Bluegreen Corporation Signs $50 Million Revolving Timeshare Receivables Credit Facility and $15 Million Acquisition, Development & Construction Facility With GMAC-RFC Resort Finance.

Business Editors

BOCA RATON, Fla.--(BUSINESS WIRE)--March 3, 2003

Bluegreen Corporation (NYSE: BXG), a leading U.S. developer and marketer of drive-to timeshare resorts ("Bluegreen(R) Resorts") and planned residential and golf communities ("Bluegreen Communities"), today announced the signing of a $50 million revolving timeshare receivables credit facility and a $15 million timeshare acquisition, development and construction ("A,D&C") revolving credit facility with Residential Funding Corporation (GMAC-RFC Resort Finance).

Each facility consists of a two-year draw down period. The $50 million facility has a term of 7 years from the expiration of the draw down period. The $15 million facility has a term of 4 years from the expiration of the draw down period.

The signing of these new agreements follows the October 2002 announcement of a $50 million acquisition and development revolving credit facility with Residential Funding Corporation (GMAC Residential Construction), which is being utilized by Bluegreen Communities. GMAC-RFC's total funding commitment to Bluegreen is now $115 million.

John Chiste, Senior Vice President and Chief Financial Officer of Bluegreen, stated, "We believe that the furthering of this relationship with GMAC-RFC reflects the quality of our properties, the financial stability of our operations and the promising outlook for our business. The timeshare receivables credit facility offers us an opportunity to increase our liquidity, while the A,D&C line is designed to facilitate our timeshare expansion efforts."

Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of drive-to timeshare resorts ("Bluegreen Resorts") and planned residential and golf communities ("Bluegreen Communities"). Bluegreen 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; Boyne Mountain, MI; Big Sky, Montana; and Aruba, while its Bluegreen Communities operations are predominantly located in the Southeastern and Southwestern United States.

About GMAC-RFC

GMAC-RFC is a wholly owned subsidiary of GMAC Financial Services. GMAC-RFC Resort Finance and GMAC Residential Construction are part of GMAC-RFC's Business Capital Group. GMAC Residential Construction provides construction loans to leading U.S. homebuilders and developers. GMAC-RFC Resort Finance provides capital to middle-market resort developers who build timeshare units. GMAC-RFC is a leading private issuer of mortgage-backed securities and home equity loan asset-backed securities in the U.S. The company is headquartered in Minneapolis and operates in the United States, Canada, Mexico and Europe. http://www.gmacrfc.com

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 contained herein 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 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 to include, but are not limited to, the following: the relationships with GMAC-RFC Resort Finance may not proceed as expected or be as successful as contemplated and funds may not be available from time to time under the terms of the facilities 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 the Transition Report to be filed on or about March 28, 2003. 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.