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Monday, July 20, 2009

Reynolds Signature Communities acquired Laurelmore from Ginn Development Co. LLC

(This entry was originally published on Thursday, January 1st, 2009)

Reynolds Signature Communities (RSC), a subsidiary of Linger Longer Communities LLC, bought Laurelmore, a “golf and equestrian community,” at the west of Blowing Rock, North Carolina. In a news report published on December 30, 2008, RSC said that it acquired this golf community but did not reveal the purchase price. Failure to make principal and interest payment worth $675 million, Ginn Development Co. LLC, former owner of the community, foreclosed the property in 2008. Under the agreement with its lenders Ginn Development sold the property. The deed transfer of the property cost $32 million.

The golf community of Laurelmore, situated in North Carolina’s Blue Ridge Mountains, has a 6200 acres master planned golf course. Ginn Development spent the money on developing the property. According to Winston Salem Journal, Credit Suisse was one of the major lenders. The community started in 2006. Initally, Ginn Development sold 200 lots but sales went down after the financial crisis started. In a news release, Mercer Reynolds, Chairman, Reynolds Signature Communities, said:

“We are very excited to extend the Reynolds lifestyle to this beautiful Blue Ridge Mountain setting,…….My family was blessed with some magnificent waterfront land in the Oconee River Valley for Reynolds Plantation, and the mountains and ridges at this property are every bit as glorious. I think it is a great sister community for Reynolds Plantation.”

Reynolds Signature Communities will relaunch the community in the middle of the current year. Terry Russell, President, Reynolds Signature Communities, said that the company had been able to maintain solid sales through the recent real estate crisis because of the strong lifestyle created by the Reynolds family.

Related articles:

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