HENDERSONVILLE MILL SPRING TRYON. John K. Crotty, CCIM, Principal Avison Young - Miami, FL D:

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1 CASE # BKC-AJC BRIGHT S CREEK HENDERSONVILLE MILL SPRING TRYON BANKRUPTCY SALE OPPORTUNITY OFFERS DUE AUG Bright s Creek is an existing award-winning, highly-amenitized luxury resort community located in the Blue Ridge Mountains of North Carolina only 80 minutes from Charlotte. The offering consists of approximately 1,607 acres and includes the Tom Fazio championship golf course, 120 finished home sites, 11 room member s lodge, 12 stall equestrian barn, 6 luxury condos (four 2-bedroom suites & two 4-bedroom penthouses), and 148 acres of land that will allow for the future residential development, an onsite hotel and additional mountain cottage product. To date, over $100 million in community infrastructure and amenities have been completed and maintained at the project. All improvements and entitlements are in place. In addition, the buyer of this opportunity will also receive the purchase option to an additional 3,200 Bright s acres with Creek the potential is an existing to add award-winning, over 900 home highly-amenitized sites. The option luxury price is resort estimated community to be only located 25% in of the the Blue current Ridge market Mountains value of this NC. The property, community creating totals instant over upside. 4,600 MARKETED BY: PREMIER COASTAL GOLF PROPERTIES, LLC AVISON YOUNG FLORIDA, LLC Ben Jenkins, Designated NC Broker Landadvisors - Scottsdale, AZ O: M: bjenkins@laresortsolutions.coms Greg Vogel, CEO Landadvisors - Scottsdale, AZ O: gvogel@landadvisors.coms Gary L. Lyons CCIM, SIOR, Senior Vice President Avison Young - Raleigh/Durham, NC D: gary.lyons@avisonyoung.coms John K. Crotty, CCIM, Principal Avison Young - Miami, FL D: john.crotty@avisonyoung.coms David Duckworth, Principal Avison Young - Ft. Lauderdale, FL D: david.duckworth@avisonyoung.coms Whitt Cozart, Associate Avison Young - Raleigh/Durham, NC D: whitt.cozart@avisonyoung.coms Michael T. Fay, Principal, Managing Director Avison Young - Miami, FL D: michael.fay@avisonyoung.coms

2 OFFERING BRIEF The current offering for Bright s Creek includes the remaining 120 finished homesites, Member s Lodge including 11 rentable suites, 11 stall equestrian barn, 6 luxury residential condominiums, the Tom Fazio championship golf course, maintenance building, hotel site, platted cottage lots, and over 3,000 acres of future development land included under the master plan (total of additional 900+ units). Bright s Creek will also offers a significant revenue stream from future membership sales to the club, including golf, social and equestrian activities, packaged to both residents and nonresident members. The property is currently owned by the Debtor in Possession and will be sold through a Bankruptcy Section 363 sale approval process. Bright s Creek will be offered pursuant to a section 363 bankruptcy sale in the owner s Chapter 11 bankruptcy case pending in the United States Bankruptcy Court, Southern District of Florida. If a prospective bidder wants to be the court approved stalking horse bidder for the section 363 sale, the bidder s offer must be for an all cash purchase price, be submitted with the court approved Asset Purchase Agreement (APA) signed by the bidder, include an earnest money deposit of at least 5% of the purchase price, specify the amount of the stalking horse bidder s break-up fee, and include information demonstrating that the bidder has the financial ability to close the transaction at the offered price. The court is looking for stalking horse bids to be submitted by August 10, 2017 with winning stalking horse bids approved approximately by August 14, For all other purchasers, bids are due by August 31, 2017 in order to qualify for the September 7, 2017 bankruptcy auction. For more details on the stalking horse process and the bid procedures, please contact Avison Young or Land Advisors Resort Solutions. development group. To date, over $100M in community infrastructure and amenities have been completed and maintained at the project. This includes not only the amenities but also roads, water, sewer, power, natural gas and fiber optic service to each of the finished lots in the community. Bright s Creek has a state-of-the-art phased water treatment facility onsite that will convey as well, providing for the future expansion of the project s water treatment needs as well as the treated irrigation for the golf course in perpetuity, creating a more sustainable and environmentally sensitive land plan. The current owner of Bright s Creek is including approximately 1,607 acres of developed and undeveloped land in this offering. This will include all the finished lots, platted lots, other assets and future development held by Alianza. Additionally, Alianza has an executed Option Agreement for approximately 3,074 acres known as the Hidden Springs parcel which will be transferred to the buyer and can be exercised for $2,400 per/acre, bringing the total land holding to over 4,600 acres and over 1,000 additional developable residential units for future development. Bright s Creek ownership has also been in recent discussions with Marriott Hotels and Urgo Hotel Management regarding a new, onsite boutique hotel to round out the community s resort amenity package. Marriott has signed an LOI to offer branding and marketing support for a new Autograph hotel, while Urgo has committed to a management and operations agreement once the hotel has been completed. There is also an agreement with Beretta and a sporting club to round out the amenity package. Bright's Creek Current Asset Summary Retail Value Retail Value Est Lots Acres Unit Finished Assets Finished Custom Lots - Phase 1 & ,000 21,000,000 Golf Course, Driving Range & Golf Maintenance ,300,000 3,300, Room Member Lodge ,000 1,100,000 Four - 2 Bedroom Golf Condos 4 450,000 1,800,000 Two - 4 Bedroom Penthouse Condos 2 900,000 1,800, Stall Equestrian Barn 1 1,200,000 1,200, acre future development parcel ,000 6,000, Future Development Hidden Springs Option Parcel 900 3, , ,000, ,200 The opportunity to purchase the remaining assets at Bright s Creek represents a sizable advantage for the next Grand Total Value Estimate 1,020 3,628 Retail Est. Completed 351,200,000 *Does not include Love Farm, Mink Farm or Petty Farm

