Will Landmark's Deal Get Off The Ground?
Landmark Land is once again trying to unload its golf courses and luxury resort properties. On Jan. 2, Landmark announced its Oak Tree Savings Bank would sell most of its properties to Japan's Dai-Ichi Real Estate and other investors for $739 million. Oak Tree needs to sell the holdings to comply with new federal capital requirements.
The big question is whether the feds will take kindly to the sale. Landmark has agreed to put up 60% of the deal's financing. But last May, regulators nixed a proposal to sell Landmark's properties to a California developer for $979 million. In that deal, Landmark would have put up 75% of the financing.