"While both are clearnly in need of work, that does not diminish their inherent value in terms of their location and potential," says Felix Charney, president of Southport, CT-based Summit Development. "We see tremendous opportunities with respect to the marinas. We have spent the last 15 months looking at underperforming assets in South Florida and these two locations stood out."

The sites were purchased from Sun Vest Communities, the successor to Cay Clubs. Mangrove Marina has 130 boat slips plus rack storage and boat yard facilities, while Sombrero Resort includes a 54-slip marina as well as 124 one-bedroom suites and eight detached villas.

"We are well financed and are confident that we can accomplish a repositioning of the two sites," adds Robert Charney, who oversees Summit Development's Florida operations based in North Palm Beach. Orion Bank is providing financing for the acquisition and renovation of both properties.