Ohana boosts Panther National loan to $165M a month after $191M golf buy
What's the deal? Ohana Real Estate InvestorsDealroom has a profile for this one. Try Dealroom → boosted its loan on Panther NationalDealroom has a profile for this one. Try Dealroom →, one of South Florida's largest golf courses, to $165 million. The Texas-based owner secured another $50 million in debt from JPMorganDealroom has a profile for this one. Try Dealroom →, adding to the $115 million mortgage it took out in July.
Why now? The move comes a month after Ohana bought the 392-acre Palm Beach Gardens property from Centaur HoldingsDealroom has a profile for this one. Try Dealroom → for $191.2 million — $488,000 per acre and the biggest golf course trade in South Florida in recent years. The new loan also secures a revolving credit facility with a maximum principal of $73.3 million.
What's the endgame? The deal included an 18-hole championship course designed by Jack Nicklaus and Justin Thomas, a nine-hole par-three course, and about 150 unsold home lots in the 218-unit Panther Community, where prices top $1 million. A 58,000-square-foot clubhouse — with a restaurant, wine bar, fitness center, and golf shop — is slated to open this fall.
The backstory: Centaur bought the site within the 4,800-acre Avenir community for $60 million in 2021 and completed the 18-hole course and 68 homes by 2023. It later took a $160 million loan from Sunrise Realty TrustDealroom has a profile for this one. Try Dealroom → to fund a second phase, repaying that debt as part of the sale.
The signal: Palm Beach County remains a magnet for golf-community investment. Boca Raton's Boca West Country ClubDealroom has a profile for this one. Try Dealroom → recently began a $95 million upgrade, and Hunters RunDealroom has a profile for this one. Try Dealroom → in Boynton Beach started an $18 million course renovation this year. Nationally, buyers pay 25% to 30% more for homes in golf communities, according to Realtor.comDealroom has a profile for this one. Try Dealroom → — and Florida leads the country with more than 500 residential golf developments.
Read more: therealdeal.com
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