The closing date on the sale of the Normanside Country Club’s mortgage has been pushed back a few days.
It had been expected buyer Rafael Flores would be signing off on the deal with the Bank of America today, but the process is taking a little longer than expected, he said this morning. The deal is still on as planned, he said. What remains is having lawyers finish reviewing the details.
It’s just paperwork, Flores said. `We’ve been doing back-and-forth. It’s kind of hard for us to get through.`
Flores, who owns the Mohawk River Country Club in Rexford and the Hiland Park Country Club in Queensbury, said he expects the deal will be closed within a week. He said Bank of America, the holder of the mortgage note, wishes to finish the matter before the end of the financial quarter.
It’s still not clear how much the mortgage will be trading hands for. The Town of Bethlehem had put its own bid in on the club’s indebtedness (the possession of which would allow it to foreclose on the club and acquire the course and facilities). Town officials have kept the amount of that bid secret, saying a disclosure could tip their hand should the deal fall through or if the buyer should seek to resell the property, but the bid details should be made available once the deal is closed.
Flores said he will keep Normanside as a golf course.“
