Colebrook Financial Extends $4.6 Million of Credit to Zealandia Holding Company
Colebrook Financial, a leading lender to the timeshare and travel club industries, recently funded two loans to Zealandia Holding Company of Asheville, NC.
$1.6 million will be utilized for renovating Coconut Malorie in Ocean City Maryland. Addressing the changing needs of owners, LaTour Hotels is preparing for the conversion of the property from a timeshare resort to a resort hotel. Nestled in a prime location between Isle of Wright Bay and the Atlantic Ocean, the Coconut Malorie Resort is a bay-front property, minutes from the Ocean City attractions. This transformation adds 85 deluxe suites to the highly competitive Ocean Beach, Maryland vacation market.
$3 million will be utilized by Festiva Real Estate Holdings to construct nine whole unit condominiums on the site of Peppertree Atlantic Beach Resort in Atlantic Beach, North Carolina. These new condominium units will be known as Seaside Village.
LaTour Hotels and Resorts and Festiva Real Estate Holdings operate within the Zealandia Holding Company umbrella of companies. Colebrook has been lending to the Zealandia organization since 2003, including hypothecation loans, HOA loans, inventory loans, loans secured by management contracts, re-purposing loans, and acquisition loans. There have been 24 loans for a total of about $130 million.
Bill Ryczek, Principal/Colebrook Financial, said, “Colebrook and the Zealandia organization were founded about the same time, and for the past 23 years the two companies have had a terrific relationship. We began with hypothecation and inventory loans for the company’s timeshare sales and have evolved to interim mortgages and construction financing for the conversion of timeshare properties to other uses. The companies share similar values, and I personally have always enjoyed working with Butch Patrick and his top managers Scott Styron and Julie Simes.”
Founded in 2003, Colebrook Financial is a privately held commercial lender specializing in the timeshare and resort industry. Based in Middletown, Connecticut, Colebrook provides customized financing for developers, HOAs, and management companies across the United States, Mexico, and the Caribbean. The firm’s principals bring decades of resort lending experience and are known for service, flexibility, and deep industry experience. Learn more at colebrookfinancial.com.
Zealandia Holding Company, Inc. (ZHC) is a value-added strategic investor. Since its inception, ZHC has acquired or invested in 22 companies covering a wide range of resort properties, hotels, and multi-family real estate and related businesses. ZHC’s strong history of operational excellence, brand development and sector expertise combine to further its mission to provide the necessary capital, core function management, and strategic leadership needed for sustained growth.
