GRAND PRAIRIE, TX-Walker Marine Group has tapped equity from the 45-acre Lynn Creek Marina to buy out a half dozen investors and fund a dry-storage expansion. The local operator is financing the plan with a $7.6-million, floating-rate loan with a five-year term.
"The significance of the deal from their standpoint," Mark A. Winnette, senior director for Dallas-based Metropolitan Capital Advisors Ltd., tells GlobeSt.com, "is we were able to buy out more than half of the existing ownership without putting any more money into it. They used the equity that they had." Part of the capital will be used to add 80 storage units to the 514-slip marina on Joe Pool Lake. Winnette says an existing 40 units, like the slips, are all rented. The marina operation includes the Oasis restaurant and ship's store.
Plains Capital Bank in Dallas cleared a package with a 75% loan-to-value ratio to seed a 62% partnership buyout, Winnette says. The end result is Walker Marine Group is the sole general partner and majority owner of a 15-year-old marina sitting on long-term leased land from the city of Grand Prairie.
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