Hi Pat,
My club (Tedesco CC north of Boston) went through this in 2010/2011.
We had a clubhouse c. 1950 that needed about $2M worth of repairs but would keep the same tired bones, so we tore the old one down and built anew. The new one cost $11M, with $3M down and financing $8M. Funding was done with no assessment, but rather a $100/month "long range fee" to each member that had been started several years prior. This fee continues today and will fund eventual golf course projects, etc.
Our biggest hurdle was the vote to do it. The first vote failed miserably, with the usual pattern of older members voting no because they didn't want interruption of club services during their golden years. There was also a few very vehement dissenters who were convinced this was all irresponsible and we were going to default on the loan and lose our land and golf course. Once a deal was struck with these people that stipulated an extra year of debt service reserve, a second vote passed and the clubhouse was built. During the one full golf season of construction, we used three trailers set up in our parking lot, one for functions, one for the bar, and a small one for the pro shop, and pared down our clubhouse employees to about 5.
We have a nice new clubhouse now with state-of-the-art amenities...it feels a bit sterile inside at times, but people love it. I would say the men's bar is a touch too small, the new function space also a bit too small (we now have separate function space and large dining room when they used to be one in the same, plus a new permanent tent outside for functions), but we now have a nice gym and indoor hitting bay for the winter, as well as a vastly improved pro shop space. The bag room/pro shop/3rd tee clutter has been vastly improved (was a crowded sh*t show before), and we got an awesome huge new putting green out of it too.
Questions?