Credit Suisse pulls out of project with Ginn, but Lubert-Adler steps in

Lubert-Adler Replaces Credit Suisse as Funding Source for Ginn’s Gardens at Hammock Beach

September 27, 2007 – Palm Coast, Florida – I was informed through a reliable source today that Credit Suisse had pulled out of Bobby Ginn’s Intracoastal golf course community, The Gardens at Hammock Beach, in Flagler County, Florida. My source says that Lubert-Adler, Ginn’s long time funding source, has stepped in to take out Credit Suisse’s position. The deal is said to be scheduled to close today.

 

The action is expected to get the semi-stalled project moving forward again. Apparently the parties are looking at fine tuning the development plans. One item said to be under consideration is an adjustment to the Fred Couples designed golf course layout that would better accommodate a phased development plan more suitable for todays market.

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2 replies
  2. JD
    JD says:

    any clue?

    any clue what this means for the dozen or so original purchasers? Let’s hope Ginn doesn’t make them pay for being the few who bought in because they shared his original view for this development.

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