Suntex Marina Investors has established a joint venture (JV) with Centerbridge Partners to acquire more than $1.25 billion in new marinas across the United States.
The funds will be used to support new acquisitions and capital improvements at newly acquired facilities, as well as for new development projects across the US.
Day-to-day operations of the joint venture will be managed by Suntex, for which it will receive customary fees.
The transaction expands on Suntex’s ongoing partnership with Centerbridge, which first invested in the Company in 2021.
In connection with the transaction, the JV closed on a revolving credit facility of up to $600 million, led by Wells Fargo Bank.
New growth
“We’re thrilled to close on this joint venture to usher in new growth for Suntex Marinas,” said Bryan Redmond, CEO, Suntex Marinas. “While our team continues to increase our interest in new acquisitions, a portion of these funds are going to be dedicated towards re-development and enhancement of new marinas as well.”
He added: “We have an incredible opportunity to further grow our network from coast to coast and improve upon the Suntex experience.”
William Rahm, chairman, Suntex Marinas, and global head of real estate, Centerbridge, added: “The marina industry has shown consistently strong fundamentals for many years, as enthusiasts have invested in more and bigger boats while the availability of high-quality marinas and boat storage remains scarce.
“Bryan and the Suntex team have a demonstrated track record of acquiring quality properties, enhancing operations for customers and adding value through accretive capital investments. We’re thrilled to expand our partnership.”
Since 2021, Suntex has grown its portfolio of marinas in high-growth coastal and inland markets.
The Suntex portfolio includes marinas in Arizona, California, Florida, Georgia, Illinois, Iowa, Kentucky, Maryland, Missouri, New Jersey, New York, Oklahoma, Texas, Tennessee and Virginia.
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