Calmwater Capital, a direct commercial real estate bridge lender headquartered in Los Angeles, acquired the upcoming Banyan Cay Resort & Golf Club in West Palm Beach, Fla. As the new property owner, Calmwater Capital affiliate U.S. Real Estate Credit III has immediately introduced financial and professional resources to reopen the golf course and club and complete the hotel, spa and fitness complex. Other terms were not disclosed.
Centrally located in West Palm Beach, the property most notably has Jack Nicklaus’ 300th Signature 18-hole course. Extensive renovations to restore the golf course are underway, including aeration and re-seeding of the course and tees, the purchase of new maintenance equipment, landscaping of the course and lake areas, and bunker restoration with new white sand. The golf course is scheduled to reopen on Sept. 30.
Calmwater Capital has also engaged crews to complete the 150-room hotel and resort, which will have three restaurants, a spa and fitness complex, wedding venue, meeting space and banquet facilities for up to 200 people. Guests will have access to amenities including a resort-style swimming pool and pickleball courts. The hotel brand and timeline for completion will be announced at a later date.