Aquila Property Co., a South Florida-based real estate investment and management firm, today announced it has completed the acquisition of Binks Forest Golf Club from Peninsula Bank. The closing followed announcements earlier this year that Aquila had entered an agreement to purchase and restore the once-acclaimed Palm Beach County golf venue, and that the firm had hired Northbrook, Ill.-based KemperSports, a national leader in golf course management and development, to operate the 18-hole layout in Wellington, Fla.
“We have reached the next milestone in the rebirth of Binks Forest Golf Club,” said Jordan C. Paul, chairman of Aquila Property Co. “Closing on this property marks a monumental step for the course’s revitalization and for the Wellington community. Together with course manager KemperSports and architect Gene Bates, we will continue to work diligently toward the course opening, targeted for this fall.”
In addition, Aquila announced that, following a comprehensive analysis of the Binks and Wellington communities and Greater Palm Beach County over the past several months, the Binks Forest Golf Club will be classified as a high-end, premium daily-fee golf course. The course will be open to the public while also featuring a membership component. Details on membership plans and applications will be announced in the near future. The membership plan will include a limited number of “Founding Memberships” that will entitle select individuals to lifetime play, among other exclusive benefits.
Aquila also announced Allied Capital Corporation as its financial partner in the Binks Forest acquisition. Headquartered in Washington, D.C., Allied Capital, a leading business development company (BDC) with nearly $5.0 billion in total assets, invests private debt and equity capital in middle market businesses nationwide.
“We were seeking a strong and sound financial partner to round out the first-rate management team that has been assembled for Binks Forest and to help ensure long-term financial stability,” Paul added. “Based on our longstanding relationship with Allied Capital, we are confident that the company’s financial strength coupled with its business management expertise make it the ideal partner to help establish Binks Forest as one of the leading golf experiences in South Florida.”
The partnership with Allied Capital will prove equally important off of the golf course, as Aquila’s future plans also include revamping a 30,000-square-foot clubhouse and building an exclusive 90-unit residential golf course community. The clubhouse will feature an extensive banquet facility, accompanying catering services, meeting facilities and other amenities that will serve as valuable assets to the community, transforming Binks Forest Golf Club into Wellington’s premier destination for golf, dining and special events.
“This is a great opportunity to partner with the experienced team at Aquila in the redevelopment of what was once one of the premier golf courses in South Florida,” said John Scheurer, managing director of Allied Capital. “We are looking forward to playing a part in the reshaping of this community.”
Allied Capital joins a top-notch team, including: Aquila Property Company, owner and developer; KemperSports, a nationally recognized leader in golf course management and development; and Gene Bates, one of Binks Forest’s original architects, who will modernize the features and playability of the course, while preserving the design’s original integrity.
Originally designed by PGA TOUR professional Johnny Miller and award-winning Florida-based golf course architect Gene Bates, Binks Forest opened in 1990 and quickly gained prominence in the golf industry, including a ranking among Golf Digest’s “Top 75 Public Golf Courses in the United States.” Hailed as unique among its Florida counterparts with rich foliage, heavily forested terrain and lush Bermuda grass reminiscent of North Carolina’s Pinehurst, the venue quickly proved itself tournament-ready by hosting a major professional event – the 1990 PGA TOUR Team Championship – in its first season. Binks Forest Golf Club, closed for nearly five years, is scheduled to reopen in the fall of 2007.
