WOLF CREEK

Wolf Creek golf club in one of the most difficult, best conditioned and enjoyable golf courses in the Metro Atlanta area.

Single purpose golf course asset was in default with its senior lender
The business had been in distress due to the Great Recession
The borrowers could no longer service the existing debt due to the reduction in cash flow

Worked with bank to reach a solution that would enable the borrowers and guarantors to retain the asset and resuscitate the business
Sought a new lender for the asset to take the bank out of its position at a discount
Worked with the bank to amend the facility including extending the maturity date while we sought replacement debt
Closed on new facility in August of 2012 which took out the senior lender
New loan provided the business with a reduced monthly payment which they could service
The transaction included debt forgiveness of $1.5 million