North of 96th - Lindsey

Welcome to North of 96th, your source for business news from Carmel, Fishers, Noblesville, Westfield and Zionsville. Your host, Lindsey Erdody, can be reached at lerdody@ibj.com.

Bankruptcy / Fishers / Golf / Hamilton County / Regional News

Hawthorns golf course sells to lender for $5.5M

November 4, 2014

Hawthorns Golf & Country Club in Fishers is under new ownership following last week’s $5.5 million sale of the property in bankruptcy court.

An affiliate of Newport Beach, Calif.-based Concert Golf Partners closed on the acquisition Thursday.

HGCC Lender LLC filed a lawsuit last year seeking to foreclose on the 18-hole golf course in the Hamilton Proper residential development, forcing the property into bankruptcy. HGCC was owed $6.1 million.

Concert Golf Partners, which owns seven private golf clubs around the country, submitted a reorganization plan that called for eliminating debt, investing $1.3 million in “priority” capital projects within two years and funding a reserve account monthly.

It also agreed to repay a portion of the $10 million the golf club owed to current and former members.

Previous owner Hamilton Proper Golf Partnership LP, an affiliate of beleaguered Hamilton Proper developer HDG Mansur, filed its own plan to retail control but withdrew the proposal last  month after HDG Mansur CEO Harold Garrison filed personal bankruptcy. Garrison said in a letter to members that the ownership group planned to submit a bid for the property, but that never materialized.

HGCC Lender's offer was the only one U.S Bankruptcy Judge James M. Carr considered before issuing an Oct. 29 order authorizing the sale "free and clear" of any encumbrances.

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