3 COMMUNITY HISTORY Bright s Creek was originally started in 2004 by local developer, Barton Tuck, a successful real estate developer from NC who had built other high-end, residential golf clubs including Forest Creek in Pinehurst. After the initial launch and over 300 lot sales, the community sales program stalled in The project was sold for $35M in 2012 and foreclosed. The most recent sale was to Alianza Trinity Partners, a Florida-based development team in From June 2014 to June 2015 the community sold 24 additional developer lots and 2 condominiums for an average of $429,000 and made significant capital improvements to the golf course. Plans for a new member clubhouse were completed to include a swim and fitness center, tennis facility, outdoor resort pool, restaurant and member lounge adjacent to the driving range. The community entered into Chapter 11 bankruptcy protection in October 2016 and a sale of the asset is underway.

4 LOCATION!( Asheville!(!( 24 Brights Creek!( 40 Charlotte 73 Mill Spring, NC!(!( Greenville !( Atlanta 20 Birmingham !( Raleigh/Durham Washington t A t l a n i c O c e a n The Western North Carolina (WNC) region is one of the real treasures in North America. The majestic Blue Ridge Mountains, mild year-round climate, scenic beauty, and proliferation of charming mountain towns, such as Asheville, Hendersonville, and Brevard, have made this area one of the most popular destinations for tour ists, visitors, and permanent vacationers. Perhaps what separates WNC from other mountain regions is the combination of natural wonders evident along the Blue Ridge Parkway, combined with the culture, cuisine, and entertainment options often associated with bigger cities. G u l f Primary Market drive times to Mill Spring, NC Metro Market Population Drive Time Miles Asheville 87, Minutes 45 Greenville 65,000 1 Hour 30 Charlotte 827, Hours 89 Atlanta 464,000 3 Hours 191 Raleigh/Durham 708,000 4 Hours 250 Birmingham 212,000 5 Hours 338 Washington 672, Hours 483 Tampa 370, Hours 597 Primary Market drive times to Mill Spring, Metro Market Population Drive Time M Asheville 87, Minutes Greenville 65,000 1 Hour Charlotte 827, Hours

