Fortress Leads $150M Credit Facility for Bluejack Management Partners and Lantern Asset Management

Lantern Asset Management and Fortress Investment Group announced the closing of a $150 million credit facility to support the continued growth of Bluejack, the Texas-based private club and residential resort organization co-founded by Andy and Kristin Mitchell. The financing, announced Oct. 27, was led by funds managed by affiliates of Fortress and now supports Bluejack Management Partners, the platform Lantern formed through its reorganization of Bluejack.

The facility provides long-term capital for infrastructure, amenities and continued development across Bluejack National in Montgomery, Texas, and Bluejack Ranch in Aledo, Texas. The credit facility carries a five-year term.

Bluejack Management Partners Platform Built on Lantern's Reorganization

The transaction builds on Lantern Asset Management's reorganization of Bluejack and the formation of Bluejack Management Partners. The firms said the structure creates an integrated owner-operator platform spanning private club operations, residential development, construction, hospitality and related businesses.

Bluejack Management Partners unifies the development, construction and operation of the clubs, amenities, residences and communities under one organization committed to long-term ownership and stewardship, according to the announcement. The financing supports that vertical integration rather than a single asset sale.

The company's leadership team includes Andy Mitchell, Chairman and CEO; Kristin Mitchell, Co-Chair and Head of Design; Josh Governale, Partner and Chief Brand Officer; Brett Schoenfield, President of Club Operations; Megan Stultz, President of Builders; and Susie Lee, Chief Financial Officer.

Fortress Investment Group Provides Capital From Texas

Mac Maynard, Managing Director in Corporate Credit at Fortress Investment Group, cited the firm's history with the borrower. "Our longstanding relationship with Andy and his team and our firsthand familiarity with Bluejack give us confidence in the strength of the brand and the vision for the platform," Maynard said. "As a firm co-headquartered in Texas, we are proud to provide capital to support Bluejack's continued development."

Andy Mitchell, who is Chairman and CEO of both Bluejack Management Partners and Lantern, said the partnership reflects shared goals. "We've spent the last twelve years proving what Bluejack can be, and now we have the leadership and partners to think much bigger about what comes next," Mitchell said. "I've always believed you should make money with people, not off people, and that starts with choosing partners you know, trust and want alongside you for a long time. Fortress understands what we've built, believes in where we're going and brings tremendous experience to the table. There's real alignment with our partners around the opportunity ahead for Bluejack, and we're excited to have them alongside us for what comes next. We're just getting started."

Fortress, founded in 1998, managed approximately $55 billion in assets as of June 30, 2026, across credit and real estate, private equity and permanent capital investment strategies.

Bluejack National and Bluejack Ranch: The Properties

Founded in 2014, Bluejack began with Bluejack National, a private club and residential community northwest of Houston featuring the first Tiger Woods-designed golf course in the United States. The community sits at 4430 South FM 1486 in Montgomery on approximately 767 acres and is limited to approximately 420 residences and 550 memberships. A 2023 master plan identifies 422 residential units, including member suites, cottages, Sunday homes, lake villas, sanctuary retreats and 231 residences on lots ranging from 0.5 to 2.1 acres.

Bluejack has since expanded into North Texas with Bluejack Ranch, a 914-acre private club and residential resort near Fort Worth. The project, located in Parker County near U.S. 377 and Kelly Ranch Road, features golf, equestrian, wellness, recreation and entertainment amenities alongside a range of residential offerings. The golf program includes an 18-hole Woods-designed course and a 10-hole short course. Other planned amenities include The Lodge hospitality complex, tennis and pickleball courts, pools, restaurants and a working ranch.

The current plan for Bluejack Ranch calls for approximately 500 homes, ranging from 1,282-square-foot, two-bedroom casitas to estate homes of at least 4,000 square feet. Residential pricing begins around $1 million, with lots starting near $775,000. The first phase includes roughly 100 to 125 home sites. Initiation-fee estimates range from approximately $150,000 to $250,000, with monthly dues of up to roughly $3,000 depending on membership tier. The broader planned community has been described as a potential $2.5 billion residential development; that figure is not the value of the credit facility or the financed real estate.

Capital Needs for a Development-Stage Resort Platform

Bluejack Ranch is moving from land planning and amenity construction toward opening and residential delivery. The project must fund roads, utilities, golf and clubhouse infrastructure, hospitality facilities and residential construction before reaching full operating scale. The Fort Worth-area site sits roughly 20 to 25 minutes from downtown Fort Worth.

The Bluejack model draws revenue from multiple sources, including membership initiation fees, recurring dues, home and lot sales, lodging, food and beverage, events and amenity use, rather than relying on traditional commercial leasing. Lantern Asset Management describes itself as a private investment firm with a history of managing and investing across private equity, credit and real estate.

Sources

Fortress Investment Group: Lantern and Fortress Announce Financing to Support Bluejack's Continued Growth