PORT 32 Marinas has received a $400 million credit facility to refinance its existing portfolio of coastal marinas, and to fund future marina acquisitions.
The credit facility was arranged by commercial real estate advisor and service provider Newmark Group .
The financing was provided by the Austria-based bank, BAWAG Group.
“This funding underscores the robust and sustained demand for premier coastal marinas throughout the Eastern US,” explained Newmark’s Co-Head, Global Debt & Structured Finance Jordan Roeschlaub.
“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 Marinas is based in Charleston, South Carolina, and owns, operates and develops ten dry and wet slip coastal marina properties in the US.
Newmark Group provides service to clients across a range of industries. For the 12 months ended September 30 2024, Newmark generated revenues of approximately $2.6 billion.
