The Silver Spring Golf & Banquet Center has been sold.
According to an announcement posted on the golf course’s website Friday, RN Realty, LLC and Varin Realty, LLC have acquired the business from a subsidiary of Capmark Bank. The Capmark subsidiary took ownership of Silver Spring after a loan default more than a year ago.
In 2011, the golf course was put on the market for $5.3 million and was managed by an Atlanta-based golf management company. Silver Spring was previously owned by the Carlysle Group, a global investment firm based in Washington D.C., and was run Pegasus Golf Partners of Washington. Silver Spring was part of a larger investment portfolio of 10 other courses that went under, and the bank took over.
Details of the transaction were not disclosed.
The Silver Spring Golf & Banquet Center will be re-branded as the Silver Spring Golf Club moving forward. The owners intend to invest in needed facility improvements and upgrades to the course and facilities. Affinity Management will run the golf course.
“As a Milwaukee native who owns another course in the area, I see great potential in Silver Spring. The club’s reputation was naturally eroding under bank ownership, but together with Affinity Management we will soon fix that,” said Varin’s Managing Member David Nankin in a statement.
Silver Spring sits on 278 acres and features a 38,000-square-foot banquet hall that can fit up to 1,000 guests, 36 holes of championship golf, a 4,600-square-foot pro shop and a driving range. The course also comes fully loaded with maintenance equipment and a full-service kitchen.