79°F, Fair
FINALLY...MEDITERRA CLUBS WHERE THEY BELONG!
Posted by Naples International Group 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.
Print
ShareBe the first to comment on this blog entry!
Leave a Comment
Sign Up for Our Newsletter
Sign up to recieve monthly updates about the Naples Real Estate Market and Hot New Listings.
Blog Navigation
Blogroll
Archives
Recent Blog Posts
- September 2nd, 2010 4:43pmCONSUMER CONFIDENCE RATHER FLAT BUT PENDING SALES UP
- Rightfully so, consumer confidence is rather flat and one can certainly attribute that to the fact that there has been no clear cut indication that nationally...Read More
- August 30th, 2010 7:46amOLDE NAPLES CONTINUES TO LEAD THE WAY
- There are many reason why Olde Naples is one of the most desireable areas of Naples, not the least of which it is the only area of Naples where every ave...Read More
