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Liberty Bank Increases
Receivables Loan to
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PHI Redevelopment
for Timeshare Resort
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Wellington Financial says Liberty
Bank renewed its $30MM commitment
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and increased the receivables loan
for
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Bluegreen Patrick Henry Square™
in Williamsburg, Virginia.
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Charlottesville,
VA & Middletown, CT – February 2018 / Newsmaker Alert / Wellington
Financial, the exclusive Resort Finance lending correspondent for the
Connecticut-based Liberty Bank,
announced the Bank recently renewed its $30MM commitment for PHI Redevelopment,
LLC (“PHI”). The renewal included increasing the receivables hypothecation
loan to $26MM to support sales of the second phase of the timeshare development.
Liberty Bank, a major lender participating in the timeshare resort development
industry, originally underwrote Phase I of the Bluegreen
Patrick Henry Square™ project in 2014 and provided a $7.5MM Construction
Loan for Phase II. Bluegreen Corporation (“Bluegreen”) provides sales and
marketing, project management, and loan servicing for PHI on a fee-for-service
basis.
“Liberty
Bank is very pleased with our relationship with PHI and Bluegreen,” said
Jay Gordon, Vice President of Liberty Bank, Resort Finance. “Their team
lived up to all of our expectations through both phases of the project.
We look forward to continuing this partnership with the team at Bluegreen
Patrick Henry Square.”
“Liberty
Bank, Wellington Financial, and Bluegreen have enjoyed a working relationship
together since 2008,” said Shawn Brydge, Executive Vice President of Wellington
Financial. “When we expanded the relationship to work with PHI’s owner,
Andy Anderson, in 2014 we knew it would be a good experience.”
“The
redevelopment of this historically oriented project at Patrick Henry Square
has been very fulfilling to our team,” commented Anderson. “We can attribute
much of our success to working with committed and capable partners like
Bluegreen, Liberty, and Wellington.”
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About
Liberty Bank
Liberty
Bank (Liberty-Bank.com) has
been actively lending to the timeshare industry throughout the U.S. for
over 35 consecutive years. The bank’s commitment to superior service has
resulted in lending relationships with some of the industry’s largest and
most successful developers. Established in 1825, Liberty Bank is Connecticut’s
oldest bank, with more than $4.7 billion in assets and 55 banking offices
throughout the central, eastern, western and shoreline areas of the state.
As a full-service financial institution, Liberty offers consumer and commercial
banking, home mortgages, insurance, and investment services. Named as a
“Top Workplace” by the Hartford Courant for six consecutive years,
Liberty maintains a longstanding commitment to superior personal service
and unparalleled community involvement.
About
Wellington Financial
Wellington
Financial (Wellington-Financial.com)
is the exclusive Resort Finance lending correspondent for Liberty Bank
and specializes in lending to developers of timeshare resorts, fractional
resorts and retail land. Founded in 1981, the finance and service company
offers a full range of products, including receivables hypothecation, purchase
and conduit facilities; pre-sale and working capital lines of credit; acquisition,
construction and renovation financing, as well as mezzanine and equity
debt financing. President Ron Goldberg serves on the Board of Directors
for the American Resort Development Association (ARDA).
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About
PHI Redevelopment, LLC
PHI
Redevelopment, LLC is developing three buildings with a total of sixty-seven
units, an indoor pool and check-in facility at Patrick
Henry Square in conjunction with Bluegreen Vacations Corporation. Andy
Anderson, President of PHI, has been a Bluegreen fee-based service developer
at Parkside Resort in Williamsburg since 2009.
Media Contact:
Sharon
Scott, RRP
for Wellington
Financial
SharonINK
PR & Marketing
310-923-1269 |