Centerbridge Partners has formed a joint venture with Suntex Marina Investors, the largest standalone marina owner in the U.S., that aims to acquire and develop more than $1.2B of marina real estate.
The joint venture, which expands a relationship between the two companies that began when equity player Centerbridge recapitalized Suntex in 2021, will be backed by Centerbridge-affiliated funds and institutional investors, who increasingly are drawn to RV resorts, boating facilities and other outdoor venues as an asset class.
According to a statement issued by the companies, the JV has obtained a revolving credit facility of up to $600M from lenders led by Wells Fargo and including Bank of America, Truist Bank, BMO Bank and First Horizon Bank.
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