Marina consultant helping with troubled projectsPosted on
Marina Management Services is retooling its consulting and management programs to respond to the increasing number of marina projects that are returning to lenders.
MMS says it has received an increase in inquiries from banks, lending institutions, hedge funds and developers requesting assistance with troubled projects.
It is offering marina-specific consulting services and third-party management contracts to help lenders understand the best option and identify a course of action for these distressed properties.
“The dockominium and rackominium concept pushed purchase prices for waterfront property and marinas to unprecedented levels. This leaves lenders in a compromising situation as they attempt to wrestle with $5- or $10-million-dollar losses,” said Dennis Kissman, MMS president, in a statement.
“Reality has set in and, for now, the dockominium and rackominium market has evaporated,” he added.