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BOCA RATON, FL-Bluegreen Corp., a locally based, publicly traded national developer and marketer of drive-to vacation ownership resorts and other communities, entered into a $125-million timeshare receivables purchase facility.GE Commercial Finance Real Estate, a based in Stamford, CT, is the facility administrator and buyer. The facility uses an owner’s trust arrangement, where Bluegreen will sell or transfer timeshare receivables to a special Bluegreen subsidiary, then the subsidiary will sell them to the owner’s trust. Bluegreen intends to continue servicing the receivables sold under the facility.The purchase period under the facility is two years, beginning from the company’s initial sale of receivables under the facility or 60 days from Aug. 3, whichever comes first.”We believe that this relationship, which involved extensive due diligence on the part of GE Commercial Finance Real Estate, reflects the quality of Bluegreen’s receivables, the soundness of our business model and the promising outlook for our timeshare (resorts) business,” George F. Donovan, president and CEO of Bluegreen, says in a statement.

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