Bank to provide construction facility loan for Phase I of development and mortgages for Founder’s Program buyers
Palm Beach Gardens, Fla and Eleuthera, The Bahamas – Jack’s Bay, a 1,200-acre private club community on the island of Eleuthera in The Bahamas, announces a partnership with Scotiabank. The bank has provided a senior construction facility loan to finance and execute Phase I of the Jack’s Bay project, and additionally has agreed to wraparound mortgages for individual buyers of the community’s for-sale real estate products, including beachfront and ocean view lots.
“We are thrilled to partner with Scotiabank on this integral phase of Jack’s Bay. Their confidence in our capital structure is an honorable endorsement and a nod to the firm’s strong track record,” says Sir Franklyn R. Wilson, chairman of Eleuthera Properties Ltd. “Further, we were able to collaborate with the team at Scotiabank on a facility that met the conditions of a traditional senior loan but also provided a degree of customization to allow us to execute our original business plan. This is a significant milestone for an out-island development, and we are proud that Scotiabank chose to endorse Jack’s Bay as a beacon Bahamian project.”
The partnership with Scotiabank combined with a recent investment by Eric Pike, chairman of Pike Corporation and equity partner in the Jack’s Bay project, provides the development with the financial and professional resources necessary to build world-class infrastructure from the start, and there is currently no existing debt or encumbrances on the property. The development team has maintained a disciplined approach to capital structure formulation during the hold period.
“By structuring a tailored financing solution and extending our local knowledge and expertise throughout the course of the transaction, we were happy to have played a role in making the project a reality. Scotiabank’s unique positioning in The Bahamas allows us to support our clients in a variety of ways on projects of all sizes – we do this by providing end-to-end financial and operating solutions thereby allowing them to capitalize on lucrative opportunities with ease, says Gregory Stuart, head of corporate and commercial banking at Scotiabank. “Jack’s Bay is an invaluable and timely addition to the real estate inventory that is available in The Bahamas.”
Financed by the development loan, Phase I of Jack’s Bay will include the Atlantic Club, a sports pavilion, enhancement of the current beach club known as the Pink House, a 7,000 square foot spa village, the ready-to-build lots on Founders Row and 12 Atlantic Club cottages. This phase is expected to be complete in late 2024. Other amenities planned for Jacks’ Bay include a first-class beach club, a comprehensive fitness and wellness program and an 18-hole Nicklaus Heritage™ course with a new clubhouse and comfort stations scheduled for delivery in early 2025.
Among the amenities already in place are existing food and beverage outlets, a 10-hole golf course designed by Tiger Woods and TGR Design, 18 partially completed residential and mixed-use buildings and a 22,000-square foot partially completed activity center with a pool and direct beach access.
Real estate offerings at Jack’s Bay are now available through its Founder’s Program, which includes a total of 24 beachfront and ocean view homesites ranging in price from $1 million to nearly $3 million.
Known as an “Oasis for the Soul,” Jack’s Bay is a 1,200-acre resort club and residential community on the southern end of Eleuthera in the Bahamas featuring an existing 10-hole Tiger Woods golf course dubbed “The Playground,” and a forthcoming 18-hole Nicklaus Heritage™ course, which is the first of this classification in the world. Developed by Eleuthera Properties Ltd., Jack’s Bay will offer four miles of breathtaking oceanfront property and a wide array of refined amenities, including the Atlantic Club, beach club, multiple restaurants, golf comfort stations, a golf clubhouse, golf practice facilities, sports pavilion, spa village and more, which are set to be delivered in three phases. Exclusive real estate offerings at Jack’s Bay are available through its Founder’s Program, which includes a total of 24 beachfront and ocean view homesites ranging in price from $1 million to nearly $3 million. Upon completion, Jack’s Bay will provide a new luxury living experience unlike anything else in the Bahamas offering its residents the perfect place to escape, explore and experience island living at its finest. For more information, visit https://jacksbayclub.com.
About Scotiabank Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future”, we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.4 trillion (as at July 31, 2023), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on X @Scotiabank.
About Nicklaus Companies
For 50 years, the mission of Nicklaus Companies has been to enhance the golf experience and to deliver quality branded products and services on a global basis that mirror the high standards established in the career and life of its Founder, Jack Nicklaus. The Nicklaus Companies businesses include golf-course design, the development of golf and real estate communities, and the marketing and licensing of lifestyle products worldwide under the iconic Jack Nicklaus and Golden Bear brands. Nicklaus Design, recognized as the world leader in golf course design, has created over 420 courses worldwide, open for play in 45 countries and 40 U.S states. In 2007, Jack Nicklaus partnered with Howard Milstein to further the growth of the company and expand the branded businesses. In addition to institutionalizing the Nicklaus brands for the future, Milstein has instilled a personal philosophy of “A Brand That Gives Back” with products and partners committing to donations to help the Nicklaus Children’s Health Care Foundation and other charities. A leading entrepreneur in the golf industry, Milstein also created 8AM Golf, a family of companies that also includes GOLF Magazine and GOLF.com, Miura Golf, Club Conex, True Spec Golf and GolfLogix. All share a common mission to help players at all levels enjoy the game more. We leverage our winning heritage to achieve excellence, foster growth and champion social good. We activate modern strategies and techniques to enhance our customer’s lives and match the high standards set in the career and life of Jack Nicklaus.
About 8AM Golf
Nicklaus Design, GOLF Magazine and GOLF.com are part of the 8AM Golf family. 8AM Golf was created by golf entrepreneur and philanthropist Howard Milstein as the holding company that oversees his golf companies — all of which help golfers at every level enjoy the game more. In addition to GOLF, other 8AM Golf companies include legendary clubmaker Miura Golf; True Spec Golf, a brand-agnostic club-fitting company that has fit more than 30,000 golfers worldwide; GolfLogix, the most-downloaded GPS app in golf; and Club Conex, a global leader in the design and manufacturing of adjustable golf club adapter systems.
About TGR Design
Established in 2006, the mission of TGR Design is to utilize Tiger’s worldwide experience, his limitless pursuit of excellence and his love of golf to create a unique collection of amazing golf courses around the world. Tiger believes that every project should be special and provide an outstanding golf experience. As a result, TGR Design seeks to find the best sites, select the best partners and create fantastic course designs. A cornerstone of every project, the TGR Design team works closely with each client to provide exceptional, customized service. Complementing this selective approach are the company’s design goals. Tiger Woods is famous for setting a high standard and working hard to surpass it. TGR Design is no different. Every project incorporates Tiger’s highest standards, personal vision and passion for golf as well as his international experience in the game.