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.
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.
Impulse Music Co., which is located at 21515 Soledad Canyon Road, Suite #120, is hosting an Open Mic Night free to all ages, on Wednesday, Feb. 2, from 6:00 p.m. - 7:00 p.m.
The Santa Clarita Community College District's Board of Trustees will hold a virtual business meeting and public hearing via Zoom Wednesday, Jan. 19, at 5:00 p.m.
The William S. Hart Union High School District's Governing Board will hold its regular meeting Wednesday, Jan. 19, beginning with a closed session at 5:45 p.m., followed immediately by open session at 7:00 p.m.
Whether you’ve just finished an ice skating lesson, are watching a youth hockey game or want to take a break during a public session, The Grille at The Cube is the perfect place to unwind with a delicious meal or snack.
LOS ANGELES (CN) — A lawsuit by two environmental groups to stop the enormous and controversial Tejon Ranch Centennial Project can continue, a Los Angeles County judge ruled Friday, despite a recent settlement in a related case.
Henry Mayo Newhall Hospital reported Monday an additional death from COVID-19, bringing the total number to 201 since the onset of the pandemic, spokesman Patrick Moody confirmed.
College of the Canyons returned to the court for the first time in three weeks on Wednesday, suffering an 81-73 road loss at the hands of Glendale College in a contest that officially started Western State Conference (WSC), South Division play for the Cougars Men's Basketball team.
The No. 6 College of the Canyons Cougars women's basketball team dropped a 65-61 road game to L.A. Valley College on Wednesday, as the team could only muster five points in the fourth quarter to lose its Western State Conference, South Division opener.
The California Department of Transportation announces an extended weekend closures of eastbound Interstate 210 in the San Fernando Valley for paving work. Residents and local businesses located near the freeway may experience noise, vibrations and dust associated with construction activities.
Drug Free Youth in Santa Clarita Valley will present a virtual workshop 6 p.m. Jan. 26 called "Suicide Awareness: Recognizing Signs and How to Get Help”.
The MAIN in Old Town Newhall will host an art reception in celebration of the featured art exhibit, “Picking Up The Pieces” at 7 p.m. Thursday, Jan. 20, in The MAIN’s lobby gallery.
Winter is the best season to prepare your garden and trees for the spring. Now is time to practice proper pruning techniques to take your garden to the next level in 2022.
The Los Angeles County Development Authority has been awarded $1.2 million in renewal funding from the U.S. Department of Housing and Urban Development, to continue the operation of its Family Self-Sufficiency Program.
The Africana-Asian Collaboratory for Inclusive Excellence Project at California State University, Northridge will host a webinar celebrating the life of the late Rev. Martin Luther King, Jr. on Tuesday, Jan. 18, from 2:00 p.m.-3:30 p.m.
(CN) — The county of Los Angeles asked a judge to hold Sheriff Alex Villanueva in contempt for ignoring three subpoenas issued by the Civilian Oversight Commission last fall, in a court filing on Wednesday.
The Los Angeles County Department of Public Health confirmed Thursday 45 additional deaths and 45,076 new cases of COVID-19 countywide, with 55,978 total cases in the Santa Clarita Valley.
Tweet This
Facebook
Digg This
Bookmark
Stumble
RSS
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.
8 Comments
Craig Roach
Maybe it won’t be private anymore. But, I doubt it.
Someone in Parker CO is buying it?? Cool, I live close to there, move the course over here!!! : )
Someone in Parker CO is buying it?? Cool, I live close to there, move the course over here!!! : )
One of those big pot growers is buying it !!!!!!!! Lol ……
Renee Valle Leon
Guess I’ll start going to Bushwood CC from now. They fixed the rodent problem!
Hummm, I smell condos coming.lol