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Country Clubs More Difficult to Finance

LOS ANGELES—A joint venture secures $30 million in financing to purchase and renovate the Beverly Hills Country Club, but their lender, Bradford Allen and Security Benefit Life Insurance Co., didn't see much competition for the deal.

By Kelsi Maree Borland | Updated on June 09, 2015

LOS ANGELES—A joint venture between Meriwether Cos. and Singerman Real Estate has secured a $30 million loan for the purchase and renovation of the Beverly Hills Country Club. Chicago-based Bradford Allen partnered with Security Benefit Life Insurance Co. to fund the loan, which, despite the excess of capital in the market, did not receive a lot of competition from other lenders. The terms of the loan were not disclosed.

“A country club is a really tricky investment because the revenue is membership based and very hard to quantify year to year,” Charles Hoag, senior managing director at Bradford Allen, tells GlobeSt.com. “The owners are planning to grow the membership, but it was difficult to analyze their business plan. However, because we had such strong faith in the real estate, we were able to take a leap of faith on the business plan. We really believed in the fundamental value of the real estate. We have a strong interest in West L.A., and that area has a strong appeal to our investors and our owners. That is an area that we really believe in strongly from a pure real estate standpoint.”

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