Suntex Ventures, a Dallas-based real estate fund formed earlier this year to own and operate mixed-use waterfront properties, acquired a package of marina loans from Textron Financial Corporation, the financial services unit of Textron Inc.
The loan collateral includes four marinas with more than 1,650 slips and 54,000 linear feet of dock space.
The acquisition of the loan package was made through a partnership between Suntex Waterfront Capital Partners LP, private investors and a Dallas-based lender.
"We are a unique buyer of these loans due to our experience in the marina business and our knowledge of the underlying collateral," said Bryan Redmond, Suntex principal, in a statement. "In a market where buyers and sellers of assets continue to remain apart on pricing and value, we believe that purchasing debt collateralized by assets is a great opportunity for our investors."
The Suntex partners' former group of funds, Sun Resorts International, previously owned or operated 14 mixed-use resort marinas in the Caribbean and the United States, including eight in Texas and two in Florida.