Newmark Group announced on December 12, 2024, that it arranged a $400 million credit facility for PORT 32 Marinas. This financing will refinance its existing portfolio of coastal marinas and fund future acquisitions.
Newmark's Co-Head, Global Debt & Structured Finance Jordan Roeschlaub and Vice Chairman Chris Kramer, in collaboration with Jonathan Firestone, arranged the financing, which was provided by the Austria-based BAWAG Group.
This funding underscores the robust and sustained demand for premier coastal marinas throughout the Eastern U.S. The transaction reflects a forward-looking strategy that leverages the unique appeal of coastal marinas as essential infrastructure for both recreation and commerce, highlighting the asset class's long-term growth potential.
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