Back To News/PR Index | | Liberty Bank to Finance PHI Redevelopment’s Construction of a Bluegreen Vacations Timeshare Fee-Based-Service Project in Williamsburg | Wellington Financial says Liberty Bank has closed a $6MM construction loan and a $9MM receivables hypothecation loan for PHI Redevelopment, LLC, to develop a new timeshare phase at Bluegreen Vacations Patrick Henry Square in Williamsburg, VA. | “We are pleased to be able to provide construction and receivables financing to PHI,” said Denise Brewer, Vice President of Liberty Bank. “Bluegreen Patrick Henry Square is in a great location, just a half-block from historic Williamsburg, Virginia. The new phase shows great promise, especially in light of the recent improvement in the U.S. economy.” “Liberty Bank has been lending to Bluegreen Vacations since 2008. The opportunity to expand the relationship by combining Bluegreen Vacations expertise with the experience of PHI’s owner, Andy Anderson, provided the bank with a great deal of comfort,” added Shawn Brydge, Senior Vice President of Wellington Financial. “Given Bluegreen Vacations’ long relationship with Liberty and Wellington, we are excited they are lending to PHI for the next phase of Patrick Henry Square. It’s a terrific product in a wonderful location,” said David L. Pontius, Executive Vice President, Chief Strategy Officer and President of Bluegreen Services. “We are happy to have the opportunity to develop Patrick Henry Square with these timeshare industry leaders and provide Bluegreen Vacations owners with an exceptional vacation experience in historic Williamsburg,” commented Andy Anderson, President of PHI. BBX Capital Corporation (NYSE: BBX) and its holding company, BFC Financial Corporation (OTCQB: BFCF), have a 46% and 54% respective ownership interest in Bluegreen Corporation. As a result of their ownership interests, BBX Capital and BFC Financial own 100% of Bluegreen. About
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Wellington Financial
About Bluegreen Corporation Founded in 1966 and headquartered in Boca Raton, FL, Bluegreen Corporation (“Bluegreen Vacations”) is a sales, marketing and resort management company, focused on the vacation ownership industry and pursuing a capital-light business strategy. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 180,000 owners, over 60 owned or managed resorts, and access to more than 4,000 resorts worldwide. Bluegreen also offers a portfolio of comprehensive, turnkey, fee-based service resort management, financial services, and sales and marketing on behalf of third parties. BBX Capital Corporation (NYSE:BBX) and its holding company, BFC Financial Corporation (OTCQB: BFCF), have a 46% and 54% respective ownership interest in Bluegreen Corporation. As a result of their ownership interests, BBX Capital and BFC Financial own 100% of Bluegreen. For more information, visit www.BluegreenVacations.com. About
PHI Redevelopment, LLC
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