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Practice Highlights

  • Providing tailored legal services to lenders and developers for over 25 years
  • Recognized by US News and Best Law Firms in real estate law

Practice News

Resort Development and Timeshare Financing

We have been providing comprehensive legal services tailored to the needs of our lender and developer clients in this niche market for over 25 years. We routinely represent leading industry lenders in financing the acquisition, development and construction of resort and mixed-use timeshare, condominium and hotel projects in locations throughout the United States, including the financing of amenities related to those projects, such as golf courses, water parks and clubhouses, and the development of residential lots surrounding the projects.

These transactions often involve receivables loan financing or the purchase of pools of consumer loans extended to timeshare, fractional interest and condominium owners for new and existing projects, as well as fee based service arrangements with nationally recognized hotel and resort companies. We also represent developers in the creation of resort projects and have advised them on land use requirements and compliance, environmental matters, as well as consumer protection laws.

We represent our clients not only during good economic times, but also during challenging times. Our attorneys handle the work out of defaulted loans, the sale of loans and other transactions to enable lenders to mitigate their risks and reduce their exposure. These matters involve forbearance arrangements, foreclosures, liquidations, bankruptcies and debt restructures.

Representative Matters

  • Represented institutional lender in $75M receivables financing for more than 50 multi-state projects located throughout the US; projects were branded by a nationally recognized resort company and developed by the company itself or by other developers with fee based service arrangements with the company
  • Represented administrative and collateral agent in the acquisition, construction and receivables financing for various timeshare projects located on the Mid-Atlantic coast and branded by an internationally recognized hotel and resort company; aggregate financing exceeded $400M and included fee based service agreements with the hotel and resort company, which were assigned to the lender as collateral for the loan
  • Represented institutional lender in the financing of four different beachfront timeshare projects located on the Mid-Atlantic coast; financing included construction loans, pre-sales loans, receivables loans and inventory loans, several of which were syndicated agented loans, and all of which were cross-defaulted and cross-collateralized with complex collateral packages and a complicated collateral waterfall
  • Represented institutional lender in the receivables financing of a timeshare project, which was part of a master community development and was located in the southeastern US; the exclusive sales and marketing agent for this project was an internationally recognized hotel and resort company; purchasers of timeshare interests in this project had the option to transfer their deeded timeshare interest in exchange for a membership in a points-based club; transaction also included a complicated tri-party agreement requiring delinquent pledged receivables to be purchased from the lender
  • Represented institutional lender in the receivables financing of two timeshare projects located in the Midwestern US, involving contract for deed timeshare interests; deals were structured to address inventory control and protect against overselling with a streamlined process in which fee simple title to the timeshare interests were conveyed to an SPE third-party nominee, subject to a blanket insured mortgage in favor of the lender
  • Represented institutional lender in the receivables financing for a timeshare project located in the southern US, involving licensed timeshare interests sold to US and to Mexican citizens; worked closely with local Mexican counsel to confirm that all of the consumer loan documentation and disclosures given to Mexican citizens were in compliance with Mexican regulations and consumer protection laws
  • Represented administrative and collateral agent in financing the acquisition, development and construction of a timeshare project located in the western US; assisted the lender in the sale of the project to another developer who assumed control of the project and day-to-day operations under a management agreement after the borrower defaulted on the financing; project was completed and the loans were repaid in full
  • Represented institutional lender in the receivables financing of a timeshare project, hotel and casino located in the western US. During the term of the loan, the guarantor and a principal of the borrower filed for bankruptcy and the principals of the borrower were under investigation for fraud. We successfully represented the lender in intervening in the bankruptcy proceedings and ultimately obtained relief from the bankruptcy court, which resulted in the project being sold to another developer and the loan being repaid in full.
  • Represented institutional lender in the construction and receivables financing of a multi-phase timeshare project located in the heart of a major US city. The financing for this project included multiple loan tranches secured by various pools of collateral, and a complex subordination and intercreditor agreement with another institutional lender who held a mortgage on the underlying real property and a junior lien on certain collateral

Recognitions and Awards

Lawyers in this group are active members of the American Resort Development Association (ARDA) and are frequent speakers and lecturers at industry events.

Since 2016, White and Williams has been recognized by US News and World Report and Best Law Firms as a leading law firm in Philadelphia for achievements and client service in the area of real estate law.

Many lawyers in this group have also received individual recognition for their practices from Best Lawyers, Super Lawyers and Martindale Hubbell. 

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