Key Takeaways
- • Fortress Investment Group led a $150 million credit facility for Bluejack, the Texas-based private club and residential resort organization, as announced by Lantern Asset Management and Fortress.
- • The facility provides long-term capital for infrastructure, amenities and continued development across Bluejack National (Montgomery, Texas) and Bluejack Ranch (Aledo, Texas).
- • The financing follows Lantern's reorganization of Bluejack and the formation of Bluejack Management Partners, an integrated owner-operator platform spanning club operations, residential development, construction and hospitality.
- • Andy Mitchell, chairman and CEO of Bluejack Management Partners and Lantern, described the Fortress relationship as one of aligned partners for the platform's next phase.
Summary
Lantern Asset Management and Fortress Investment Group announced the closing of a $150 million credit facility supporting the continued growth of Bluejack, a Texas-based private club and residential resort organization co-founded by Andy and Kristin Mitchell. The facility was led by funds managed by affiliates of Fortress, according to the announcement, and is intended to provide long-term capital for infrastructure, amenities and ongoing development across the company's platform.
Bluejack was founded in 2014 with Bluejack National, a private club and residential community northwest of Houston that features the first Tiger Woods-designed golf course in the United States. The company has since expanded into North Texas with Bluejack Ranch, a 914-acre private club and residential resort near Fort Worth offering golf, equestrian, wellness, recreation, entertainment and a range of residential options. Golf courses are designed by Tiger Woods' TGR Design, and land planning is handled by Beau Welling Design.
The transaction follows Lantern's reorganization of Bluejack and the formation of Bluejack Management Partners, which unifies development, construction and operation of clubs, amenities, residences and communities under one vertically integrated organization. The structure is intended to create an integrated owner-operator platform across private club operations, residential development, construction, hospitality and related businesses.
Andy Mitchell, chairman and CEO of Bluejack Management Partners and Lantern, said the company had spent twelve years proving the concept and now has the leadership and partners to pursue a larger agenda. Mac Maynard, managing director in corporate credit at Fortress Investment Group, cited the firm's longstanding relationship with the Bluejack team and its firsthand familiarity with the brand, noting that Fortress is co-headquartered in Texas.
Bluejack Management Partners is led by Chairman and CEO Andy Mitchell; Co-Chair and Head of Design Kristin Mitchell; Partner and Chief Brand Officer Josh Governale; President of Club Operations Brett Schoenfield; President of Builders Megan Stultz; and Chief Financial Officer Susie Lee.
Bluejack was founded in 2014 with Bluejack National, a private club and residential community northwest of Houston that features the first Tiger Woods-designed golf course in the United States. The company has since expanded into North Texas with Bluejack Ranch, a 914-acre private club and residential resort near Fort Worth offering golf, equestrian, wellness, recreation, entertainment and a range of residential options. Golf courses are designed by Tiger Woods' TGR Design, and land planning is handled by Beau Welling Design.
The transaction follows Lantern's reorganization of Bluejack and the formation of Bluejack Management Partners, which unifies development, construction and operation of clubs, amenities, residences and communities under one vertically integrated organization. The structure is intended to create an integrated owner-operator platform across private club operations, residential development, construction, hospitality and related businesses.
Andy Mitchell, chairman and CEO of Bluejack Management Partners and Lantern, said the company had spent twelve years proving the concept and now has the leadership and partners to pursue a larger agenda. Mac Maynard, managing director in corporate credit at Fortress Investment Group, cited the firm's longstanding relationship with the Bluejack team and its firsthand familiarity with the brand, noting that Fortress is co-headquartered in Texas.
Bluejack Management Partners is led by Chairman and CEO Andy Mitchell; Co-Chair and Head of Design Kristin Mitchell; Partner and Chief Brand Officer Josh Governale; President of Club Operations Brett Schoenfield; President of Builders Megan Stultz; and Chief Financial Officer Susie Lee.
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