Tuesday, 27 March 2007 02:51
Chestatee Golf Club in Dawsonville is a community with homes prices starting at $400,000 and a golf course designed by famous golf course architect Denis Griffiths.
Nonetheless it narrowly escaped foreclosure because of its failure to repay a $2.58 million note owed to Regions Bank. The bank had been intending to sell the course March 6 on the steps of the Dawson County Courthouse.
Chestatee escaped that fate by closing a $3.125 million loan from Textron Financial, a commercial finance company that is a division of Rhode Island-based industrial giant Textron Inc.
Textron has a golf finance division, located in Alpharetta, that has provided financing for other courses in Georgia.
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