Sun Sentinel: Derecktor Florida gets $5.6M loan to upgrade shipyard February 4, 2015
By Donna Gehrke-White
Derecktor Florida, a full-service facility catering to megayachts, has obtained a $5.6 million loan to buy more tools and equipment for its shipyard next to the Dania Cut-Off Canal.
The loan will also pay for some modifications at the company’s physical plant. said James Brewer, the company’s business development director.
The renovations and new tools will enable Derecktor to finish repairs and maintenance on megayachts more quickly, Brewer said.
“Time is everything” to yachts owners, he said.
Derecktor has rebounded from the 2008-2009 recession and now is back to “pre-recession numbers” of clients, Brewer said.
The company serves mainly power and sailing yachts that need repairs or major refits.
In 2012, the company installed a 900-ton mobile boatlift, or hoist, to better serve today’s larger megayachts. The Italian-made lift is the world’s largest mobile boat lift, Derecktor says, and can hoist yachts up to 180 feet in length and 900 short tons in weight.
BankUnited awarded a lease agreement so Derecktor to acquire the massive lift, and the bank approved this month’s $5.6 million loan, said Brian Clay, director for business banking for BankUnited. He declined to give details of the new loan except to say it is part of a refinancing package and Derecktor will save with a lower interest rate, plus have a longer time to pay it off.
The bank has been awarding commercial loans in about the 4 percent range, Clay said.
The loan is part of Miami Lakes-based BankUnited’s efforts to increase its commercial lending in South Florida. The bank expects to award $4 billion to $5 billion in new loans and leases in 2015.
BankUnited is particularly focused on serving the local marine industry, one of South Florida’s larger commercial sectors, Clay said. The bank opened a branch on Southeast 17th Street to be near many of the marine companies, he said.
In December 2013, BankUnited closed on a $60 million loan to East Yard Partners and West Yard Partners to refinance the Lauderdale Marine Center, a boatyard and marina at 2001 SW 20th St. The loan was to reduce costs and free up money for improvements to the 50-acre facility, one of the nation’s largest.