5 COMMUNITY DESCRIPTION Location is Everything: Bright s Creek sits just off Interstate 26 between Asheville, NC and Spartanburg, SC. It lies in Polk County, an area known for it s quaint and historic towns, beautiful scenery, and ideal weather conditions. Safe and Secure: A 24-hour guarded Greeter s Cottage assures peace of mind for residents. Take a Swing at Happiness: Golf great Tom Fazio designed the 19-hole course. For four years between 2008 and 2011 Bright s Creek served as host course for the BMW Charity Pro-Am, a Nationwide Tour event. Pampering Guests: Now open, the Members Lodge offers luxurious guest accommodations with spectacular views of the surrounding mountains and the 19th hole, otherwise known as the Hog Hole. Stay in Shape: The planned swim and tennis facility will feature a resort-style pool with stone decking, four tennis courts (two hard surface courts), and a clubhouse with locker rooms, pro shop and snack bar. Features at the fitness facility will include Nautilus strength-training equipment, Star Trac cardio machines, staffed trainers, massage therapy, steam rooms and saunas. Stay Connected: Bright s Creek is a unique fiber-to-home community. All properties have high-speed Internet, free local and long distance phone service, 250 television channels and video on demand, plus in home conferencing. Public water, sewer and natural gas; all utilities are underground. Time to Play: This land offers much to enjoy such as fishing, hiking and kayaking. The property is full of beautiful landscapes and waterfalls. Nearby Lake Adger and Lake Lure provide additional boating, waterskiing and fishing opportunities. Down By The River: The Green River runs adjacent to the property. This section is the lower, calmer stretch with many indigenous flowers and plants, excellent fishing and ideal waters for canoeing and kayaking. The upper Green River is widely known for its Class IV-V rapids and expert kayaking. Sportsman s Club: The future club will have cabins along the Green River for four members and guests to fly-fish for mountain trout or engage in skeet, trap or clay at the range with 12 shooting stations. To Your Health: St. Luke s Hospital in Columbus, NC is a 24-hour emergency, acute and primary care facility. Spartanburg Regional Medical Center and Asheville s Mission-St. Joseph s Health system are also nearby. Outside the Gates: The $200M Tryon International Equestrian Center is a horse lover s community with annual Steeplechase event and a 50-year equestrian heritage. Tryon International Equestrian Center has been designated site of the World Equestrian Games in the fall of Tryon s renowned Barbeque festival brings thousand of visitors each year. Nearby Lake Lure is a summer retreat full of water activities. The Green River Gorge Zip Line is the longest zip East of the Mississippi. Downtown Hendersonville and Flat Rock Village are home to many historic sites. Daily tours of The Biltmore House in Asheville offer a glimpse inside one of America s richest families.

6 COMMUNITY DESCRIPTION THE MEMBERS LODGE The Members Lodge is built in the tradition of classic mountain lodges. Intimate and comfortable, the eleven rental units offer an unusual getaway with welcoming guest accommodations. Fully maintained and luxuriously appointed, the Members Lodge offers spectacular golf course and mountain views, dining, golf pro shop & conference room. VILLAS The Villas at Bright s Creek also offer a breathtaking mountain golf course view along with plenty of room to spread out and enjoy life. The ten units in two new buildings will offer luxury living, convenience and low maintenance living.

7 MASTER PLAN

8 VACANT LOTS. INCLUDED FINISHED LOTS

9 REGIONAL MAP Ben Jenkins Subject!( K Miles While the Land Advisors Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission The Land Advisors Organization. All rights reserved.

10 SURROUNDING AREA MAP Ben Jenkins Subject K Miles While the Land Advisors Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission The Land Advisors Organization. All rights reserved.

11 PROPERTY DETAIL MAP Ben Jenkins Polk County Henderson County K Miles While the Land Advisors Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission The Land Advisors Organization. All rights reserved.

12 OBLIQUE MAP Ben Jenkins Tryon 26 K While the Land Advisors Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission The Land Advisors Organization. All rights reserved.

13 AMENITIES TOM FAZIO CHAMPIONSHIP GOLF Bright s Creek has one of the most celebrated private golf experiences in the southeast. The Tom Fazio designed layout has been the home to the Web.com Tour s BMW Championship and offers members a fun yet challenging experience for all levels, winding through stunning elevation changes, babbling creeks and panoramic views of the Blue Ridge Mountains. SADDLE UP The Tryon, NC area is known as one of the top destinations for equestrian lovers in the country. Bright s Creek is no exception, offering a state-of-the-art 11 stall equestrian center, outdoor riding ring, paddocks and over 8 miles of onsite riding trails for members to enjoy. The club also offers boarding, riding lessons and season events to enjoy. STEP RIGHT UP The Blue Ridge Mountains are known for excellent hiking and mountain biking. Bright s Creek has been carefully planned to allow residents and guests to enjoy over 18 miles of hiking and biking trails within the community, as well as connections to the adjacent state game lands, which offers thousands of acres of outdoor exploration. Onsite trails are marked and maintained by the community to ensure a great day out for beginners to avid hikers to enjoy.

