Real estate bridge lender Calmwater Capital said it will buy Florida-based Banyan Cay Resort & Golf Club on Wednesday.
With completion of the deal, U.S. Real Estate Credit III, affiliate of Calmwater Capital has introduced financial and professional resources to reopen the golf course and club and complete the hotel, spa and fitness complex said the company.
However, Los Angeles based company did not disclose the deal value. The company said extensive renovations to restore the golf course are under action, including aeration and re-seeding and purchase of new maintenance equipment among other things that require attention. Calmwater Capital added the renovated golf course will reopen on September 30.
Banyan Cay Resort & Golf Club is centrally located in West Palm Beach. The property most notably features Jack Nicklaus’ 300th signature 18-hole course surrounded by West Palm Beach’s natural beauty.
Calmwater Capital said it engaged crews to complete the 150-room hotel and resort, that features three restaurants, a first-class spa and fitness complex, wedding venue, meeting space and banquet facilities for up to 200 people. The timeline of completion of the same will be announced at a later date.
