Pronghorn Lender Sells Loans
The real estate landscape in Central Oregon continues to evolve as The Bend Bulletin reported that Societe Generale, the holder of $43 M in loans at Pronghorn has sold the note to a “master developer.”
Email to Pronghorn Members
An email to members at Pronghorn, sent out by general manager, Spencer Schaub, failed to identify the buyer; but, stated, in part, “We are excited to confirm that a well-established group which has extensive experience with luxury resorts and residential golf communities has been selected . . .”
A spokesperson from Cascade Sotheby’s International Realty in Bend, corroborated the info, and further identified the company as The Resort Group, headed by Jeff Stone, and headquartered in Honolulu. They have holdings/projects in the Bahamas, California (Newport Beach), and Hawaii.
$43 Million in Loans
Deschutes County records show that the beneficiary for the two loans is a Paris-based international bank. Reports indicate that the loans have been for sale for two years. They cover more than 90 homesites, the two golf courses–one designed by Tom Fazio,
the other by Jack Nicklaus–as well as the beautiful 55,000 square foot clubhouse.
There is no indication as to how much the new owners will pay for the loans. Do we have estimates? I’m going out on a limb and submitting my guess . . . $15M.
No Impact To Pronghorn Members
Pronghorn Club members feel that there will be no real noticeable impact with the change in note holder.
Stay tuned for more info on Pronghorn.