New York company acquires Old Greenwood from East West Partners
December 3, 2012
TRUCKEE, Calif. – Northlight Financial LLC, 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 Truckee-based recreational resort community.
Assets included in the purchase are fractional ownership town homes and parcels for future development. The investment was made through a trust managed by Northlight.
“We see substantial value in the Old Greenwood community – a highly sought after property in the Tahoe-California area,” said Ben Gerig, head of Northlight’s real estate investment and management. “East West Partners has done an outstanding job creating an exceptional living atmosphere with great charm, personality and an established, luxury brand.”
Northlight has invested in several fractional resort properties across the West Coast, 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 Gerig.
Tahoe Mountain Resorts Real Estate will continue to serve as the exclusive listing brokerage for Northlight at Old Greenwood.
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“Since Old Greenwood’s inception in 2003, more than 1,100 families have found Old Greenwood to be an ideal mountain retreat for year-round recreation and resort activities,” said Jeff Brown, vice president of sales and marketing, Tahoe Mountain Resorts Real Estate. “Working with Northlight, Old Greenwood’s existing attributes will only be enhanced. 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 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 – two outdoor swimming pools, a state-of-the-art fitness facility, day spa, restaurant and bar, tennis courts and extensive trails.
Tahoe Mountain Club will continue to own and operate the 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.
New York-based Northlight is an established corporate lender and asset-based investor that currently manages more than $500 million in corporate loans, real estate loans and REO properties. Northlight was founded in November 2002 and has been a Registered Investment Advisor since 2006. Learn more at http://www.northlightfinancial.com.
In the North Lake Tahoe area of California, East West Partners oversees four communities under the Tahoe Mountain Resorts brand – The Village at Northstar, The Northstar Highlands, Old Greenwood and Gray’s Crossing. Learn more at http://www.ewpartners.com.
– This press release was emailed to the Sun by Truckee-based Paragon PR.