Fortress Investment Takes Over Ft. Lauderdale's Yacht & RV Park in $86M Foreclosure Deal

Fortress Investment Group has acquired Yacht Haven Park & Marina in Fort Lauderdale, Florida, as part of an $85.8 million transaction. The property includes extensive marina dockage and numerous motorcoach sites, offering a prime location just off Interstate 95. This strategic acquisition was facilitated through a "deed in lieu of foreclosure" by the previous owner, Fort Lauderdale Motorcoach Resort and Yacht Club, managed by Gary Cioffi.

Property Details and Transaction Background

Yacht Haven Park & Marina spans 20 acres, featuring 4,800 feet of marina dockage and 255 motorcoach sites. The property's unique location allows boats to access local waterways, leading to the Atlantic Ocean near key Fort Lauderdale neighborhoods. The deed's value is slightly higher than the $81.7 million loan from Fortress Credit Corporation in 2021, which was linked to the property's original $58.1 million purchase in 1970.

Planned Renovations and Economic Context

With the initial loan, Cioffi had planned $26 million in renovations, aiming to enhance the property with a redesigned pool, upgraded dockage, and additional amenities like a fitness center, dog park, and concierge services. The pandemic saw a surge in recreational boating, contributing significantly to the local economy, with an increase in economic activity to $170 million annually from 2018 to 2023, as reported by the National Marine Manufacturers Association.

Unclear Reasons for Foreclosure

The specific reasons for the foreclosure are not disclosed, and both Fort Lauderdale Motorcoach Resort and Yacht Club and Fortress Investment Group have not provided comments regarding the transaction. The lack of information leaves questions about the circumstances leading to the change in ownership.