14 AMENITIES BMW OFF-ROAD EXCURSION Designed to showcase the BMW X3 and X4 models, the excursion at Bright s Creek has been an Exclusive one-of a kind experience meant to test and enhance your driving skills while simultaneously demonstrating BMW s unparalleled engineering. Starting with a driver briefing and vehicle familiarization, guests then move on to the real treat - Bright's creek five mile off road track through the majestic North Carolina countryside. The Course, which begins approximately 3,000 feet, takes over two hours to complete. WATER SPORTS FOR EVERY ENTHUSIAST Getting outdoors is a hallmark of living at Bright s Creek. The area boasts some of the country s best blue ribbon trout fishing on the nearby Green River, whitewater rafting, and boating on nearby Lake Adger. Whether you enjoy listening to Bright s Creek from your back patio, fly fishing with a private guide or are searching for the excitement of kayaking down Class 4 rapids, the Tryon area will not disappoint with something for all water loving outdoorsmen. Drivers are taken through tough terrain, steep inclines, sharp turns, and multiple obstacles ending up at a 75-foot waterfall. GREEN RIVER GORGE ZIP LINE America s steepest and fastest zip line canopy tour. 11 zip lines spanning 1.25 miles, descends 1100 vertical feet. 3 huge repels and gravity defying sky bridge comprised solely of tree-based platforms. Experience forest life in the canopy.

15 SURROUNDING OUTDOOR PURSUITS GREEN RIVER ADVENTURES Our mission is to provide customized experiences for our guests. Green River Adventures is a grass-roots, family-owned business. We live on the banks of the Green River and love what we do. Our business exists to create unforgettable whitewater experiences for your family or group. No matter what adventure you are in search of, Green River Adventures can make it happen! Whether it be whitewater kayaking on some of the world s most famous heart pumping rivers, or paddling through gentle rapids, we are the connection you need to make your summer in Western North Carolina one to remember. ( FLAT ROCK PLAYHOUSE Flat Rock Playhouse is one of America s top 10 summer stock theaters and its Vagabond Players have performed to sell-out crowds for over 50 years marked the 53rd year Flat Rock Playhouse/The Vagabond School of the Drama, Inc. (FRP) has been in continuous operation. We are also proud that it will be the 44th year that it has had the honor of being The State Theatre of North Carolina. ( BILTMORE ESTATE The Biltmore house is George Vanderbilt s 250-room French chateau on 8,000 acres of beautifully landscaped grounds. Built in 1895, it contains collections of antiques and fine art. You can also tour the gardens and winery. ( BREVARD MUSIC CENTER Nestled in the Blue Ridge Mountains of Western North Carolina, the Brevard Music Center celebrates its 70th year of teaching and performance. The picturesque 140-acre campus offers more than 80 orchestra, opera and chamber concerts each Summer. Artistic director David Effron is joined by 400 students, 65 faculty and an array of guest artists highlights include pianist Peter Serkin, soprano Angela Brown, clarinet Richard Stoltzman and violinist Robert McDuffle. ( CONNEMARA Connemara is a national historic site, is the last home of the poet, histor author and Pulitzer Prize winner, Carl Sandburg. This historic landsc consists of the Sandburg residence, a dairy goat barn complex that is hom the park s Connemara Farms goat herd, sheds, rolling pastures, mountain woods, five miles of hiking trails on moderate to steep terrain, flower vegetable gardens, and an apple orchard. ( PISGAH NATIONAL FOREST Pisgah National Forest was the first national forest established in the Un States. Covering over one million acres of mountainous terrain, some o 6,000 feet above sea level, the sprawling forest is home to the famous C Mountain and, of course, its namesake, Mt. Pisgah, the highest mountai the forest. The Blue Ridge Parkway meanders through sections of the for and numerous hiking trails cross areas all throughout the French Broad River Valley. ( CHIMNEY ROCK PARK Chimney Rock Park is the perfect place to reconnect with nature and sp time with family and friends. The Park offers the best of the mountain one place-spectacular 75-mile views, hiking trails for all ages, a 404-f waterfall, Nature Center, Native Plant Nursery, a variety of special events much more. ( BLUE RIDGE PARKWAY On September 11, 1935 construction began on what was the country s and ultimately longest rural scenic parkway. Exactly 52-years later, the 4 mile route was completed with the dedication of the Linn Cove Viaduct Grandfather Mountain. (

16 TRYON INTERNATIONAL EQUESTRIAN CENTER Tryon International Equestrian Center is a year round and just 12 miles from Bright s Creek. It is the world s premiere Equestrian Lifestyle Destination showcasing some of the top riders in the Hunter/Jumper, Dressage, and Eventing disciplines. When the Winter Equestrian Festival opens this month, the annual event will bring more than horses and riders to Wellington. More than 200,000 spectators are expected to attend the 12-week-long festival, generating about 119,000 nightly bookings at local hotels and short-term vacation rentals and pumping roughly $110 million into the county s economy. In terms of total economic impact, the festival is the top sporting event in the county. Tourism officials say the economic boost it brings to the region is on par with the Super Bowl.

