March 26, 2012

The Cliffs Communities set to get a Bail out Deal

Cliffs at Mountain Park close to Greenville, SC to get the most help from bail out deal.

 

Texas-based Carlile Development Group has made moves to try and bail out The Cliffs Communities, Carlile is loaning $9.5 million to help keep club operations up and going as the Cliffs Communities try to work through Chapter 11 bankruptcy court.

Carlile Development is doing a joint venture with SunTx Urbana, the primary landowner of The Cliffs properties, and Arendale Holdings, a development company specializing in golf club operations.

There will be a new membership plan that is set to be announced on April 13th.

The Carlile Group will assume $1.1 million in unpaid taxes, $4.3 million in other out standing bills, $1.4 million in mechanics liens, and pay for finishing a multimillion-dollar golf course at The Cliffs at Mountain Park located near Downtown Greenville, SC. Carlile will provide 85 Million dollars to buy other Cliffs real estate across the Upstate according to bankruptcy terms that came out in court.

 

Posted in Development
Share This Post
Please enable Javascript to comment on this blog