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Liberty
Bank to Finance Phase II for Bluegreen Patrick Henry Square
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Wellington
Financial says Liberty Bank committed $31.5MM to PHI Redevelopment, LLC,
for
further development of the timeshare property in Williamsburg, VA
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Charlottesville,
VA & Middletown, CT – October 2016 / Newsmaker Alert / Wellington
Financial, the exclusive resort finance lending correspondent for Liberty
Bank, announced the bank has committed to provide a $7.5MM construction
loan and a $24MM receivables hypothecation loan for PHI Redevelopment,
LLC (“PHI”) for the second phase of a timeshare development in Williamsburg,
Virginia. Construction of the 39-units will provide additional inventory
for the Bluegreen Patrick Henry Square™ project and is already underway.
Bluegreen Corporation (“Bluegreen”) provides sales and marketing, project
management and loan servicing for PHI on a fee-for-service basis.
“Liberty
Bank has been very pleased with our relationship with PHI and Bluegreen,”
said Jay Gordon, Vice President of Liberty Bank. “We’re pleased with the
success of the first phase of the project and look forward to continuing
to work with the team at Bluegreen Patrick Henry Square.”
“Liberty
Bank, Wellington Financial and Bluegreen have worked 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.”
“We
have enjoyed watching the growth of Patrick Henry Square and attribute
much of our success to working with experienced and capable partners like
Bluegreen, Liberty and Wellington,” commented PHI President Andy Anderson.
About
Liberty Bank
Established
in 1825, Liberty Bank (Liberty-Bank.com),
based in Middletown, Connecticut, is the state’s oldest bank, with more
than $4.4 billion in assets. Liberty Bank 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. Member
FDIC. Equal Housing Lender.
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).
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 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 & Liberty Bank
SharonINK
PR & Marketing
310-923-1269 |