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.
Charlottesville, VA & Middletown, CT – February 2015—Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, announced the bank has committed to a $6MM construction loan for a 25-unit timeshare building, pool and check-in facility with PHI Redevelopment, LLC (“PHI”), as well as a $9MM receivables hypothecation loan. The new building will be the next phase of Bluegreen Corporation’s (“Bluegreen Vacations”) Williamsburg, Virginia-based, Bluegreen Patrick Henry Square™ project. Bluegreen Vacations will provide sales and marketing, project management and loan servicing for PHI.
“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.
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.