{"id":1004187923,"date":"2017-08-22T02:32:18","date_gmt":"2017-08-22T10:32:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004187923"},"modified":"2022-12-08T09:54:41","modified_gmt":"2022-12-08T17:54:41","slug":"ay-to-oversee-sale-of-major-nc-master-planned-community","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ay-to-oversee-sale-of-major-nc-master-planned-community\/","title":{"rendered":"AY to Oversee Sale of Major NC Master-Planned Community"},"content":{"rendered":"

By Scott Baltic<\/em><\/p>\n

The sale listing of Bright\u2019s Creek, a gated luxury golf and resort community of more than 4,600 acres in Mill Spring, N.C., has been awarded to Avison Young.<\/p>\n

Set in the Blue Ridge Mountains between Asheville and Hendersonville, Bright\u2019s Creek features a 19-hole Tom Fazio\u2013designed golf course and clubhouse, a member\u2019s lodge with 11 rentable suites, a boutique equestrian center with 30 acres of paddocks, more than 120 finished custom home sites and six condominiums, as well as more than 3,000 acres available for future development under the master plan.<\/p>\n

Bright\u2019s Creek will be sold on behalf of Alianza Trinity Partners, the debtor in possession, through a Bankruptcy Section 363 process. Bids are due to the U.S. Bankruptcy Court, Southern Division of Florida, Miami Division, by Aug. 31.<\/p>\n

A project in the making<\/h2>\n

The previous ownership had invested more than $100 million in improvements, including infrastructure such as roads, water, sewer, power, natural gas and fiber-optic service to each of the finished lots. There\u2019s also an on-site phased water treatment facility that will provide for the project\u2019s future water treatment needs, as well as treated irrigation for the golf course.<\/p>\n

The current Bright\u2019s Creek land plan is fully entitled and includes up to 1,370 units for residential development and plans for a 144-key resort hotel with spa and event center, an outdoor shooting club, and miles of hiking and biking trails within the gates.<\/p>\n

The Avison Young team includes Michael Fay<\/a>, principal & managing director of the firm\u2019s Miami operations; Principals John Crotty and David Duckworth; and Senior Vice-President Gary Lyons. Avison Young has co-listed the property with Founding Principal Ben Jenkins and CEO Greg Vogel of Land Advisors Resort Solutions of Scottsdale, Ariz.<\/p>\n

\u201cMuch of the revenue potential in luxury second home communities is generated in the second half of the development life after much of the heavy lifting on amenities and horizontal infrastructure is completed<\/em>,\u201d Fay said in a prepared statement. \u201cThis situation offers the next development team at Bright\u2019s Creek a substantial advantage to purchase the land for nearly the original raw land cost, and to complete the remainder of the project with over $100 million already in the ground<\/em>.\u201d<\/p>\n

Alianza Trinity Holdings, of Miami, acquired Bright\u2019s Creek through an affiliate in August 2013. Its partnership with Lantern Business Credit, an affiliate of Lantern Capital Partners, of Dallas, began in July 2015.<\/p>\n

The project went into foreclosure in April 2016, according to a report in a North Carolina newspaper. In brief, Lantern Business Credit alleged a series of breaches in connection with a $10.8 million loan, including lapsed insurance and unpaid vendors and taxes, while Alianza countered that its breaches were \u201ctechnical\u201d in nature, not financial.<\/p>\n

Images courtesy of Avison Young<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The previous ownership had invested more than $100 million in improvements, including infrastructure such as roads, water, sewer, power, natural gas and fiber-optic service.<\/p>\n","protected":false},"author":882,"featured_media":1004187941,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21743,21808,21752,21742],"tags":[33022,36537],"class_list":["post-1004187923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-deals","category-featured","category-mixed-use","category-latest","tag-avison-young","tag-michael-fay"],"acf":[],"yoast_head":"\nAY to Oversee Sale of Major NC Master-Planned Community - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ay-to-oversee-sale-of-major-nc-master-planned-community\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AY to Oversee Sale of Major NC Master-Planned Community\" \/>\n<meta property=\"og:description\" content=\"The previous ownership had invested more than $100 million in improvements, including infrastructure such as roads, water, sewer, power, natural gas and fiber-optic service.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ay-to-oversee-sale-of-major-nc-master-planned-community\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-08-22T10:32:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T17:54:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/Brights-Creek.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ay-to-oversee-sale-of-major-nc-master-planned-community\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ay-to-oversee-sale-of-major-nc-master-planned-community\/\",\"name\":\"AY to Oversee Sale of Major NC Master-Planned Community - 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