|
WELLINGTON, Fla., May 8,
2007 – Aquila Property Company, a South Florida-based real estate investment
and management firm, today announced it has completed the acquisition of
Binks Forest Golf Club from Peninsula Bank. The closing followed
announcements earlier this year that Aquila had entered an agreement to
purchase and restore the once-acclaimed Palm Beach County golf venue, and
that the firm had hired Northbrook, Ill.-based KemperSports, a national
leader in golf course management and development, to operate the 18-hole
layout in Wellington, Fla.
“We have reached the next milestone in the rebirth of
Binks Forest Golf Club,” said Jordan C. Paul, chairman of Aquila Property
Company. “Closing on this property marks a monumental step for the course’s
revitalization and for the Wellington community. Together with course
manager KemperSports and architect Gene Bates, we will continue to work
diligently toward the course opening, targeted for this fall.”
In addition, Aquila
today announced that, following a comprehensive analysis of the Binks and
Wellington communities and Greater Palm Beach County over the past several
months, the Binks Forest Golf Club will be classified as a high-end, premium
daily-fee golf course. The course will be open to the public while also
featuring a membership component. Details on membership plans and
applications will be announced in the near future. The membership plan will
include a limited number of “Founding Memberships” that will entitle select
individuals to lifetime play, among other exclusive benefits.
Aquila also announced
Allied Capital Corporation as its financial partner in the Binks Forest
acquisition. Headquartered in Washington, D.C., Allied Capital, a leading
business development company (BDC) with nearly $5.0 billion in total assets,
invests private debt and equity capital in middle market businesses
nationwide.
“We were seeking a
strong and sound financial partner to round out the first-rate management
team that has been assembled for Binks Forest and to help ensure long-term
financial stability,” Paul added. “Based on our longstanding relationship
with Allied Capital, we are confident that the company’s financial strength
coupled with its business management expertise make it the ideal partner to
help establish Binks Forest as one of the leading golf experiences in South
Florida.”
The partnership with
Allied Capital will prove equally important off of the golf course, as
Aquila’s future plans also include revamping a 30,000-square-foot clubhouse
and building an exclusive 90-unit residential golf course community. The
clubhouse will feature an extensive banquet facility, accompanying catering
services, meeting facilities and other amenities that will serve as valuable
assets to the community, transforming Binks Forest Golf Club into
Wellington’s premier destination for golf, dining and special events.
“This is a great
opportunity to partner with the experienced team at Aquila in the
redevelopment of what was once one of the premier golf courses in South
Florida,” said John Scheurer, managing director of Allied Capital. “We are
looking forward to playing a part in the reshaping of this community.”
Allied Capital joins a top-notch team, including: Aquila
Property Company, owner and developer; KemperSports, a nationally recognized
leader in golf course management and development; and Gene Bates, one of
Binks Forest’s original architects, who will modernize the features and
playability of the course, while preserving the design’s original integrity.
Originally designed by PGA TOUR professional Johnny Miller and
award-winning Florida-based golf course architect Gene Bates, Binks Forest
opened in 1990 and quickly gained prominence in the golf industry, including
a ranking among Golf Digest’s “Top 75 Public Golf Courses in the United
States.” Hailed as unique among its Florida counterparts with rich foliage,
heavily forested terrain and lush Bermuda grass reminiscent of North
Carolina’s Pinehurst, the venue quickly proved itself tournament-ready by
hosting a major professional event – the 1990 PGA TOUR Team Championship –
in its first season. Binks Forest Golf Club, closed for nearly five years,
is scheduled to reopen in the fall of 2007.
About Aquila Property Company
Founded in 2000, Aquila Property Company, Inc., is a South Florida-based
real estate investment and management and advisory firm that specializes in
turning around underperforming properties. Aquila’s principals bring more
than 35 combined years of experience as direct principals and senior
officers for institutional investors and have been responsible for the
acquisition, financing development and management of more than $3.0 billion
in real estate transactions throughout the United States. For more
information, visit http://www.aquilaproperty.com.
About KemperSports
Northbrook, Ill.-based
KemperSports operates golf facilities as well as athletic clubs, lodging
venues and major sporting events, including nationally ranked courses and
tournament venues such as Bandon Dunes Golf Resort, Dorado Beach Resort &
Club, The Glen Club, Gillette Ridge, Harding Park, Bolingbrook Golf Club and
Desert Willow. Affiliate KemperSports Marketing & Communications, a sports
marketing, events and public relations agency, has produced and
managed major national and international events and communications programs,
including the EA SPORTS Maui Invitational college basketball tournament and
numerous PGA TOUR events. For more information, visit http://www.kempersports.com.
About Allied Capital
Headquartered in Washington, D.C., Allied
Capital Corporation is a leading business development company (BDC) in the
United States that invests private debt and equity capital in middle market
businesses nationwide. Founded in 1958 and operating as a public company
since 1960, Allied Capital has paid consistent or increasing regular,
quarterly cash dividends annually to shareholders since 1963. For more
information, visit http://www.alliedcapital.com.
###
Contact: Kristin Schaner
(847) 480-4850kschaner@kempersports.com
|
