Bright’s Creek up for bankruptcy sale until Aug. 31

Published 5:31 pm Tuesday, August 8, 2017

MILL SPRING – Bright’s Creek is currently available in a bankruptcy sale.

The 4,600-acre golf and resort community in Mill Spring is being sold through a Section 363 sale approval process with all bids due to the United States Bankruptcy Court Southern Division of Florida, Miami Division, by Aug. 31.

Avison Young, a commercial real estate services firm out of Toronto, Canada, was awarded the sale listing.

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Bright’s Creek, located at 2222 Palmer Rd., Mill Spring, includes a Tom Fazio designed golf course and clubhouse, a member’s lodge with 11 rentable suites, an 11-stall equestrian center with 30 acres of paddocks, more than 120 finished custom homes, six condominiums and more than 3,000 future acres of real estate for development under the approved master plan, according to a release from Avison Young.

Bright’s Creek has been in foreclosure at least a couple of times from its lenders and was ordered in September 2016 to be in a temporary receivership to oversee its management.

Lantern Business Credit LLC filed the case last year in the Western District of North Carolina-Asheville Division against Bright’s Creek owners Alianza Trinity Development Group LLC, out of Florida.

Lantern Business Credit claimed it loaned Alianza Trinity Development Group $10.8 million and there was a breach in the loan agreement and post-closing agreement, breach of the security agreement and breach of the note, according to last year’s court documents.

Avison Young said the previous owners invested more than $100 million in improvements to Bright’s Creek, including infrastructure such as roads, water, sewer, power, natural gas and fiber-optic service to each of the finished lots, a state-of-the-art phased water treatment facility on-site to provide for the future expansion of the water treatment needs and the treated irrigation for the golf course in perpetuity.

“Much 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,” said Michael T. Fay, Principal with Avison Young. “This situation offers the next development team at Bright’s 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.”

The current land plan for Bright’s Creek includes up to 1,370 units for residential development and plans for a resort hotel, outdoor shooting club and miles of hiking and biking trails, according to Avison Young.

The Bulletin reached out Omar Botero, partner and owner of Alianza Development Group, for comment but he did not return the call by press time.