KSI Capital participates in a $16.5 Million loan to Developer of Arizona Championship Golf Club*
Paramus , NJ â€” For Gary McClung, getting money to fund his mammoth Golf and Country Club wasn't an issue. Dozens of private investors embraced the idea. But there was a catch.
All wanted to take an equity position; something that McClung didn't want to entertain. So with the help of Ira Sampson of Sonnenblick Goldman, one of the nation's largest investment bankers, McClung got his money - unencumbered - from KSI Capital, a leading direct private lender based in Paramus , New Jersey . The $16.5 million KSI loan to McClung, the developer of Quintero Golf and Country Club , will fund development of two championship golf courses and an upscale residential community in Maricopa County , Arizona outside of Phoenix.
Sonnenblick Goldman turned to KSI Capital because they knew that KSI were one of the only lenders in the country that could successfully structure this deal and make it happen. KSI saw the tremendous potential in both Quintero, as a successful golf course community, and the opportunity to participate in the project. The two courses are being designed by Rees Jones and Greg Norman, two of the nation's leading designers of championship golf courses, in a market with strong support for golf course communities.
Proceeds of KSI's loan will be utilized to continue work to complete the development's infrastructure and construction of the first 18-hole golf course. The loan is being made to McClung, a principal of Midway Ford and Truck center in Kansas City , Mo. , one of the largest truck dealerships in the country, and the owner-operator of seven businesses in three states.
Gary McClung had no problem securing interest from a number of investors, but they sought a 50 percent equity stake, says Henry Haskell, President of KSI Capital. We made the deal with no equity and used the land as collateral. Our due diligence showed that most development is occurring in the northeast quadrant of the state, and Quintero is being built in the northwest, which industry analysts see as the state's next hot area. All the facts pointed to a project that would be in high demand.
To secure approvals for Louis vuitton outlet residential construction, developers in Arizona must have a guaranteed 100-year supply of water. In Arizona , water is a critical commodity and developments cannot proceed without the requisite 100-year supply of water. To date, McClung has secured one 10-year supply with three additional ten-year supplies available, and is well on his way to securing the 100-year supply.
The golf course market in Arizona is particularly strong and memberships and daily fee rates in the state are the fourth highest in the U.S. Arizona has a solid residential base as well as a particularly strong resort and tourist market. In fact, were it not for the large availability of public and affordable courses in the state, Arizona would likely rank first in the nation among private memberships.
The Quintero Golf and Country Club will comprise an 827-acre site with two championship golf courses, 283 residential lots for single family homes, and a 35,000 square-foot clubhouse. The first course, named The Founders Course, is a private, 18-hole golf course being designed by Rees Jones and will be the central component of phase one of the Quintero master-planned community. The development is situated in Maricopa County near Peoria on the north side of Highway 74, approximately eight miles west of Lake Pleasant . Landscapes Unlimited is the construction company for the golf course, with RCB Inc. managing construction of the community and land planning and landscaping is being handled by Greey-Pickett.
The completed golf course for phase one will cover 7,060 yards and feature a state-of-the-art centrally, controlled irrigation system; wall-to-wall concrete cart paths; an 8,000 square-foot maintenance facility; two comfort stations; clubhouse; a minimum of four sets of tees; a full complement of course maintenance equipment and golf carts; and greens designed and built to USGA specifications.
According to McClung, to date, the development has sold 87 non-equity golf memberships totaling $6.3 million and has real estate reservations amounting to $12,430,000. The golf course is under construction and sales are expected to increase significantly. Projections for sales after opening are an average of six memberships per month.
A diversified direct lender with a national reputation for its expertise in commercial real estate, KSI has participated in a vast array of projects ranging from commercial developments to sports complexes and amusement parks. As a direct private lender, KSI Capital excels in loans covering a wide variety of financial scenarios including successfully dealing with land development, commercial property workouts, foreclosure situations, bankruptcies, and other situations that require innovative financial strategies.
KSI Capital has been a key lender in commercial real estate projects throughout the country and has also completed some high profile commercial loans in the international arena.
As opposed to more traditional banks, KSI responds to loan requests rapidly and issues decisions immediately. As a direct, private lender it relies upon its own highly specialized executive team for investment advice, risk analysis, and due diligence. Due to its excellent track record, KSI Capital is able to tap substantial lines of credit with investment banks and works closely with standing a pool of private investors. The company specializes in Rolex replica commercial real estate loans, and its diverse experience has given the firm the capability to respond to a wide variety of typical and atypical lending scenarios quickly and efficiently.
To succeed for our clients and investors, we utilize our own in-house experts to analyze risk and devise financial strategies to meet nearly every situation imaginable, says Haskell. Most lenders are either unwilling or unable to take on deals that don't fall into narrows Christian Louboutin Outlet, prescribed ranges of acceptability because they simply do not have the expertise to handle them. We do, and that is why many developers turn to us for the financing they need to bring their projects to fruition.
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