(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.
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