Charlottesville, VA & Middletown, CT (February 06, 2013) — Wellington Financial President Ron Goldberg recently announced that Liberty Bank and King’s Creek Plantation, in Williamsburg, VA, completed a $33 million hypothecation loan to take out existing lenders and provide forward financing.
“Liberty Bank has participated in financing to King’s Creek Plantation for over ten years”, noted Denise Brewer, Vice President at Liberty Bank, “and we are excited to continue and expand our relationship.”
“We have followed King’s Creek Plantation’s successful operations in nearby Williamsburg for some time”, Goldberg noted, “So we were excited to be able to represent Liberty in growing their relationship with the developer.” Goldberg also singled out for special mention George David of Realty Financial Resources, Inc., who represented the developer in the transaction, adding, “We are grateful for George’s hard work and patience in bringing the parties together.”
King’s Creek Plantation Executive VP/COO/CFO Joe Cantrell said, “Wellington and Liberty were great to work with during the loan closing process and we look forward to working with both for years to come.”
ABOUT KING’S CREEK PLANTATION
Situated in Williamsburg, Virginia, King’s Creek Plantation is an Interval International 5-Star Resort located within easy access of the Colonial Parkway, which links Williamsburgto historic Jamestownand Yorktown. The resort features one, two, three and four bedroom homes amidst a complex offering multiple swimming pools, a year-round indoor aquatic center, jetted pools, saunas, large workout room, tennis courts, a basketball court, picnic areas, playgrounds, an 18-hole miniature golf course, jogging trail and more in a gated community. For more information, call 866-228-6796 or visit http://www.kingscreekplantation.com.
ABOUT LIBERTY BANK
Established in 1825, Liberty Bank, based inMiddletown,Connecticut, is the state’s oldest mutual bank, with more than $3.5 billion in assets. Liberty Bank has been actively lending to the timeshare industry throughout theU.S. for over 30 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 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 forWellingtonFinancial:
Sharon Drechsler-Scott, RRP
SharonINK PR & Marketing; 310-923-1269; Sharon@SharonINK.com