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Five Marinas Stake $20M Loan

DALLAS-Marine Quest Marinas uses 2,300 wet boat slips, three restaurants, five ship's stores and five boat repair facilities as collateral for a five-year loan with two interest rates. The borrower retires some debt and plans expansions and upgrades with the capital.

By Connie Gore | Updated on November 18, 2003

DALLAS-Five North Texas marinas are standing as collateral for a $20.3-million loan that, in part, provided expansion capital for some and renovation funding for all. The financing, which also retired existing debt, was packaged into five loans with floating and fixed interest rates.

Borrower Marine Quest Marinas, headquartered at 6060 S. Stemmons Freeway at Lake Dallas, “wanted to fix a piece of the loan so they wouldn’t have an interest rate exposure,” Mark A. Winnette, senior director for Dallas-based Metropolitan Capital Advisors Ltd., tells GlobeSt.com of his first marina financing. A North Texas bank financed the deal, which Winnette says was done with “very attractive” terms. “It was less than 300 over LIBOR on the float side and interest-only for a short period of time,” he says, noting “three or four” lenders were lined up to do a deal that went full circle in four months.

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