UPDATE: Newmark hangs on to Sagebrush golf course

A new manager has been hired for the course, closed for two years.

A Langley developer says they have averted foreclosure on a highly-regarded Merritt golf course.

A foreclosure had been sought by creditors of the Sagebrush Golf Course, but Newmark’s chief financial officer J.P. Dhaliwal said both the creditors and Newmark have agreed to a refinancing.

The course is owned by Newmark Sagebrush Holdings, one of the firms under the Newmark banner controlled by Mark Chandler.

According to court documents, Pacific Oriental Financial loaned Newmark a first mortgage for $4.1 million and a second for $1.525 million, both issued in the fall of 2015.

The mortgages were extended in 2016.

“The first and second mortgages have matured but in breach of their terms they have not been paid,” said a statement of claim by lawyers for Pacific Oriental.

Also seeking money from Newmark are a list of contractors, all of whom have registered liens against the Sagebrush Golf Course.

They include a paving contractor, an irrigation system installer, a metal fabricator, and a fire safety system company.

“We have had a long road to getting this done simply because golf courses are not easy to finance,” said Dhaliwal.

He said a new general manager has been hired for the closed course.

A lawyer for Pacific Oriental Financial declined to comment.

Despite not being open for two years, Golf Digest ranked Sagebrush, located near the shore of Nicola Lake, the 18th best course in Canada on its Top 30 rankings this year.

The course has been closed since 2014, when its previous owners shut it down and put it up for sale. Newmark bought the course in 2016.

Newmark is also facing a recent court judgement in a case involving CIBC.

The bank made a statement of claim on Sept. 14, alleging that they are owed $225,755.

According to the CIBC claim, Chandler signed up for a CIBC Unlimited Business Operating Account in January, 2015.

Newmark Construction issued “multiple cheques” and requested CIBC pay the amounts until Chandler could make deposits.

“No further depsoits were ever made to Account 1,” said the statement of claim.

CIBC took the matter to court in September.

A default judgment on the matter was issued on Oct. 19, indicating that Chandler and Newmark had failed to respond to the claim in any way.

They were ordered to pay back the money.

Newmark is best known in Langley for its long-delayed Murrayville House condo project. That project, almost finished, is now in the hands of a court-appointed receiver, which is sorting out a number of claims of owernship of units in the building. Creditors have sued Chandler for millions over that project.

Chandler is also facing an extradition hearing over allegations of fraud in the United States.

His next hearing is scheduled for Jan. 25, 2018 in a Vancouver courthouse.

READ MORE: Murrayville House in new hands

Just Posted

Guilty plea issued in case where man, 86, was assaulted and robbed

Hughie Stump pleads guilty to break-and-enter in relation to Abbotsford incident

UPDATE: Tsunami warning cancelled for coastal British Columbia

Warning issued following 7.9 earthquake off Kodiak, AK

UPDATE: Police probe fuel truck and train collision in Port Coquitlam

CP Rail reporting no injuries, driver of truck is safe.

‘Restless night’ for Semiahmoo First Nation after tsunami warning

Alaska earthquake puts Semiahmoo First Nation on notice

Abbotsford crews fight house fire

AFRS team respond to a blaze on Holland Avenue

Tsunami warnings 101: Canada

Here are some things to know about tsunami alerts in Canada and how they work

Castlegar homicide victim identified

The victim was 38-year-old Jordan Workman of Castlegar, B.C.

B.C. Liberal leadership candidates get one last prime-time pitch

Leadership campaign to be decided in Feb. 3 vote

Homeless evicted from First Nation reserve land say they have nowhere to go

‘Why not just let us stay until spring?’ one camper at Chilliwack site pleads

Andrew Scheer on trade, Trump and Trudeau

Canada’s Conservative leader begins three-day visit to B.C.

Victims restrained, sex toys and cash stolen from B.C. adult store

Armed suspects sought in adult store robbery

UPDATED: 10 Safeways in Lower Mainland to close

Locations in Vancouver, Burnaby, Surrey, Coquitlam, Richmond and Mission slated to shut

Vancouver Islanders ponder need for tsunami siren song

Alarm sounds in Port Alberni but not at the DND base in Esquimalt

Five charged in bid to shut pop-up pot market in Vancouver’s Robson Square

Marijuana flower, edibles, money and some weapons were seized as part of weekend raid

Most Read