Westrec Marinas Gets $10M Loan for Haulover Marine Center Development
- Jul 11, 2014
Site work on a 508-rack marina storage has kicked off as developer Westrec Marinas acquired the necessary funds through Florida Community Bank. Holliday Fenoglio Fowler arranged the $10 million five-year, floating-rate construction loan on behalf of the borrower. The HFF team speaking for Westrec was led by managing director James Dockerty and senior real estate analyst Scott Wadler.
Founded in 1987, Westrec is a private owner-operator of marinas and marine-related businesses, providing management services to its properties, affiliates and clients throughout the world. The company manages marina facilities located both in fresh and salt-water environments, handling vessels ranging in size from personal watercrafts to large yachts.
The development is located on the Intercoastal Waterway north of Bal Harbour, in the 180-acre Haulover Park at 15000 Collins Avenue. Located across the street from Haulover Beach, the property is the closest marina to the Bakers-Haulover Inlet. Its 9-hole golf course, bicycle and kite rental opportunities, along with the picnic areas located on both the Atlantic and Intracoastal sides of the property, make it a suitable destination for the non-boating public as well. The enclosed dry storage facility will replace a an existing dry stack marina containing 260 open-rack dry storage units, a 3,200-square-foot building that includes a retail store and restaurant and a 16,000-square-foot boat repair unit.
The construction is due for completion in early 2016.
Photo credits: Westrec Marinas