Northco Golf & Hospitality announced the sale/acquisition of 4 golf courses.
MINNEAPOLIS – Frank Jermusek, President of Northco Golf & Hospitality announces the sale/acquisition of 4 golf courses in last couple of weeks. Timber Creek Golf Course (18-hole) located in Watertown, MN, Utica Golf Course (18-hole) located in Oshkosh, WI, Riverwood National Golf Course (18-hole) located in Otsego, MN, and Vintage Golf Course (18-hole) located in Otsego, MN.
Frank Jermusek says that, “Northco has seen a similar increase in activity on resorts as well.” Last fall Frank Jermusek’s team sold Izaty’s Golf and Yacht Club located on Mille Lacs Lake in MN, and Elbow Lake Lodge located in Cook, MN. Frank Jermusek’s team is currently working on a number of golf and resort listings, including the historic Gunflint Lodge located on the Gunflint Trail and Superior Shores Resort and Conference Center, located on the North Shores of Lake Superior.
Frank Jermusek says that, “Sale / acquisition activity has definitely picked up. The combination of available debt/equity sources coupled with reasonable pricing has been driving activity. The barrier to entry for a golf course or resort acquisition is just not what it used to be. We have a number of deals where individuals or groups have been able to acquire golf courses and resorts on very reasonable terms with excellent debt/equity options.”
A year or two ago buyers for golf and resort properties had to show up with 100% cash in order to close a deal. Frank Jermusek says that has changed, “We recently closed a deal with 50% bank financing + 35% SBA financing + 15% cash down payment, those debt/equity terms coupled with reasonable acquisition pricing opens the buyer pool up immensely. We work with a number of lending and equity sources that like this product again, which Frank Jermusek says, “drives activity.”
Frank Jermusek is President/Owner of Northco Real Estate Services, LLC and Northco Golf & Hospitality, LLC. He is also the founding partner of the Jermusek & Davies law firm.
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