Faith Link and Gayle Bulls Dixon of Dixon Link Capital have arranged an $8.3 million loan to refinance and expand a landmark marina in St. Augustine, Florida.
Dixon Link Capital worked on behalf of Cat’s Paw Marina to secure the commercial mortgage, which represents 70% of the total project cost. Loan proceeds will be used to refinance the marina’s existing loan, expand its boat storage facilities, and build an on-site waterfront restaurant.
With incredible weather and relatively low cost of living, it’s no surprise Northeast Florida is one of the fastest growing regions in the country. A main attraction of the area is its water-centric lifestyle. Boating enthusiasts are moving to St. Augustine in record numbers, but facing a major challenge: nowhere to store their boats.
The current owners purchased Cat’s Paw Marina in December of 2020, and have a waitlist of over 200 boats due to the lack of dry stack boat storage in the area. The new loan will fund construction of a second dry-stack boat barn – more than doubling the marina’s storage capacity to meet the area’s growing demand.
Additionally, loan proceeds will be used to build an onsite waterfront restaurant. The restauranteur tenant has been selected for the location, with more details to be announced soon.
For more information on Cat’s Paw Marina, visit www.catspawmarina.com.
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