LA QUINTA, Calif. -- NationsBank Corp. is helping the PGA West Members Association, residents of a golf-oriented resort community, bid against Wall Street partnership to buy the golf facilities from the Resolution Trust Corp.
The group said it has signed an agreement with the North Carolina-based bank to assist and advise it on the purchase of the club and arrange additional debt and equity for the purchase.
La Quinta, which was owned and operated by the now-bankrupt Landmark Land Co., a subsidiary of Oak Tree Federal Savings Bank, is scheduled to be sold by the RTC in a public auction on July 14 in Dallas.
The residents' group said it is aggressively competing with bulk buyers of RTC properties. The briefs were compiled from staff and wire reports.