Lawyers from Morris, Manning & Martin’s real estate group advised a real-estate venture on its sale of an upscale golf-and-equestrian residential development in western North Carolina.
Ginn-LA Laurel Creek Ltd. LLLP sold the 6,200-acre property, called Laurelmor, last month to a subsidiary of Linger Longer Communities LLC for undisclosed terms. The Linger Longer subsidiary, Reynolds Signature Communities, intends to continue Ginn-LA Laurel Creek’s plans to continue the development of Laurelmor, according to a news release. The development’s re-launch is scheduled for the second half of this year.
Laurelmor is located 10 miles from Blowing Rock, N.C., and 12 miles from Boone, N.C., home of Appalachian State University.
Ginn-LA Laurel Creek is jointly owned by Ginn Development Co. of Celebration, Fla. and Lubert-Adler Partners LP of Atlanta, according to the Wilkes Journal-Patriot of North Wilkesboro, N.C., citing county property tax records.
Ginn sold the Laurelmor property as part of a restructuring agreement with lender Credit Suisse, the Winston-Salem Journal reported. The land transfer to Linger Longer was valued at $32 million, the newspaper said.
Morris Manning real estate partners Jeanna Brannon and Darla McKenzie and tax partner Cass Brewer advised Ginn-LA Laurel Creek on the sale, according to the law firm. Also, Morris Manning co-founding partner John G. “Sonny” Morris is listed as counsel to Ginn-LA Laurel Creek on Georgia Secretary of State records.
King & Spalding partner Clay Howell advised Linger Longer.
Linger Longer developed Reynolds Plantation on Lake Oconee south of Athens, Ga. Ginn’s development portfolio includes properties in Florida, South Carolina, Vermont and the Bahamas.