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Aquila completes acquisition of golf club in South Florida
Thursday, May 10, 2007
Aquila Property Company, a South Florida-based real estate investment and management firm has completed the acquisition of Binks Forest Golf Club from Peninsula Bank. The closing followed<... announcements earlier this year that Aquila had entered an agreement to purchase and restore the once-acclaimed Palm Beach County golf venue, and that the firm had hired Northbrook, Ill.-based KemperSports, a national leader in golf course management and development, to operate the 18-hole layout in Wellington, Fla.
“We have reached the next milestone in the rebirth of Binks Forest Golf Club,” said Jordan C. Paul, chairman of Aquila Property Company. “Closing on this property marks a monumental step for the course’s revitalization and for the Wellington community. Together with course manager KemperSports and architect Gene Bates, we will continue to work diligently toward the course opening, targeted for this fall.”
In addition, Aquila stated that, following a comprehensive analysis of the Binks and Wellington communities and Greater Palm Beach County over the past several months, the Binks Forest Golf Club will be classified as a high-end, premium daily-fee golf course. The course will be open to the public while also featuring a membership component. The membership plan will include a limited number of “Founding Memberships” that will entitle select individuals to lifetime play, among other exclusive benefits.
Aquila also revealed Allied Capital Corporation as its financial partner in the Binks Forest acquisition. Headquartered in Washington, D.C., Allied Capital, a leading business development company (BDC) with nearly $5.0 billion in total assets, invests private debt and equity capital in middle market businesses nationwide.
“We were seeking a strong and sound financial partner to round out the first-rate management team that has been assembled for Binks Forest and to help ensure long-term financial stability,” Paul added. “Based on our longstanding relationship with Allied Capital, we are confident that the company’s financial strength coupled with its business management expertise make it the ideal partner to help establish Binks Forest as one of the leading golf experiences in South Florida.”
The partnership with Allied Capital will prove equally important off of the golf course, as Aquila’s future plans also include revamping a 30,000-square-foot clubhouse and building an exclusive 90-unit residential golf course community.
“This is a great opportunity to partner with the experienced team at Aquila in the redevelopment of what was once one of the premier golf courses in South Florida,” said John Scheurer, managing director of Allied Capital. “We are looking forward to playing a part in the reshaping of this community.”
“We have reached the next milestone in the rebirth of Binks Forest Golf Club,” said Jordan C. Paul, chairman of Aquila Property Company. “Closing on this property marks a monumental step for the course’s revitalization and for the Wellington community. Together with course manager KemperSports and architect Gene Bates, we will continue to work diligently toward the course opening, targeted for this fall.”
In addition, Aquila stated that, following a comprehensive analysis of the Binks and Wellington communities and Greater Palm Beach County over the past several months, the Binks Forest Golf Club will be classified as a high-end, premium daily-fee golf course. The course will be open to the public while also featuring a membership component. The membership plan will include a limited number of “Founding Memberships” that will entitle select individuals to lifetime play, among other exclusive benefits.
Aquila also revealed Allied Capital Corporation as its financial partner in the Binks Forest acquisition. Headquartered in Washington, D.C., Allied Capital, a leading business development company (BDC) with nearly $5.0 billion in total assets, invests private debt and equity capital in middle market businesses nationwide.
“We were seeking a strong and sound financial partner to round out the first-rate management team that has been assembled for Binks Forest and to help ensure long-term financial stability,” Paul added. “Based on our longstanding relationship with Allied Capital, we are confident that the company’s financial strength coupled with its business management expertise make it the ideal partner to help establish Binks Forest as one of the leading golf experiences in South Florida.”
The partnership with Allied Capital will prove equally important off of the golf course, as Aquila’s future plans also include revamping a 30,000-square-foot clubhouse and building an exclusive 90-unit residential golf course community.
“This is a great opportunity to partner with the experienced team at Aquila in the redevelopment of what was once one of the premier golf courses in South Florida,” said John Scheurer, managing director of Allied Capital. “We are looking forward to playing a part in the reshaping of this community.”
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