WELCOME TO SPORT & WELLNESS
Anyone who has personal items at Sport and Wellness may contact John Mullin at (860) 666-7403 or email John at email@example.com to arrange a time to collect your personal items.
Club Update – June, 2015
Patrons – Thank you for your patronage over the last 15 years.
Staff – Thank you for your service to to the Club and the Community.
Vendors & Business Partners – Thank you for your assistance in serving the Community. We do hope we are able to get the Club back open for you, and allow our wonderful staff to provide your recreational opportunities once again.
Who closed the Club - The Club is temporarily closed as a result of a legal proceeding brought by ARS Investors II 2012-1 HVB, LLC, who has identified themselves as the servicer of the mortgage.
What happened - The mortgage on the Club of about 3 million dollars was purchased in 2012 as part of a 73 million package from Hudson Valley Bank who was our lender. This was done by one or more versions of a company that holds themselves out as ARS (Asset Revitalization Solutions, a loan-investment shop in Austin, TX) and they added $600,000 to our mortgage without any reason being provided, likely improperly. Advised by outside counsel, we did not pay them what we believe to be improper amounts. They pursued a foreclosure, we filed for protection in bankruptcy courts and our attorneys negotiated a deal. We obtained financial backing and new operating partner(s) but they changed ‘the deal’. We obtained additional financial backing and made a new ‘deal’ that would provide them more than 3.0 million dollars and keep the club open continuously. They said ‘no deal’.
Where can we go in the interim - We have provided and will continue to provide information for alternate services in the Community.
When will the club open again - We cannot be certain, we are working with outside counsel to understand our options to challenge the ARS actions in both State Court and Federal Court.
Why would anyone benefit from closing the Club - We have no idea, the Club appraised for 3.85 million when it was operating and being maintained. The last two Clubs within 100 miles of here that sold within the last 12 months as distressed properties with debt greater than their value went for about 50% of appraised value, which would translate to the Club going down to about 1.9 million when it closed and is unlikely to increase the longer it is closed. Each week, some tennis players are making different arrangements for the Indoor Tennis Season. None of our attorneys can explain any benefit to anyone involved to allow this disintegration in value.
How can we get more information - The various contact information of the various representations of who ARS is are as follows:
Entities: ARS Investors II 2012-1 HVB, LLC, ARS Investors II 2012-1 HVB-CT, LLC, ARS Investors II 2012-1 HVB-NY, LLC, ARS Investors Ii 2012-1 Hvb-ny, LLC, ARS Investors II 2012-HVB, LLC, ARS Investors II 2012-I Hvb-nj, LLC, ARS Holding II LLC, ARS Acquisition II, LLC
The following people and addresses have held themselves out to be responsible representatives of one or more of the above listed entities and have held themselves our to be either the holder of the mortgage and/or the servicer of the mortgage at various times in various court proceedings.
People: Duane Chambliss, Jeff Price, Berkley Insurance Company, Cathy Vann have additional contact information at arscre.com.
Addresses: 3267 Bee Caves Road, Suite 107, Austin, TX, 475 Steamboat Road, Greenwich, CT 06830, 301 Tresser Boulevard, Stamford, CT 06901, 1218 Central Avenue, Suite 100, Albany, NY 12205, 2300 Lohmans Spur, Austin, TX 78734, 60 River Avenue Monmouth Beach, NJ, 2301 S. Capital of Texas Highway, Suite J-101, Austin, TX.
Someone has hired a property management company from Newington to be involved at this time who is, John Mullin, Reno Properties Group, LLC, 170 Pane Road, Newington, CT 06111, 860.666.7400.
We intend to provide you more information in a July Update. We hope that you enjoy the summer weather than finally arrived.
5 State of the Art DecoTurf™ Hard Tennis Courts
A Quiet Yoga & Pilates Room, Massage / Therapy Room
Spin Room, Basketball / Sport Court
Fitness & Weight Center, Cardio Deck
Climbing Rock Wall, Party Room
Locker Rooms, Sauna
Spacious Mezzaine with seating and observation area