Officials with the exclusive vacation community on Lake Oconee will sell golf courses, clubhouses, and marinas to raise the funds. (Image by: Akibubblet via flickr.)
Reynolds Properties hopes to sell the assets to their 3,500 property owners or to a private investor.
Reynold’s series of high-end gated communities includes 90 miles of Lake Oconee lakefront. It is a significant tax resource for Green and Putnam counties.
CEO Dan DuPree says despite the upcoming credit deadline, Reynolds Plantation is weathering the recession:
“I mean the good news is that even on this loan, our loan to value is under 60%, which means that relative to other folks we’re under-levered.”
DuPree says property values are off 10 – 15% but the company sold $30 million worth of company-owned land in 2010.
He adds that while the recession has bankrupted other high-end vacation properties such as Sea Island Co. and Country Club of the South, Reynolds Plantation is still growing:
“We expect to continue building additional amenities into the future.”
DuPree says the April deadline comes with a debt extension, which makes property values more secure.
