Fortress Takes Control of Fort Lauderdale Yacht and RV Park in $86M Deal
By Julia Echikson July 19, 2024 1:46 pm
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Lender Fortress Investment Group took control of a yacht and RV park in Fort Lauderdale, Fla., as part of a $85.8 million deal, property records.
Called Yacht Haven Park & Marina, the property features 4,800 lineal feet of marina dockage and 255 motorcoach sites at 2295 West State Road 84, just west of Interstate 95. From the park, boats can travel along local waterways to where the Stranahan River spills into the Atlantic Ocean near Fort Lauderdale’s Harbordale and Port Everglades neighborhoods.
The previous owner — Fort Lauderdale Motorcoach Resort and Yacht Club, managed by Gary Cioffi — transferred ownership of the 20-acre property through a “deed in lieu of foreclosure” transaction, according to documents filed to Broward County.
The newly recorded deed amount is just $4.1 million more than the loan that Fortress Credit Corporation provided in 2021. The mortgage came in tandem with Fort Lauderdale Motorcoach Resort and Yacht Club’s $58.1 million purchase of the complex, which was completed in 1970.
With the loan, Cioffi planned $26 million worth of renovations. These included redesigning the pool, updating the dockage, and adding a fitness center, dog park and on-site concierge services.
During the height of the pandemic, boating surged in popularity as an easy outdoor activity for social distancing with recreational boating growing by 35 percent to $170 million in annual economic activity between 2018 and 2023, according to the National Marine Manufacturers Association.
The reason for the foreclosure remains unclear. Representatives for Fort Lauderdale Motorcoach Resort and Yacht Club and Fortress Investment Group did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
