Maui Land & Pineapple Co. said today it has concluded a financing agreement to complete construction of its joint-venture project, The Ritz-Carlton Club and Residences at Kapalua Bay.

The joint venture's lead lender, Lehman Brothers Holdings Inc., discontinued its funding after filing for bankruptcy in September.

Last month the U.S. Bankruptcy Court approved terms of a new loan agreement sufficient to fully fund completion of the development.

Under the new agreement, Central Pacific Bank replaces Lehman as the administrative agent under the loan. Lehman has agreed to provide $35 million of the $120 million in completion financing, with other co-lenders, including Deutsche Hypothekenbank and Landesbank Baden-Wurttemberg and Marriott International, Inc., providing the balance.

"We are very pleased with this outcome and are grateful to Marriott International, Inc.'s Ritz-Carlton Development Co., the contractor Nordic/PCL and the co-lenders who continued to fund the project while completion financing issues were resolved," said Robert Webber, president and chief executive officer of MLP.