DALLAS, Tex. – Suntex Ventures LLC, a Dallas-based real estate fund formed earlier this year to own and operate mixed-use waterfront properties, has acquired a package of marina loans from Textron Financial Corp., according to a release from Suntex this week.
The acquisition of the loan package was made through a partnership between Suntex Waterfront Capital Partners, LP, private investors and a Dallas-based lender. The loan collateral includes four marinas with more than 1,650 slips and 54,000 of linear feet of dock space.
“We are a unique buyer of these loans due to our experience in the marina business and our knowledge of the underlying collateral,” Bryan Redmond, Suntex principal, said in the release. “In a market where buyers and sellers of assets continue to remain apart on pricing and value, we believe that purchasing debt collateralized by assets is a great opportunity for our investors.”
The Suntex partner’s former group of funds, Sun Resorts International, previously owned or operated 14 mixed-use resort marinas in the Caribbean and the United States including eight in Texas and two in Florida.