FORT MYERS, FL-Yacht Clubs of the Americas LLC has obtained $200 million in first mortgage and mezzanine debt to acquire three marinas which the company plans to convert into "dockominiums." YCOA acquired the properties from three different sellers for an aggregate price of $99 million. The $200 million in financing, along with $7 million in equity, will pay for the $207 million acquisition and redevelopment costs.

The financing was arranged with an international fund that will initially hold the loan on its balance sheet with the intent of placing it into a collateralized debt obligation later in the year. The deal included a 90% loan-to-cost first mortgage trache with a B-note that brought the non-participating debt up to 97% leverage on total costs. The financing was arranged by the New York City-based Granite Partners LLC senior vice president Dan Gorczycki.

The marinas are located in Tampa, Naples and Key West. The Tampa facility will be upgraded, refurbished and expanded to include 700 dry-storage spaces. The marina will be expanded to include 42 for-sale wet slips as well as a clubhouse with a bar and outdoor deck, a swimming pool and spa. The Naples facility will feature and upgraded and refurbished dry-rack storage facility with 650 dry racks, a new clubhouse, a pool, spa, ship store and service center. The Key West site will include 400 enclosed dry racks and 100 wet slips, along with a 1,400-sf clubhouse, a pool and ship store.

Gorczycki tells GlobeSt.com that YCOA has an existing facility on Sanibel and is trying to establish a brand. Under reciprocal agreements among the three locations, boaters will be able to temporarily keep their boats at any of the three locations. He said YCOA plans to begin redevelopment work, which will take between 14 to 16 months to complete, immediately.

Gorczycki adds that there was a lot of investor interest in the deal due to lenders' perceived strength of the emerging property class of "dockominiums." "Florida's population is growing rapidly and the number of boat owners in growing rapidly, and the number of marinas is declining rapidly. That's why we see profit margins higher than those delivered by other asset categories."