
FINANCING - May-02: Summerfield Plantation Golf Club, Tampa, Florida:
Acted as consultant for the 75% LTV financing for the purchase of
Summerfield Plantation in the spring of 2002. Funding achieved withing
60-days of the application.
CONSULTING - PRICE: $5,000,000 - May-01: Miccosukee Golf & Country
Club, Miami, Florida: Purchased in 2001 by the Miccosukee Tribe
(famous Miccosukee Casino Resort), the former Miami National Golf
Club, former Kendall Lakes Golf Club, course has hosted many LPGA
and PGA events, including those attended by Jack Nicklaus and Arnold
Palmer, among others. Golfmak, Inc. (Mike Kahn) acted on behalf of
the Miccosukee Tribe Chairman to assist them in their first golf course
ownership.
MANAGEMENT TURN-AROUND - $1,000,000, May-01: Orange Park Country Club
(OPCC), Orange Park, Florida: Provided diligence and transition
management for the $2.1 million purchase of the property in May of
2001. Achieved 80% loan to value. Implemented our business plan and
improved the property and the business resulting in a successful resale
of the property for $3.1 million in January of 2002. OPCC is a full
amenity private country club - swimming, tennis, fine dinging, fitness
center - with over 900 members and an annual operating budget of $3
million. Turnaround: $1 million in less than 12 months.
MANAGEMENT TURN-AROUND - *IMPROVEMENT $4,000,000, May-98: Appointed
by the US Federal Government in July of 1996 to manage Oak Ford Golf
Club, Sarasota, Florida as Debtor-in-Possession under Chapter-11 reorganization:
I authored the reorganization business plan and managed the business
until May of 1998. Our successes included increasing round from 50,000
to over 75,000 rounds in one year; we increased gross revenues from
$1.5 in 1995 to $2.2 million in 1997. We achieved over $800K in earnings
in 1997. Our reorganization plan was approved by the courts and creditors
for a successful release in May of 1998. *Improvement is an estimate.
SOLD - PRICE: $1,000,000 (Bulk Sale), August-96: Union Golf of Florida,
Inc., 30 Residential Sites: Operating as sales associates, Mike
Kahn and Bill Hayward, brokerage, First Tampa Realty Group, successfully
sold 30 golf course residential lots for $1 million in August of 1996.
This sale was crucial to success of the reorganizationof Oak Ford
Golf Club.
MANAGEMENT CONTRACT NEGOTIATED, November-95: Established negotiations
for the successful and lucrative magement Contract awarded to Golf
Enterprises of Dallas, Texas to manage Lely Resorts of Naples, Florida.
Shortly afterward, the assets of Golf Enterprises were acquired by
National Golf Properties and Lely became managed by American Golf
Corporation. As of 2005, our sources tell us Lely Resorts is one of
the best performing golf properties in the entire 300+ American Golf
group of golf courses.
SOLD - PRICE: $60,000,000 (estimated) December-95: Lely Resorts Golf
Courses, Naples, Florida: A 30-year, 54-hole golf course property
leashold worth an estimated $60 million sold to Golf Enterprises of
Dallas, Texas, closed in December of 1995. Mike Kahn and Bill Hayward
collaborated on this sale, brokerage, The Polo Group, Tampa, Florida.
This sale triggered the America Golf Corp acquisition of all 40+ golf
courses owned by Golf Enterprises immediately after the Lely sale
was completed. While American Golf Corp was financially floundering,
the Lely property was the best performing property in their 250+ golf
course inventory.
MANAGEMENT TURN-AROUND: IMPROVEMENT - $2,000,000, May-95: Oak Ford
Golf Club, Sarasota, Florida: Engaged as management consultant
for the operation and eventual financing of Oak Ford Golf Club, Sarasota,
Florida, post Chapter-11, in May of 2003. Achieved 83% loan to value.
Our history with Oak Ford goes back to 1995 when we successfully guided
the business through a Chapter-11 reorganization - sprung in May of
1998. The 27-hole golf course with a market value of less than $4
million in 2000 sold for $6 million in May of 2003. Turnaround: $2
million in 24 months.
SOLD: PRICE: $1,500,000, April-95: Oyster Creek Golf Club, Porth Charlotte,
Florida: Successful sale while sales associate with First Tampa
Realty Group.
With
our extensive connections around the USA and beyond, we bring Buyers
and Sellers of Golf Courses together.
A
buyer from France buys a US Golf Course property. Golfmak found
the property for the buyer and acted as consultant through the entire
purchase process - including transitional management.
Our
connections placed the Buyer and Seller together for a successful
conclusion - the recent purchase and sale of a Florida golf course.
A
10-31 Deal went smoothly. Golfmak acted as consultant for a successful
10-31 exchange purchase for a Southeast USA golf course.
Properties
from Sea to Sea and Beyond! Our ever changing inventory of
properties for sale include golf courses, practice ranges, development
golf course properties, resort golf course properties, planned golf
courses and communities.
