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Financing Secured for $110M Mixed-Use Project

SUN VALLEY, ID-A joint venture of Connecticut-based Greenfield Acquisition Partners and locally based Hennessy Company close on an $80-million construction loan for a residential and retail development near the Elkhorn Golf Club.

By Brian K. Miller | Updated on April 05, 2005

SUN VALLEY, ID-Financing is in place for a $110-million mixed-use project here that is underway adjacent to the Elkhorn Golf Club. The project is a development of locally based Hennessy Company and Connecticut-based Greenfield Acquisition Partners, which last week secured $80 million in construction financing from Fremont Investment & Loan.Elkhorn Springs will consist of 111 market rate condominiums in six multi-story buildings, 20 duplexes, 11,000 sf of retail and commercial space and a new clubhouse for the golf course. Residential units will range in size from approximately 1,200 to 3,400 sf and will be sold in the $500,000 to $1,500,000 range, including membership in the golf club, which is valued at $80,000. Fremont’s Phoenix-based regional manager Jeff Teetsel tells GlobeSt.com that Greenfield acquired the golf course and former Elkhorn Hotel in 2001 and spent the next three years renovating the golf course and obtaining entitlements from the city and the master homeowners association for Elkhorn to raze the hotel and replace it with Elkhorn Springs.The golf course, which is being managed by Troon Golf, is expected to open for play this summer, at which time the clubhouse also is expected to be ready. The first residential units, which got under way in late 2004, will be ready for delivery in the first quarter of 2006.Fremont Investment & Loan is a wholly owned subsidiary of Fremont General Corporation, a publicly traded financial services holding company. The short-term construction loan floats over 6-month LIBOR by about 300 basis points. The loan was sourced by Jay Wagley and Matt Mattox of L.J. Melody & Company in Dallas.

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