NewswireToday - /newswire/ - Lake Geneva, WI, United States, 05/10/2008 - Resort Development partner buys out Red Pine's Interest in the Hilmoor Golf Course.

On July 29, 2007, Red Pine Capital Partners LLC announced the sale by one of its affiliates of a 26 acre parcel located adjacent to Lake Geneva’s popular Hilmoor Golf Course to Red Pine’s former resort development partner, an affiliate of the Wight Development Group. Red Pine also sold its interests in the partnership that owned and operated the golf course. Prior to the sale, the partnership contracted to redesign the golf course, clubhouse, pro-shop and restaurant and subdivided the 226 acre property with plans to develop a 100 room Hyatt convention and banquet hotel, 139 single family homes, 56 townhomes and 82 condominiums. Given the increasingly speculative nature of the second home market, Red Pine elected to exit its investment after the entitlement phase. “Our repositioning of this storied asset is complete and margins on the finishing phases are less attractive to us than alternative investments” said Michael Federman, a Red Pine principal. “It is an ideal time for Red Pine to transition its investors into more stable, cash flowing assets that are our hallmark” added Glen Kunofsky, another Red Pine principal. Red Pine will reinvest its investor’s proceeds by completing a “like-kind” exchange pursuant to Section to Section 1031 of the Internal Revenue Code. Funding for the buy-out of Red Pine was provided, in part, by a $23.2 Million loan from a direct private lender based in Hackensack, New Jersey.

Red Pine Capital Partners LLC is a boutique equity and real estate investment firm with a focus on investments in middle-market, consumer-related businesses and real estate projects with individual equity requirements of up to $60 Million. Red Pine and its affiliated companies seek control positions in businesses where long-term capital appreciation can be achieved through the combination of creative management, new strategies and quality corporate assets as well as opportunistic investments in real estate requiring the repositioning of core real estate assets. Red Pine also structures and syndicates special situation bridge loans and interim credit facilities, mezzanine loans and preferred equity loans in connection with real estate and other fixed assets.

Agency / Source: Red Pine Capital Partners, LLC

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