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Greensboro, Ga.-based Reynolds Signature Communities, a subsidiary of Linger Longer Communities LLC, said in a news release late Tuesday it has acquired Laurelmor, a 6,200-acre master-planned golf and equestrian community west of Blowing Rock, N.C. A purchase price was not released.
According to published reports, Ginn Development Co., the former owners of Laurelmor, nearly lost the community to foreclosure earlier this year when it failed to make principal and interest payments on a $675 million credit facility on the development and other properties.
The sale is part of an agreement with Ginn Development’s lenders, including Credit Suisse, according to a report in the Winston Salem Journal.
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