X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Crystal Proenza is associate editor of Real EstateFlorida.)

BOCA RATON, FL-Timeshare owner and developer Bluegreen Corp. has signed a $75-million revolving acquisition, development and construction credit facility with Textron Financial Corp. Bluegreen intends to use the credit line, which expires in April 2010, to fund its expanding vacation ownership business.

Certain existing Bluegreen obligations to Textron Financial and its affiliates count against the facility capacity, with current availability totaling approximately $37 million, according to a Bluegreen news release. The company would not disclose additional details of its expansion plan.

“This new facility provides Bluegreen with additional flexibility as we continue to expand our portfolio of vacation destinations,” says John M. Maloney Jr., Bluegreen president and CEO. “We have appreciated our relationship with Textron Financial over the years and we believe that this new facility demonstrates their continued support of Bluegreen Resorts’ business.”

Textron Financial, a subsidiary of Providence, RI-based Textron Inc., is a diversified commercial finance company with more than $11 billion in managed receivables. Bluegreen has 20 club and club-association resorts throughout Florida, and develops planned residential and golf communities nationwide.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.