The 49-year-old Valencia Country Club is being sold as part of a $320 million, 48-property deal between owner CNL Lifestyle Properties and the buyer, CF Arcis X LLC of Parker, Colo.
CNL Lifestyle Properties is planning to sell its entire portfolio of golf assets, according to an SEC filing.
The deal has not been finalized, but both sides have agreed to terms, said Gary Rosmarin, vice president of asset management for CNL Financial.
The agreement was reached June 12. CF Arcis X put down a $10 million deposit, according to filing information.
“The projected net cash to the company from the sale of the golf portfolio is anticipated to be approximately $208 million after repayment of approximately $89.9 million of debt, including associated prepayment penalties,” according to a form 8-K filing with the Securities and Exchange Commission.
A form 8-k is a form used to give company investors notification of pertinent shareholder information.
“(CNL) anticipates that the net proceeds of the sale will be used to retire indebtedness, invest in new assets or enhance existing assets,” the form stated.
In March 2014, the company engaged Jefferies LLC, a global investment banking and advisory firm, to assist the company in actively evaluating strategic alternatives to provide liquidity to the stockholders.
“The company believes that the sale is consistent with the strategic alternatives currently under consideration,” according to the filing.
CNL Financial Group is “a leading private investment management firm providing global real estate and alternative investments,” according to the company’s website. The company’s market capitalization is approximately $1.77 billion.
An official with the holding company CF Arcis X LLC, which incorporated May 13 in Delaware, could not immediately be reached.
The person listed as the authorized person for CF Arcis X LLC was Constantine “Dean” M. Dakolias, according to the Corporation Trust Company, which handled the filing. Dakolias is the co-chief investment officer of the Credit Funds at Fortress Investment Group LLC.
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