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FINALLY...MEDITERRA CLUBS WHERE THEY BELONG!
Posted by V.K. [Mel] Melhado P.A. on Saturday, December 5th, 2009 at 8:51am.
It was nice to see that Mediterra's beach and golf clubs are finally in the hands of where they belong...theirs members!
Yesterday marked the end of a lengthy six month struggle as members finalized the purchase from the developer, financially strapped Bonita Bay Group. They are hoping to sell off all of their club and golf course holding as part of a restructuring plan to avoid bankruptcy.
The deal for Mediterra cost the members $6.8 million in cash and they assumed a $15 million in debt for the CDD (Community Development District) bond which the developer originally set up to cover the costs of the infrastructure, road and other costs for services. The members raised enough cash from the sale of golf, sports and social memberships to complete the transaction on its own and put them in excellent financial strenth.
With the completion of the purchase it is a very positive sign and real estate interest in the community should once again surge.
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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