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United States : HFF arranges $10 million construction loan for marina storage facility in Miami, Florida

July 8, 2014

HFF announced today that it has arranged a $10 million construction loan for the development of a 508-rack marina storage facility located at Haulover Park in Miami, Florida.

HFF worked on behalf of the borrower, Westrec Marinas, to secure the five-year, floating-rate construction loan through Florida Community Bank.

Due for completion in early 2016, the property will be located along the Intracoastal Waterway in Haulover Park, less than one mile from the Bakers-Haulover Inlet and just north of Bal Harbour. The enclosed dry storage facility will be situated north of an existing dry stack marina facility, which contains 260 open-rack dry storage units, a 3,200-square-foot building that includes a retail store and restaurant, and a 16,000-square-foot boat repair facility. The new storage facility will replace the existing boat storage facility once complete.

The HFF team representing the borrower was led by managing director James Dockerty and senior real estate analyst Scott Wadler.

One of the world s largest privately owned owner operators of marinas and marine-related businesses, Westrec Marinas provides professional management services to its properties, affiliates and clients throughout the world. Founded in 1987, Westrec manages marina facilities located both in fresh and salt-water environments, handling vessels ranging in size from personal watercraft to mega yachts.

Florida Community Bank, with more than $5 billion in assets and 54 full-service banking centers throughout the state, is the fourth largest independent bank serving the state of Florida. With a considerable market presence in South Florida, the company has the resources and lending capacity to provide financing to fuel the growth of this region.

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Source: TendersInfo (India)

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