Bawag Group Supplies $400M Refi for Coastal Marinas
By Andrew Coen December 11, 2024 9:00 am
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Developer Port 32 Marinas has nabbed a $400 million credit facility to refinance its existing portfolio of Atlantic Coast marina assets and also fund more acquisitions, Commercial Observer can first report.
Austrian bank Bawag Group provided the financing package to the Charleston, S.C., sponsorship, which is backed by Fireside Investments, D1 Capital and McKenna Capital
Newmark (NMRK) arranged the transaction with a team led by Jordan Roeschlaub, Jonathan Firestone and Chris Kramer.
“This funding underscores the robust and sustained demand for premier coastal marinas throughout the Eastern U.S.,” Roeschlaub said in a statement. “The transaction reflects a forward-looking strategy that leverages the unique appeal of coastal marinas as essential infrastructure for both recreation and commerce, and is a testament to both the strength of the asset class and its long-term growth potential.”
Port 32 owns 10 marina properties in the Southeast U.S. between Florida and North Carolina. In March 2023 it acquired Lighthouse Point Marina at 2831 Marina Circle, Lighthouse Point, Fla., near Fort Lauderdale for an undisclosed price.
Officials at Bawag Group did not immediately return a request for comment. Port 32 Marinas declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
