Signaling cash flow woes, Ginn Clubs and Resorts missed principal and interest payments on its first- and second-lien debt according to a LCD report. Lenders have agreed to not exercise remedies for 30 days but have not waived the default. The 30-day waiver on principal and interest payments was granted when Lubert-Adler agreed to kick in $5 million in cash for operations. The agreement affects only four Ginn properties.
Both the report and comments from Ginn President, Robert Gidel can be seen at the following link: Florida Real Estate Developer, Ginn Clubs and Resorts, Misses Principal and Interest Payment
Toby Tobin is a real estate commentator and Publisher of GoToby.com, the popular real estate news website for the City of Palm Coast, Flagler County and Northeast Florida. He is a licensed Florida Realtor® associated with Adams Cameron & Co.