CrossHarbor Capital Partners

Following an aggressive multi-year period of acquisitions, the firm offered the largest single sale of a Massachusetts regional portfolio of commercial real estate ever in New England history, bundling 55 commercial properties, for $650 million in 2002.[7] Other high-profile regional deals included the 2001 sale of 99 High Street in Boston for a $215 million – achieving a 27 percent return over the purchase price in 2000.[8] Other deals included the 2004 sale of One Brattle Square in Cambridge, MA to Wells Real Estate Investment Trust for $68.6 million[9] and the acquisition of the 42 acre former Digital Equipment Campus.[10] CrossHarbor has acquired or made substantial investments in more than 150 commercial and residential developments across the United States and in 2011 expanded their focus to European markets supporting banks, insurers and investors at risk due to holdings in U.S. real estate markets.[11]

In 2005 CrossHarbor negotiated a commercial real estate portfolio sale of some 47 Massachusetts’ properties to a real estate investment arm of Deutsche Bank for between $510 million and $515 million. The deal included several downtown Boston and suburban office properties. The properties had been acquired by CrossHarbor in 1998.[12]

Between 2007 and 2009 CrossHarbor became the largest property owner and developer within the Big Sky, MT-based Yellowstone Club.[13] In 2009 CrossHarbor made headlines as the successful stalking horse bidder for the bankrupt Yellowstone Club to protect the firm's extensive existing real estate investments in the Club. The Yellowstone Club, renowned for its list of billionaire membership list, emerged from bankruptcy protection in 2009 and has remained under CrossHarbor management with minority partner Discovery Land Company despite a series of lawsuits linked to the Club's former owners Edra and Tim Blixseth. After emerging from bankruptcy protection under CrossHarbor's ownership, the Yellowstone Club reported more than $100 million in new property and development sales.[14]

In May 2011, CrossHarbor financed the acquisition of the Black Bull Run subdivision and golf resort west of Bozeman, MT following a 2010 Chapter 7 bankruptcy filing.. Black Bull is a private, members-only, golf course community on 484 acres of what used to be the Leachman Angus Ranch. The property includes an 18-hole golf course designed by former PGA tour member Tom Weiskopf and swim and tennis centers.[15]

CrossHarbor provided significant financing capital with Huffines Communities in 2011 for the Viridian multi-use community development in Arlington, Texas. The development includes the Lakes of Arlington, the Lakes at Bird's Fort and a possible new home for the Dallas Cowboys. Development plans include $2 billion for residential, commercial, infrastructure, five lakes and 12 miles of recreational paths. With more than 5,000 residential units, 600,000 square feet of commercial and retail space planned, Viridian has been characterized as one of the largest proposed new development investment risks following the U.S. real estate market declines of 2009-2010.[16]

In July 2013 CrossHarbor, in partnership with Big Sky ski area owner Boyne Resorts, was the winning bidder for the 5,700-acre Spanish Peaks private residential community adjacent to the Yellowstone Club. A bankruptcy judge approved their offer of $26.1 million for the resort which had filed for Chapter 7 bankruptcy protection in 2011.[17] Following the Spanish Peaks acquisition, CrossHarbor and Boyne announced in August 2013 their intention to purchase the also neighboring and bankruptcy-troubled Moonlight Basin ski area for an undisclosed amount.[18] The newly combined Big Sky Resort, Yellowstone Club and Moonlight Basin properties created the largest ski area in the United States with more than 5,700 acres of skiable terrain[19] and nearly 28,000 acres of resort development in Montana's Big Sky region.[20]