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| James Dockerty |
MIAMI, FL - HFF announced it has arranged a $10 million
construction loan for the development of a 508-rack marina storage facility
located at Haulover Park in Miami, Florida.
HFF worked on behalf of the borrower, Westrec Marinas, to
secure the five-year, floating-rate construction loan through Florida Community
Bank.
Due for completion in early 2016, the property will be
located along the Intracoastal Waterway in Haulover Park, less than one mile
from the Bakers-Haulover Inlet and just north of Bal Harbour.
The enclosed dry storage facility will be
situated north of an existing dry stack marina facility, which contains 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
facility.
The new storage facility will
replace the existing boat storage facility once complete.
The HFF team representing the borrower was led by managing
director James Dockerty and senior real estate analyst Scott Wadler.
One of the world’s largest privately owned owner operators
of marinas and marine-related businesses, Westrec Marinas provides professional
management services to its properties, affiliates and clients throughout the
world. Founded in 1987, Westrec manages
marina facilities located both in fresh and salt-water environments, handling
vessels ranging in size from personal watercraft to mega yachts. For more information, please visit
www.westrec.com.
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| Haulover Beach Park, Miami, FL |
Florida Community Bank, with more than $5 billion in assets
and 54 full-service banking centers throughout the state, is the fourth largest
independent bank serving the state of Florida.
With a considerable market
presence in South Florida, the company has the resources and lending capacity
to provide financing to fuel the growth of this region.
Further information may
be obtained at www.floridacommunitybank.com
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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