PORT 32 Marinas Secures $400 Million Financing Facility to Fuel Expansion and Marina Acquisitions
PORT 32 Marinas, a leading owner, operator, and developer of dry and wet slip coastal marina properties, has secured a significant financing facility to support its ongoing expansion and development efforts. Newmark Group, Inc., a prominent commercial real estate advisor and service provider, has arranged a $400 million credit facility for PORT 32 Marinas. This substantial funding will be utilized to refinance PORT 32’s existing portfolio of coastal marinas and to fund future marina acquisitions.
The financing facility was provided by the Austria-based BAWAG Group, underscoring the robust demand for premier coastal marinas in the Eastern United States. Newmark’s senior executives, Jordan Roeschlaub, Chris Kramer, and Jonathan Firestone, orchestrated the deal, highlighting the firm’s expertise in major transactions and its strategic positioning in the growing coastal marina market.
PORT 32 Marinas, headquartered in Charleston, South Carolina, has spent over a decade refining marinas in some of the nation’s most popular coastal waterfront destinations. The company’s marinas offer exceptional customer service, concierge technology, and the transformation of any waterfront location into a vibrant, thriving community for boating enthusiasts. Each PORT 32 Marina is designed to be a launch point for adventure on the water, providing unparalleled amenities and hospitality.
The leadership team at PORT 32 Marinas boasts over 75 years of combined experience in marina operations and development. The company’s senior management team has carefully researched and visited some of the country’s most popular waterfront destinations to shape its unique, service-first approach to marina development. PORT 32 Marinas is committed to making a positive impact through environment, social, and governance (ESG) integration, incorporating sustainable business practices at all of its marina locations.
The $400 million financing facility arranged by Newmark Group, Inc. for PORT 32 Marinas underscores the strong demand for premier coastal marinas and the long-term growth potential of this asset class. The transaction reflects a forward-looking strategy that leverages the unique appeal of coastal marinas as essential infrastructure for both recreation and commerce.
PORT 32 Marinas’ focus on expanding its network through quality assets and personnel is driven by its experienced leadership team. Kishan Desai, Vice President of Acquisitions, brings extensive experience in operations, capital markets, and financial planning and analysis, having led or assisted in over $1 billion worth of marina acquisitions at Safe Harbor Marinas. Bruce Wallace, Director of Operations, has over 30 years of experience in the marine industry, having worked in various roles from Dockmaster to General Manager. Mike Vinson, VP of Operations for Florida, has a vast knowledge of marina designs and operations, having overseen the renovations of several marina facilities.
The financing facility will enable PORT 32 Marinas to continue its strategic expansion and development efforts, further solidifying its position as a leading owner, operator, and developer of coastal marina properties. With its commitment to exceptional customer service, sustainable business practices, and strategic growth, PORT 32 Marinas is poised to continue making a significant impact in the marina industry.