Wellington Financial says Liberty Bank committed $31.5MM to PHI Redevelopment, LLC, for further development of the timeshare property in Williamsburg, VA.
Charlottesville, VA & Middletown, CT; October 2016—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.