Reunion Resort & Club Wyndham Grand Resort in Central Florida to receive $20 million loan from Liberty Bank, says Wellington Financial President Ron Goldberg.
Charlottesville, VA (March 11, 2011) -– Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, says the bank recently completed a $20 million transaction with Reunion Resort & Club Wyndham Grand Resort, in Central Florida. Wyndham Vacation Ownership (WVO), the world’s largest vacation ownership company and a member of the Wyndham Worldwide family of companies (NYSE:WYN) is the exclusive sales and marketing agent for the sale of vacation ownership interests for the resort’s 256 condominium units.
“Wyndham Vacation Ownership was pleased to work with our resort clients at Reunion to reach a deal with Liberty,” said Tom Anderson, executive vice president and chief real estate development officer, Wyndham Worldwide. “We’ve been handling the sales and marketing of the resort’s vacation ownership interests since mid-2010, as part of our Wyndham Asset Affiliation Model (WAAM).”
“We’ve been extremely pleased to partner with Wyndham Vacation Ownership as they leverage their hotel and timeshare synergies to promote the 2,300-square-acre property,” said Rob Morgan, Lubert-Adler Partners, LLC, a real estate investment company focused on acquisitions, redevelopments, restructurings and capital markets activities. “The Liberty Bank loan will be an important component in the successful conversion of the project to a CLUB WYNDHAM® Plus timeshare resort.”
“We were pleased to have been introduced to the team at Reunion by the folks at Wyndham Vacation Ownership,” observed Liberty Bank Vice President Don Peruta. He added, “The strong real estate background of the resort owners, coupled with Wyndham’s successful track record in timeshare, pointed to a great opportunity for us to expand our lending footprint in the Orlando market.”
“This project truly has it all,” added Ron Goldberg, president of Wellington Financial. “It includes a luxury hotel, three championship golf courses, casual and fine dining restaurants, tennis courts, boutique spa, fitness center, 10 pools, a clubhouse, a 5-acre water park with a 150-foot lazy river, winding water slides and an interactive water playground. The resort is also the world headquarters of a prestigious golf academy founded by famed golfer, Annika Sorenstam, ANNIKA Academy.”
About Liberty Bank
Established in 1825, Liberty Bank (www.liberty-bank.com), based in Middletown, Connecticut, is that state’s oldest mutual bank, with more than $3.3 billion in assets. Liberty Bank has been actively lending to the timeshare industry throughout the U.S. for over 30 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 Reunion® Resort
Reunion Resort is a luxury golf community located in Orlando, Fla. with varied accommodations including single family homes, condominiums and townhomes. The centerpiece of the community is the Reunion Grande, a luxury condominium residence with fine and resort casual dining restaurants. Other amenities include a rooftop pool, boutique spa, multi-acre water park three Signature golf courses and the ANNIKA AcademyTM. For more information, visit www.reunionresort.com
About Wellington Financial
Wellington Financial (www.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).
Media Contact for Wellington Financial & Liberty Bank:
Sharon Drechsler Scott, RRP
SOURCE: Wellington Financial & Liberty Bank