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3070 Harbor Drive, St. Augu...

Updated Oct 28, 2024

Cadence Bank Provides $25M Acquisition Loan For Camachee Cove Yacht Harbor In St Augustine
FINANCEDOther

Cadence Bank Provides $25M Acquisition Loan For Camachee Cove Yacht Harbor In St Augustine

3070 Harbor Drive, St. Augustine, FL, USA

$25,000,000

$1,529/SF

Building Size

16,351 SF

Asset Type

Other

Closing

Aug 30, 2021

About this deal

AI

Thomas D Wood Jr. secured the acquisition loan for Camachee Cove Yacht Harbor on behalf of Winward Marina Group in the amount of $25,000,000. The marina is located at 3020-3070 Harbor Drive and 101-252 Yacht Club Drive in St Augustine, Florida. It is a special purpose marina and yacht yard situated in a fully protected harbor adjacent to the Intracoastal Waterway and less than a mile from the St. Augustine Inlet and the Atlantic Ocean. It spans over 227.63 acres of land, submerged land, and wetland/marshland, and includes 257 wet slips, a yacht yard, and 16,351 square feet of commercial space. The new owners have plans to expand the marina by adding 600 linear dockage to accommodate mega yachts. The financing for this acquisition was provided by Cadence Bank, N.A.

Summary of transation details

  • Property Type: Marina
  • Transaction Amount: $25,000,000
  • SF: 16,351
  • LOT: 227.63 Acres
  • Lender: Cadence Bank
  • Landlord: Windward Marina Group
  • Broker: Thomas D. Wood Jr. - Thomas D. Wood and Company

Cadence Bank, N.A. provided the financing for the acquisition of Camachee Cove Yacht Harbor. Thomas D Wood Jr. of Thomas D. Wood and Company served as the broker representing Winward Marina Group in the deal. This transaction marks an important milestone for the marina, which offers a prime location and a variety of amenities for yacht enthusiasts and marine businesses.

On the Map

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$25,000,000

$1,529/SF

Other

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Players

Thomas Wood Jr

Broker

$34.5M

vol

2 deals

Broker
Cadence Bank
Cadence BankLender
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Saint Augustine Other Market Snapshot

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Deal FAQ

About $1.5K per square foot on a published $25M for 16,351 square feet (2021).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.63%

Cash-on-Cash

-0.18%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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