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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.

Marine Quest’s collateral is 2,300 wet boat slips, which are 85% leased. The properties are West End Marina and Resort at 4499 Rock Creek Rd. in Whitesboro on the banks of Lake Texoma; Joe Pool Lake in Cedar Hill State Park off Interstate 20 in Grand Prairie; Captain’s Cove at 5965 Marina Dr. in Garland and Chandler’s Landing Marina at 1 Harborview Dr. in Rockwall, both on Lake Ray Hubbard; and Eagle Mountain Marina at 6500 Wells Burnett Rd. in Fort Worth on Eagle Mountain Lake. The real estate also consists of three restaurants, five ship’s stores and five boat repair facilities.

Winnette says the bulk of the upgrades will be done at Lake Texoma’s West End, where 290 new slips will be added. Marine Quest, chasing a business plan to be the largest owner in its category in North Texas, acquired the Lake Texoma property earlier this year. Chandler’s Landing will be getting another 80 slips and Eagle Mountain, 200.

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