Newmark Group, a commercial real estate adviser and service provider to large institutional investors, global corporations and other owners and occupiers, has arranged a $400 million credit facility for PORT 32 Marinas to refinance its existing portfolio of coastal marinas and to fund the future acquisition of others.
Based in Charleston, S.C., PORT 32 is an owner, operator and developer of dry and wet slip coastal marina properties. The company provides expertise in the development and management of marina assets. PORT 32 also owns and operates a growing collection of class A marina assets in premier markets.
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 U.S.," said Jordan Roeschlaub, Newmark's co-head, global debt and structured finance. “The transaction reflects a forward-looking strategy that leverages the unique appeal of coas
