PORT 32 refinances South Florida marinas with $ 82 million – Commercial Observer
PORT 32 Marinas refinanced two South Florida marinas for a total of $ 82 million, supplementing existing loans with a combined $ 30.5 million, according to property records.
PORT 32, based in Charleston, SC, which owns and operates marinas in Florida and its home state, is in expansion mode. The refinancing is part of a larger recapitalization led by the New York-based company Investments by the fireside, announced earlier this month, which will allow the company to expand into Florida and expand into new markets.
Debt on the company’s two South Florida properties was contracted by an Oklahoma-based company First united bank, while Amerant Bank funded another subset of the portfolio.
The Palm Beach Gardens site of PORT 32, at 2385, boulevard PGA, sits along the North Palm Beach Waterway. The 7.5 acre facility contains 395 slides for storing boats. In 2015, First United loaned $ 21.7 million to the marina operator. Last month, the bank loaned an additional $ 23.2 million, bringing the total mortgage from PORT 32 to $ 45 million.
In Fort Lauderdale, PORT 32 has a marina at 1915 SW 21st Avenue, Between Davie Boulevard and Marina Mile Boulevard. Between 2016 and 2021, the port operator obtained three loans totaling $ 29.8 million from Oklahoma Bank, per case. Last month, the bank loaned an additional $ 7.2 million, bringing total PORT 32 mortgages to $ 37 million.
The remainder of PORT 32’s marinas in Florida lie along the West Coast, including its existing locations in Tampa and Tierra Verde, and its recent acquisition of three marinas from Walker Marine Group in Naples, Cape Coral and Marco Island.
Newmarkco-heads of debt and capital markets, Dustin Stolly and Jordan roeschlaub, in the same way Chris Kramer, Fireside advised on the recapitalization. Other investors involved in the financing were D1 Capital Partners and Makena Capital Management.
PORT 32 was not immediately available for comment.
Julia Echikson can be reached at [email protected]