$10 Million Loan to Westrec for Miami Marina Storage Facility July 7, 2014
Haulover Marine Center announced in early July that it has arranged a $10 million construction loan for the development of a 508-rack marina storage facility located at Haulover Park in Miami. 70-453 The marine center worked on behalf of the borrower, Westrec Marinas, to secure the five-year, floating-rate construction loan through Florida Community Bank.
Due for completion in early 2016, the property will be located along the Intracoastal Waterway in Haulover Park, less than one mile from the Bakers-Haulover Inlet and just north of Bal Harbour. The enclosed dry storage facility will be situated north of an existing dry stack marina facility, which contains 260 70-462 open-rack dry storage units, a 3,200-square-foot building that includes a retail store and restaurant, and a 16,000-square-foot boat repair facility. The new storage facility will replace the existing boat storage facility once complete.