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Port 32 Marinas Secures $400 Million Refinance Loan For Atlantic Coast Marina Portfolio

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FINANCED
$400,000,000

Florida

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Marina
Financed 12/11/2024
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FINANCED

Port 32 Marinas Secures $400 Million Refinance Loan For Atlantic Coast Marina Portfolio

2831 Marina Circle

See Similar Deals
Marina
Financed 12/11/2024
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Summary

FLORIDA
Asset Type:Marina
Transaction Type:Loan

The Atlantic Coast Marina Portfolio, situated in Florida and North Carolina, comprises a collection of marinas. Port 32 Marinas is the landlord overseeing this portfolio, which is involved in this refinancing deal. The transaction secured a loan amount of $400,000,000 specifically designated for refinancing and further acquisitions.

Summary of transaction details:

Newmark facilitated the transaction arrangement, with Chris Kramer, Jonathan Firestone, and Jordan Roeschlaub leading the effort to secure the refinance deal. This collaboration highlights the active involvement of the brokers in the refinancing of the marina portfolio.

Players

Christopher (Chris) Kramer
112 deals$21.8B volume(212) 850-5472
BROKER

Jordan (Jordy) Roeschlaub
Newmark
322 deals$96.3B volume
BROKER

Jonathan Firestone
Newmark
38 deals$10.5B volume(310) 709-4910
BROKER

Bawag Group
LENDER

Details

FINANCED
IMAGE: Chris Kramer, Austin Schell, Jordan Roeschlaub, Anas Abuzaakouk & Jonathan Firestone DATE: 12/11/2024 ADDRESS: Atlantic Coast Marina Portfolio MARKET: Florida & North Carolina ASSET TYPE: Marina LENDER: Anas Abuzaakouk - Bawag Group (@Bawag.Bank) LANDLORD: Austin Schell - Port 32 Marinas (@Port32Marinas) BROKERS: Chris Kramer, Jonathan Firestone & Jordan Roeschlaub (@JordyRoeschlaub) - Newmark (@Newmark) LOAN AMOUNT: $400,000,000 LOAN TYPE: Refinance NOTE: Port 32 Marinas secured a $400 million credit facility from Bawag Group to refinance its Atlantic Coast marina portfolio and fund further acquisitions. Newmark arranged the transaction, with Jordan Roeschlaub, Jonathan Firestone, and Chris Kramer leading the team.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$400,000,000.00

Monthly NOI$2,666,666.67
Monthly Debt Service$2,528,272.09
Change in Cash Flow$0.00
Refinance Proceeds$0.00