Bluegreen Corporation Signs $50 Million Acquisition & Development Revolving Credit Facility With GMAC Residential Construction.

Business Editors

BOCA RATON, Fla.--(BUSINESS WIRE)--Oct. 11, 2002

Bluegreen Corporation (NYSE: BXG), a leading U.S. developer and marketer of drive-to timeshare resorts and planned residential and golf communities, today announced that it has signed a $50 million acquisition & development revolving credit facility with Residential Funding Corporation, (dba GMAC Residential Construction).

This facility will be utilized by the planned residential and golf communities division of Bluegreen(R).

John Chiste, Senior Vice President and Chief Financial Officer of Bluegreen, stated, "This is the largest credit facility agreement ever entered into by Bluegreen's planned residential and golf communities division. We believe that Bluegreen's relationship with an industry leader such as GMAC Residential Construction reflects the quality of our properties, the financial stability of our operations and the promising outlook for this segment of our business. GMAC Residential Construction has provided Bluegreen with a capital solution that meets our specific, long-term goals and we look forward to a long, mutually beneficial relationship."

GMAC Residential Construction is part of GMAC-RFC's Business Capital Group (BCG), a leading provider of unregulated capital solutions such as construction loans, project equity and model leases to leading U.S. homebuilders and developers. In addition, BCG loans money to middle-market resort developers for the acquisition, development and construction of timeshare resorts. GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, is a leading private issuer of mortgage-backed securities and home equity loan asset-backed securities. The company is headquartered in Minneapolis and operates in the United States, Europe and Latin America. http://www.gmacrfc.com

Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of drive-to timeshare resorts and planned residential and golf communities. The Company's timeshare resorts are located in a variety of popular vacation destinations including Orlando, Florida; the Smoky Mountains of Tennessee; Myrtle Beach, South Carolina; Charleston, South Carolina; Branson, Missouri; Wisconsin Dells, Wisconsin; Gordonsville, Virginia; Ridgedale, Missouri; Surfside, Florida; and Aruba, while its community development and golf operations are predominantly located in the Southeastern and Southwestern United States.

This press release contains forward-looking statements and the Company desires to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 in connection with these statements. Statements made by George Donovan and any other statements contained herein that are not statements of historical fact may be deemed forward-looking statements. The words "believe," "expect," "intend," "anticipate," "project," "may," "should," "designed to," "estimate," "hope," "plan" and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. The Company does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and many of which are beyond the Company's control. Future events, industry trends and actual results could differ materially from those set forth in, contemplated by, or underlying such forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, actual results for future periods may differ from those estimated, consumer demand and acceptance of the Company's products may be less than anticipated, regulatory changes, changes in national or regional economic conditions, including interest rates, that can affect the real estate market, the relationships with GMAC Residential Construction not proceeding as expected or being as successful as contemplated, risks associated with a large investment in real estate, shortages of available inventory, the risk that the Company will not be able to continue to increase its customer base and/or achieve efficiencies, the economic and other impact of September 11th and other national and world events may have an adverse impact on the Company, past seasonality trends will continue and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and its most recent quarterly report on Form 10-Q filed on August 14, 2002. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved.