2009-11-03 19:11:22 -
Suntex Ventures, LLC Acquires Marina Loan Package From Textron Financial Corporation CONTACT: Derek Wilson
Suntex Advisors
972-789-1400
FOR IMMEDIATE RELEASE: November 2, 2009
Suntex Ventures, LLC Acquires Marina Loan Package
From Textron Financial Corporation
Dallas group has reformed to focus on resort destination markets
including marinas, office, retail, hotels
DALLAS - Suntex Ventures, LLC, a Dallas-based real estate fund formed earlier this year to own and operate mixed-use waterfront properties, announced today that
it has acquired a package of marina loans from Textron Financial Corporation, the financial services unit of Textron Inc. (NYSE: TXT).
The loan collateral includes four marinas with more than 1,650 slips and 54,000 of 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. Suntex’s combined resources provide over $500M of buying power, and are actively seeking to purchase premier marinas and performing marina loans.
"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 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 partner’s 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.
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About Suntex Ventures
Suntex Ventures www.suntexventures.com is a real estate fund designed to own and operate mixed-use waterfront properties including marinas, office, retail, hotel, and other select assets. Based upon proprietary underwriting, experience, and historical success, they are focusing on high-end resort destinations. For more information on Suntex Ventures, contact Derek Wilson at 972-789-1400.
