posted on June 03, 2011 09:10
Boston Business Journal - by Craig M. Douglas
Date: Friday, June 3, 2011, 7:21am EDT
The Ridge Club, a prominent and private golf course located in Sandwich, is slated to be sold during an on-site foreclosure auction June 7 (Postphoned to June 14).
The sprawling 18-hole course is owned by CPG Ridge Club LLC, a Massachusetts entity controlled by Hayden R. Jones, a managing director at private-equity powerhouse The Carlyle Group in Washington, D.C., and Marc St. Pierre of Clayton, Mo., according to public records. Jones, who specializes in commercial real estate transactions, could not be reached for comment.
The June 7 auction will be hosted by Daniel P. McLaughlin & Co. of Boston.
According to Barnstable County records, the Jones-led ownership group acquired the golf course for $5.9 million in August 2007. The property was promptly refinanced with a $6.2 million loan originated by Capmark Bank, an industrial bank located in Midvale, Utah, in March 2008.
Public records indicate Capmark is now moving to foreclose on the property.
Public information on The Ridge is limited, although the course’s website highlights a slew of member amenities including a driving range, practice bunkers, a full-service golf shop, on-site golf pros, a tennis complex and a “large heated swimming pool” as well as “superlative dining in settings that range from elegant to casual.”
The course is located at 70 Country Club Road in Sandwich.