Centerbridge and Suntex Joint Venture to Acquire $1.25 Billion Marina Real Estate
By
Adriana Delgado
1 min read
What Happened:
Centerbridge Partners is teaming up with Suntex Marina Investors and other institutional investors to acquire over $1.25 billion worth of marina real estate.
Key Takeaways:
- Centerbridge Partners and Suntex Marina Investors are forming a joint venture to purchase marina properties.
- The joint venture has secured a revolving credit facility of up to $600 million led by Wells Fargo & Co.
- Suntex will provide capital to the partnership and receive management fees.
Analysis:
The joint venture's significant investment in marina real estate reflects confidence in the sector's potential for growth and profitability. The partnership's strategic collaboration with institutional investors indicates a concerted effort to capitalize on opportunities in the marina property market.
Do You Know?
- Marina real estate refers to properties located in marinas that provide docking and storage facilities for boats and yachts.
- A revolving credit facility is a form of business credit that allows funds to be borrowed, repaid, and borrowed again up to a certain limit, offering flexibility for ongoing financial needs.