HFF arranges $65 million refinancing for 69-slip mega yacht marina in West Palm Beach, Florida
MIAMI, FL – November 29, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $65 million refinancing for Rybovich, a 69-slip, premier mega yacht marina and state-of-the-art repair facility in West Palm Beach with the largest lift capacity of any marina in South Florida.
HFF worked on behalf of the borrower, Rybovich Boat Company, LLC, an entity controlled by Huizenga Holdings, to secure the 15-year, fixed-rate loan through Florida Community Bank (FCB), which is the third largest Florida-based independent bank and among the most highly-capitalized banks in the state. Loan proceeds will be used to refinance the property’s existing debt.
Situated on nearly 32 acres at 4200 North Flagler Drive on West Palm Beach’s active Intracoastal Waterway, Rybovich is the premier marine facility in the heart of South Florida’s affluent boating paradise. The marina’s prime location provides easy and direct access to the Atlantic Ocean inlet, which is approximately 1.5 miles north of the property, on a route absent fixed obstructions and bridges. The marina’s depth can accommodate deep-draft mega yachts with capacity up to 330 linear feet, welcoming some of the largest yachts in the world. Rybovich features 60 wet slips with 9,000 linear feet of dockage; nine dry-dock spaces; a full-service restaurant and bar; crew lounge; full-service, state-of-the-art gym; fuel dock and a parts store. The best-in-class facility offers yacht painting, boat towing, a 2,500-ton dry dock at the Port of Palm Beach and reinforced floating docks.
The HFF team representing the borrower was led by director Scott Wadler.
“Our team was privileged to work with Huizenga Holdings and Florida Community Bank, to procure long-term financing for Rybovich,” Wadler said. “We anticipate this best-in-class property will continue its achievement as one of the most successful and recognizable marine establishments not only in South Florida but worldwide.”
“As a Florida-based, Florida-focused bank, we are extremely proud of the opportunity to work with HFF and Huizenga Holdings to provide comprehensive financing for one of the leading enterprises within the marine industry,” said Kent Ellert, FCB’s President and CEO. “FCB’s customized approach to financial solutions is designed to help businesses grow, and we’re confident that Rybovich, with its world-class facilities and team, will continue to be a role model for entrepreneurship and supporting the communities it serves.”
About Huizenga Holdings, Inc.
Huizenga Holdings, Inc. (HHI), is a diversified company that manages the Huizenga Family’s diversified investment portfolio. HHI was founded by Wayne Huizenga, Sr., and Wayne Huizenga, Jr. has served as President since 2002. HHI was the launching pad for five NYSE companies, including Blockbuster Entertainment Corporation; Republic Services, Inc.; AutoNation, Inc.; Boca Resorts, Inc.; and Extended Stay America, Inc. HHI was also instrumental in Huizenga’s ownership of three major sports franchises (a first in sports history); MLB’s Florida Marlins, NHL’s Florida Panthers and NFL’s Miami Dolphins. HHI also managed and controlled four major sports venues (Dolphin Stadium, Broward Arena/BB&T Center, Miami Arena and Homestead Motor Speedway), a cable sports TV channel (Sports Channel) and Rybovich Boat Company LLC.
HHI also facilitated the ownership of three exclusive high-end golf clubs; The Floridian, Diamond Creek and Frederica Golf Clubs, and four South Florida Marinas, as well as the numerous golf clubs and marinas owned by Boca Resorts. Frederica is also a 3,000 acre, 1,100-unit residential community currently under development on St. Simons Island in Georgia. HHI’s other real estate interests have included significant residential parcels, a number of these parcels have been entitled, zoned and sold for the development of over 6,100 residential units. Additionally, 2,000 acres were acquired in north St. Lucie County, which are currently being mined for coquina rock, sand, fill and other related products. This property is uniquely entitled for 2,000 future residential units when mining operations are completed.
About Florida Community Bank
Established in 2010, Florida Community Bank (FCB) has grown to over $8.5?billion in assets, is the third largest Florida-based independent bank, and recently received a five-star rating from Bauer?FinancialTM.?Listed on the New York Stock Exchange, (NYSE: FCB), FCB?serves the state with 48?full service banking centers. The presence of FCB blankets both Florida coasts from Daytona Beach to Miami-Dade, Naples through Tampa Bay, as well as the I-4 Corridor. FCB is among the most highly capitalized banks in the state with capital ratios exceeding the regulatory standard to be considered “well capitalized” by a wide margin. Complete information outlining the depth and breadth of the company is found at FloridaCommunityBank.com. Equal Housing Lender, Member FDIC.???
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.