DEAL SIZE
$2,500,000
Wolf Creek
COMPANY
Wolf Creek golf club in one of the most difficult, best conditioned and enjoyable golf courses in the Metro Atlanta area.
OVERVIEW
- 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
ACM VALUE ADD
- 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
