Lauderdale Marine Center to get $60M refinancing loan

2001 Southwest 20th Street in Fort Lauderdale

West Yard Partners and East Yard Partners are set to receive a $60 million loan from BankUnited for a 50-acre boatyard and marina at Lauderdale Marine Center in Fort Lauderdale.

The funds will go toward refinancing the site at 2001 Southwest 20th Street, the Sun-Sentinel reported. The boatyard can fit yachts up to 170 feet long. The center, which has a staff of 30, bought a neighboring marina to expand in 2005, then invested $40 million for renovations in 2008.

The new lower interest rates will result in “very significant savings,” Lauderdale Marine Center owner Selvin Passen told the Sun-Sentinel. [Sun-Sentinel] — Mark Maurer

via The Real Deal Miami http://feedproxy.google.com/~r/trdnews_miami/~3/iMRwIgyuiF8/