The Asheville (NC) Citizen-Times has run a story this morning confirming what we broke here last week -– that Cliffs Communities founder Jim Anthony has asked property owners to lend $60 million to his financially strapped organization. The funds would be used primarily to complete amenities at The Cliffs High Carolina and Mountain Park communities. The most publicized amenity at High Carolina is the barely started golf course designed by Tiger Woods.
The Citizen-Times interviewed Mr. Anthony and a Cliffs property owner and published only one line from each.
“’We have bankers and hedge fund guys’ and other property owners with significant resources and financial expertise,” Anthony told the Citizen-Times. “'It was their initiative.'”
Property owner Miller Williams added, “I think the proposal is worthy of consideration by the Cliffs members because it's well understood that the Cliffs needs additional capital to complete its projects at hand.”
A lending proposal is worthy because the money is needed? Sophisticated Cliffs owners are going to need a more evolved rationale than that.
You can read the Citizen-Times story by clicking here. You can read our original story here.
