Witkoff Takes Ownership of Banyan Cay Resort
By Jeff Ostrowski January 4, 2024 5:37 pm
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In the latest twist for a long-struggling property in West Palm Beach, Fla., Banyan Cay Resort & Golf Club has a new post-bankruptcy owner.
New York-based Witkoff Group has assumed ownership of the project near Interstate 95 with a $75 million loan from the previous owner.
Three entities managed by Witkoff co-CEOs Steve and Alex Witkoff landed the loan from an affiliate of Los Angeles-based Calmwater Capital, according to a mortgage made public Thursday.
Those entities now own the 200-acre mixed-use development site at 2020 Banyan Resort Way, which includes an 18-hole, 130-acre Jack Nicklaus Signature golf course.
That course temporarily closed in August after one would-be buyer, Westside Investment Partners of Denver, failed to close on a $102 million purchase of Banyan Cay’s hotel and golf course.
In August, U.S. Bankruptcy Court Judge Erik Kimball approved the property’s transfer to a Calmwater Capital affiliate, U.S. Real Estate Credit Holdings III. The mortgage made public Thursday shows that entity acting as lender.
In August, Calmwater took title of the mixed-use project after winning a bankruptcy auction. Calmwater won based on a $96.9 million credit bid, a sum matching the debt owed by the previous developer.
The deal was not recorded via a public deed that requires a buyer to pay documentary stamp taxes.
In addition to a hotel and golf course, Banyan Cay also includes undeveloped sites approved for 179 condominium units and 28 single-family homes. Witkoff Group didn’t immediately respond to a request for comment about its plans for the property.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
