Confirmation of purchasing one of the biggest luxury golf courses in Georgia which will be managed by Birmingham-based Daniel Corp has ultimately been reported by MetLife Inc (NYSE: MET), a New York-based financial conglomerate on August 2. The process related with the purchasing was finished on Wednesday, even though terms and conditions regarding money were not released.
If to believe on the yesterday’s release, detailing more about the information, together with the 251-room The Ritz-Carlton Lodge, that is situated between Atlanta and Augusta, GA, Daniel Corp that is a developer and partners with MetLife on the 12th & Midtown mixed-use complex in Midtown, as reported earlier, will have a rigorous watch over the Reynolds Plantation of 10,000 acre.
Furthermore, it has been notified by Mercer Reynolds, the community’s developer and chairman of Linger Longer Development Company and also the Republican political heavyweight last February that the lenders of the firm demanded repayment of debt. As a result, the golf courses and other public areas of the community were offered by to him to offload worth $45 million. In the month of May 2017, in order to operate the clubs and market the community as well as undeveloped land, a receiver was hired when the number of members reduced.
The deal offered by MetLife is considered to be probably one of the best results that was literally unexpected according to resident of Reynolds Michael Lefkove. However, the price of purchasing was not disclosed by MET which is undoubtedly largest life insurance company of the country. Additionally, the deal was supported by Cushman & Wakefield.