NEW YORK - Yacht Clubs of the Americas LLC (YCOA) has obtained $200 million in first mortgage and mezzanine debt for what is being called the largest-ever financing of a multiple marina transaction.
YCOA is acquiring three marinas in Tampa, Naples and Key West to redevelop them as "dockominiums" and "rackominiums." Together, they will encompass 1,750 new dry rack boat storage spaces and 142 wet slips.
YCOA acquired the properties from three different sellers for a combined price of $99 million. Including $7 million in equity, the overall transaction value was $207 million. The latter figure includes redevelopment costs.
Granite Partners LLC, a private real estate investment banking firm specializing in investment sales and equity and debt financing, arranged for the financing, it reported in a recent statement.
"Florida's population is growing rapidly, the number of boat owners is growing rapidly, and the number of marinas is declining rapidly," said Dan E. Gorczycki, senior vice president at Granite Partners. "That's why we see profit margins higher than those delivered by other asset categories."
“Granite Partners was able to identify a number of capital sources that saw the opportunity to finance a product offering significantly higher returns than residential condo conversions," Gorczycki said, "without the burden of strong competitive threats. Reflecting its strong confidence in the profitability of the sites, the ultimate lender gave the owner very full leverage at competitive pricing without an equity participation."
The Tampa facility will be upgraded, refurbished and expanded to include 700 dry storage spaces. This marina will be expanded to include 42 available-for-sale wet slips, and will also feature a clubhouse with a bar and outdoor deck, a swimming pool and a spa.
The Naples location will feature an upgraded and refurbished dry rack storage facility with 650 dry racks, a new clubhouse, a pool, a spa, a ship's store and a service center.
The Key West site will include 400 enclosed dry racks and 100 wet slips, along with a 1,400-square-foot clubhouse, a pool, a ship store and three "townhomes."
Though what the company describes as a “lifestyle approach,” boat owners call ahead before they want their boat, which is placed in the water stocked with food, beverages, and fuel. Upon return, the vessel is washed down and stored. Boaters also will be offered an on-shore place to dine, drink and relax with fellow boaters. Common area costs, including fuel, are provided at cost. The condo association assumes ownership of the property after 90 percent of the boat spaces are sold.
Under reciprocal arrangements among the three locations, boaters will be able to temporarily keep their boats at any of the three YCOA sites, in addition to an existing location in Sanibel, which is situated near Fort Myers.
- For more of the latest news, click here.