Lauderdale Marine Center is getting a US$60m loan for infrastructure improvements, according to the Sun-Sentinel. A local bank said it had closed the loan yesterday.
The Lauderdale Marine Center “is a well-run company with a long history of success,” Nic Bustle, BankUnited senior executive vice president, said in a statement. Bustle added that the marina can accommodate yachts up to 52m (170ft) LOA. “There are very few of those in Florida,” Bustle said.
Selvin Passen, owner of the marina and boatyard, said the loan will free up money for infrastructure improvements. “We’re always upgrading in the yard with the newest technologies,” he told the paper. He said that even during the latest downturn, the center invested US$40m on improvements, including the acquisition of the neighboring Broward Marina.