PORT 32 Refinances South Florida Marinas With $82M
By Julia Echikson August 25, 2021 11:09 am
reprints
PORT 32 Marinas refinanced two South Florida marinas for a total of $82 million, topping up existing loans with a combined $30.5 million, property records show.
Charleston, S.C.-based PORT 32, which owns and operates marinas in Florida and its home state, is in expansion mode. The refinancing is part of a broader recapitalization led by New York-based Fireside Investments, announced earlier this month, which will allow the company to grow in Florida and expand into new markets.
The debt for the company’s two South Florida properties was provided by Oklahoma-based First United Bank, while Amerant Bank provided financing for another subset of the portfolio.
PORT 32’s Palm Beach Gardens site, at 2385 PGA Boulevard, sits along the North Palm Beach Waterway. The 7.5-acre facility contains 395 slips to store boats. In 2015, First United loaned $21.7 million to the marina operator. Last month, the bank lent an additional $23.2 million, bringing PORT 32’s total mortgage to $45 million.
In Fort Lauderdale, PORT 32 owns a marina at 1915 SW 21st Avenue, between Davie Boulevard and Marina Mile Boulevard. Between 2016 and 2021, the port operator secured three loans totaling $29.8 million from the Oklahoma bank, per records. Last month, the bank loaned an additional $7.2 million, bringing PORT 32’s mortgage total to $37 million.
The remainder of PORT 32’s marinas in Florida are 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.
Newmark‘s co-heads of debt and capital markets, Dustin Stolly and Jordan Roeschlaub, along with Chris Kramer, advised Fireside 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 jechikson@commercialobserver.com.
