THE COUNTRY CLUB AT LAKE MACGREGOR

Mahopac, New York

ACQUISITION

•Purchased a Note and Mortgage secured by 375-acre parcel in Putnam County, NY containing an 18-hole championship golf course, 40,000 sf clubhouse, pool, tennis, an FAA regulated airport and hangers

•Negotiated a deed-in-lieu of foreclosure with the borrowers and obtained the deed to the property

APPROVALS

•Obtained special permits, site plan, subdivision, variances and all necessary approvals for the development of 212 townhouses adjacent to an 18-hole private, pay-for-play golf course, on a 375-acre parcel 

•Secured approvals for a 90,000/gpd State Pollutant Discharge Elimination System (SPDES) permit from NYC Department of Environmental Protection (DEP) and local authorities as part of the approvals of a 375-acre project in Putnam County

•Secured and maintained the land use approvals for +212 residential townhouse units on the vacant portion of the property

•Successfully defended legal changes to the approvals

RESULTS

•While seeking approvals, operated a pay-for-play golf course which increased annual revenues from $600 thousand to $1 million

•Food & Beverage revenues increased from $0 to $1.5 million annually

SUMMARY STATISTICS

YEAR PURCHASED: 1993

PURCHASE PRICE: $5,300,000

YEAR SOLD: 2014

SALE PRICE: $13,500,000