Halloran Sage represented an investor group in the acquisition of Red Tail Golf Club in Devens, Massachusetts, which is situated on a portion of a former United States Army base—Fort Devens—that was decommissioned in the 1990s. The Fort Devens site was listed as a U.S. Superfund Site and underwent extensive remediation and is now considered a prime example of “adaptive reuse” by the United States Environmental Protection Agency (EPA) and the Massachusetts Department of Environmental Protection (DEP).
This matter involved a range of legal issues, including review and analysis of environmental matters such as land use restrictions; negotiation of a consent agreement from the ground lessor, Massachusetts Development Finance Authority; state and federal securities law compliance for the capital raise; and negotiation of commercial mortgage documents with a regional lender based in Massachusetts.
The transaction involved the purchase of the long-term ground lease for approximately $5 million, and it closed just in time for opening day for the course. Lead partner James Maher was assisted by partners Casey O’Connell, Matthew Teich, and Ann Catino in the matter.