Northlight Financial LLC Acquires Old Greenwood Community Real Estate Assets from East West Partners
Northlight Financial LLC (“Northlight”), a manager of private equity debt investments and real estate assets, has acquired from East West Partners the remaining real estate assets at Old Greenwood, a recreational resort community located in Truckee, California. Assets included in the purchase are fractional ownership town homes and parcels for future development. The investment was made through a vehicle managed by Northlight.
"We see substantial value in the Old Greenwood community - a highly sought after property in the Tahoe-California area. East West Partners has done an outstanding job creating an exceptional living atmosphere with great charm, personality and an established, luxury brand,” said Ben Gerig, head of Northlight's real estate investments.
Northlight has invested in several fractional resort properties across the Western United States, including two in Arizona, Seven Canyons in Sedona and Quintero Golf and Country Club outside of Phoenix; Wyoming's Snake River Sporting Club near Jackson; and The Residence Club at PGA West in La Quinta.
“Northlight plans to continue to opportunistically acquire destination resort communities across North America with the ultimate goal of providing a shared club concept across our family of properties. We look forward to working with the East West family of companies in helping us execute on this strategy,” said Mr. Gerig.
Tahoe Mountain Resorts Real Estate will continue to serve as the exclusive listing brokerage for Northlight at Old Greenwood. “We are eager to work with Tahoe Mountain Resorts Real Estate to add even more value to Old Greenwood through this acquisition,” added Mr. Gerig.
“Since Old Greenwood's inception in 2003, over 1100 families have found Old Greenwood to be an ideal mountain retreat for year-round recreation and resort activities. Working with Northlight, Old Greenwood's existing attributes will only be enhanced,” said Jeff Brown, vice president of sales and marketing, Tahoe Mountain Resorts Real Estate. “And, we believe that Northlight will be a strong addition to our community bringing new opportunities for connectivity to their projects in other resort markets.”
Located east on Interstate 80 outside of downtown Truckee, Old Greenwood is centrally located in the Tahoe area providing access to Northstar California, Squaw Valley and Alpine Meadows ski resorts and only a fifteen minute drive to the North Shore of Lake Tahoe. Old Greenwood amenities include a Jack Nicklaus Signature Design 18-hole championship golf course, rated one of the “Top Ten Best New Courses” by Golf Magazine and The Pavilion, home to two outdoor swimming pools, a state-of-the-art fitness facility, day spa, a restaurant and bar, tennis courts and extensive trails.
Tahoe Mountain Club will continue to own and operate Old Greenwood's Jack Nicklaus Signature Golf Course and The Pavilion. “Tahoe Mountain Club looks forward to collaborating with Northlight in continuing to offer an unrivaled four season club which serves to enhance our members' Tahoe experience,” said Blake Riva managing partner, East West Partners, owner of Tahoe Mountain Club.
Northlight is an established corporate lender and asset-based investor that currently manages over $500 million in corporate loans, real estate loans and REO properties. Northlight was founded in November 2002. Northlight has been registered as an Investment Advisor with the US Securities Commission since 2006; additional information on Northlight may be obtained by visiting www.adviserinfo.sec.gov.
About East West Partners
For more than 30 years, East West Partners has pioneered the master planned community concept by providing its customers with unparalleled vacation and homeownership experiences in the most sought-after resort environments with world-class amenities to match. In the North Lake Tahoe area of California, East West Partners is creating a year-round resort experience with four distinctive communities under the Tahoe Mountain Resorts brand; The Village at Northstar, The Northstar Highlands, Old Greenwood and Gray's Crossing. In every community, Tahoe Mountain Resorts focuses on innovative ways to restore, reduce, reuse and recycle resources and material. It is a philosophy that permeates every aspect of resort development and operation, with the belief that it will ultimately result in a community-based on the principles of conservation.