17 SURROUNDING COMMUNITIES ASHEVILLE Asheville is a city in western North Carolina s Blue Ridge Mountains. It s known for a vibrant arts scene and historic architecture, including the dome-topped Basilica of Saint Lawrence. The vast 19th-century Biltmore estate displays artwork by masters like Renoir. The Downtown Art District is filled with galleries and museums, and in the nearby River Arts District, former factory buildings house artists studios. GREENVILLE Nestled into the foothills of the Blue Ridge Mountains, Greenville, South Carolina has combined traditional southern charm, stunning natural beauty and an unexpected contemporary cool to create one of America's hottest emerging destinations and fastest growing cities. From a revitalized downtown ranked among "America's Ten Best" by Forbes Magazine to downtown Greenville's one-of-a-kind Liberty Bridge, quaint shops, boutiques, and fabulous restaurants to a world-class collection of museums, galleries, and theaters to some of the most beautiful lakes, rivers and mountains in the world, Greenville, South Carolina is everything they say it is and more.

18 SURROUNDING COMMUNITIES CHARLOTTE Charlotte is North Carolinas biggest metro area with over 2M people in its MSA. Charlotte is also home to Wells Fargo and Bank of America, making it the financial epi center of the Southeast. Charlotte Douglas International Airport, the national hub of American Airlines, is the 14th largest airport in the nation based on passenger totals, the 31st largest airport worldwide based on passenger totals and 8th in the nation for total operations, averaging 655 flights daily by 11 major airlines and 14 regional carriers. These flights provide non-stop service to 179 cities. Charlotte s highly efficient and growing interstate highway system offers drivers convenient access to the city. A new Shelby bypass will be complete in late summer of 2017 which will make Bright s Creek only 60 minutes for Charlotte Douglas International Airport.

19 SURROUNDING COMMUNITIES TRYON The quaint Village of Tryon is located on the first rise of the Blue Ridge Mountains. Tryon is known for its wonderful people, outdoor activities, mild climate, small town shops, great restaurants and a rich equestrian history. HENDERSONVILLE Historic Downtown Hendersonville is more than just a business district. It is the heart of an economically and culturally vibrant mountain community. Take any day of the year to walk the 16 blocks that constitute Historic Downtown Hendersonville and you ll find a place bustling with the activity of work and play. RUTHERFORDTON Nestled in the foothills of the Blue Ridge Mountains, Rutherfordton offers small town charm while providing easy access to several metropolitan areas. From the cluster of antebellum homes in our historic district to our fiber optic hub on Main Street, the town maintains a balance between modern and traditional life. Our Main Street is home to yearly festivals such as Mayfest Arts and Crafts Festival and the hilltop Fall Festival, as well as the popular KidSenses Children s Interactive Museum. COLUMBUS Rich with history. The Green River Plantation, J. G. Hughes House, and Polk County Courthouse are listed on the National Register of Historic Places.

20 BY ORDER OF THE COURT THE BANKRUPTCY BID GUIDELINES CAN BE FOUND HERE: Ben Jenkins, Designated NC Broker Landadvisors - Scottsdale, AZ O: M: bjenkins@laresortsolutions.coms Greg Vogel, CEO Landadvisors - Scottsdale, AZ O: gvogel@landadvisors.coms Gary L. Lyons CCIM, SIOR, Senior Vice President Avison Young - Raleigh/Durham, NC D: gary.lyons@avisonyoung.coms John K. Crotty, CCIM, Principal Avison Young - Miami, FL D: john.crotty@avisonyoung.coms David Duckworth, Principal Avison Young - Ft. Lauderdale, FL D: david.duckworth@avisonyoung.coms Whitt Cozart, Associate Avison Young - Raleigh/Durham, NC D: whitt.cozart@avisonyoung.coms Michael T. Fay, Principal, Managing Director Avison Young - Miami, FL D: michael.fay@avisonyoung.coms The information contained herein from sources deemed reliable. We have no reason to doubt its accuracy but do not guarantee it. It is the responsibility of the person reviewing this information to independently verify it. This package is subject to change or complete withdrawal. NCPolk