The 20-acre Yacht Haven Park & Marina in Fort Lauderdale is poised for a makeover and additional storage after selling for $58.1 million, with the buyers scoring an $81.7 million purchase and renovation loan.
Fort Lauderdale Motorcoach Resort and Yacht Club, with operating sponsors Gary Cioffi and Christopher Hein of Long Island, New York, bought the marina and recreational vehicle park at 2323 and 2295 West State Road 84, according to a news release from the loan brokers.
Kevin O’Grady and Justin Neelis of Miami-based Concord Summit Capital arranged the loan from Fortress Credit Corporation.
Sellers Yacht Haven Park & Marina and Azurite, managed by Barry Yampol of Fort Lauderdale, had purchased the property in two deals, paying $4.6 million for the bigger portion in 1986 and $225,000 for the remainder in 1992, property records show.
The property now has 4,800 lineal feet of marina dockage for boats over 60 feet and 265 pad sites. It’s along the south fork of the New River.
Attorney Luis Flores of Saul Ewing Arnstein & Lehr LLP represented the buyer in the deal.
Fort Lauderdale Motorcoach Resort and Yacht Club plans to upgrade and add amenities to the RV site, and renovate the marina with a new sea wall, according to the release. Roughly $20 million of the new financing will go toward the capital improvements to be completed over a year, and the rest was acquisition financing, O’Grady said.
The group also will build a 200,000-square-foot motorcoach and other storage facility, possibly with dry storage, O’Grady added. RV and motorcoach demand has increased over the past five years and experienced even more growth during the pandemic, he said.
As part of the rebranding, the buyers renamed the property Yacht Haven Park & Marina from its previous moniker Fort Lauderdale Yacht Haven Park and Marina.
This is the latest of a slew of marina deals in South Florida. In March, Delaware-registered Cove Marina Holding bought the 72-slip River Cove Marina on the Miami River for $11 million.
Also, Safe Harbor Marinas paid $340 million for the superyacht storage and repair facility Lauderdale Marine Center in Fort Lauderdale in May.