Colebrook Financial Funds $5 Million Interim Mortgage Re-Purposing Loan forBrewtown Living – The Dunes at Coastal Point

MIDDLETOWN, CT, December 2025 – Colebrook Financial, a leading lender to the timeshare and travel club industries, has funded a $5 Million interim mortgage loan to Zealandia Holding Company of Asheville, NC for the re-purposing of Phase III of Peppertree Atlantic Beach Resort from timeshare units to apartment rentals.

Part of the Zealandia Holdings family of companies based in Asheville, NC, Peppertree Atlantic Beach Resort was built in the 1980s and is a beach vacation resort close to restaurants and shops. To adapt to the changing needs of the owners, the decision was made to give new life to Phase III and repurpose these units to apartment rentals. 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.

Bill Ryczek, Principal/Colebrook Financial, said, “The Zealandia and Colebrook organizations are each very different than when we began doing business together in 2003. One of the reasons we both remain in business and profitable is that we’ve adapted to the changing world around us. In the case of Zealandia that meant realizing that unused timeshare inventory had great value in other use and that many of its timeshare owners had aged out and would welcome the opportunity to cash out their interests. Since 2021, Colebrook has made eight loans totaling more than $27mm to the Zealandia organization to assist in the re-purposing of its former timeshare resorts. It’s been a great 22-year relationship.”

Butch Patrick, CEO of Zealandia Holdings, shared, “In 2019, I made the decision to exit timeshare and reposition our controlled properties to Resort Hotels, Multi-Family apartments or sell outright. To accomplish this, I knew it would require significant capital to buy out the timeshare owners and renovate the properties. With Colebrook, I had a long-term lender that had been key to our success in timeshare and knew our capacities well. When I approached Bill, he was receptive to our strategy and soon made a commitment to fund some of our projects. What started small has expanded and like before, Colebrook plays a critical role in our repositioning strategy. We are very fortunate to have them as a partner.”

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, 21-year 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.

Photo Credits:
William Ryczek, Colebrook Financial, courtesy of Colebrook Financial
Butch Patrick, Zealandia Holding Company, courtesy of Zealandia Holding Company
Dunes at Coastal Point, Brewtown Living, courtesy of Kelsey Lynn Photography Atlantic Beach NC

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Media Contact:
Jane S Raunikar
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Colebrook Financial
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