Developers of the Maui luxury timeshare and condominium complex Ritz-Carlton Club and Residences at Kapalua Bay have secured financing to finish work on the nearly complete $355 million project.

The project led by Maui Land & Pineapple Co. was put in jeopardy late last year after major lender Lehman Brothers filed bankruptcy and withheld about $55 million in funding due in September and October.

Maui Land yesterday announced that a group of lenders originally helping to finance the project agreed to contribute more toward the $120 million necessary to complete the 146-unit complex that was 83 percent finished at the time of Lehman's suspension.

Construction over the past five months progressed under an emergency bridge loan from Maui Land and development partner Marriott International.

Under the new financing agreement, Lehman will provide $35 million in completion financing. Other original lending partners — Central Pacific Bank, Deutsche Hypothekenbank and Landesbank Baden-Wurttemberg — plus Marriott are providing the $85 million balance.

Robert Webber, Maui Land president and CEO, said in a statement he's grateful that development partners, lenders and general contractor Nordic/PCL worked together to keep the project moving forward.

"We are very pleased with this outcome," he said. "We continue to be encouraged by construction progress, and the project is on schedule to open in June."

About 500 people are employed on the West Maui project, and Webber said there was no construction delay because of the financing trouble.

He also said sales have progressed during the period financing was being restructured, including 10 timeshare sales in January.

The Ritz-Carlton Club and Residences contains 84 traditional fee-simple condos, and 62 units being sold as "fractional ownership" condos — essentially a longer-term version of timeshare, in which each unit is shared by 12 buyers who receive three weeks of annual use.

The project on the 24-acre oceanfront site formerly occupied by the Kapalua Bay Hotel is being developed by Kapalua Bay Holdings LLC, which is 51 percent owned by Maui Land, 34 percent owned by Marriott and 15 percent owned by Steve Case's Exclusive Resorts LLC.