EPR PROPERTIES COMPLETES PURCHASE OF WISP

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EPR PROPERTIES COMPLETES PURCHASE OF WISP

SAM Magazine—McHenry, Md., Dec. 6, 2012—The Kansas City-based REIT, EPR Properties, has completed its purchase of Wisp Resort for a final price of $23.5 million. That’s up $3 million from its initial bid of $20.5 million three weeks ago. In a separate transaction, National Land Partners acquired a nearby golf course and other real estate for $6.1 million. Both deals were approved by the bankruptcy judge handling the settlement and are expected to close this month.

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Former Wisp owner DC Development defaulted on an approximately $30 million loan to develop the golf course and residential community, and that forced DC to seek bankruptcy protection in October 2011.