PORT 32 To Own and Operate Four Florida Marinas

PORT 32 Marinas LLC, an owner, operator, developer, and acquirer of Class A coastal marinas, announced the recapitalization of the company led by New York-based Fireside Investments, alongside key members of management and with participation from several institutional investors, including funds affiliated with D1 Capital Partners and Makena Capital Management.

Immediately following the recapitalization, PORT 32 will own and operate four marinas located in Palm Beach Gardens, Fort Lauderdale, Tampa, and Tierra Verde, Florida. Upon completion of the upland phase of the redevelopment underway in Fort Lauderdale, and its Palm Beach Gardens redevelopment, the company will own and operate approximately 2,300 dry and wet slips and over 115,000 square feet of commercial tenant space across its initial portfolio. Additionally, the company will manage three marinas located in Charleston, South Carolina – The Harborage at Ashley Marina, Shem Creek Marina, and Ripley Light Marina.

The recapitalization will enable the company to accelerate its growth plans in Florida and to expand into new markets. Port 32 will continue to be led by founder Joe H. Miller, IV as Chief Executive Officer.

Latham & Watkins LLP acted as legal counsel to Fireside Investments. Graybill, Lansche & Vinzani, LLC, as well as Grant & Kuyk, P.C. acted as legal counsel to the selling investors. First United Bank and Trust, as well as Amerant Bank, N.A. provided financing for the transaction. Newmark’s Co-Heads of the Debt & Structured Finance, Dustin Stolly and Jordan Roeschlaub, along with Chris Kramer, advised Fireside Investments in securing the financing.