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THE REAL DEAL: Dan’s Seafood & Marina :
WHERE: Ocean City, New Jersey
WHAT: 45, 644 SF waterfront complex comprising of marina, restaurant, clam bar, gas station, bait & tackle shop, and residential duplex
PROPERTY TYPE: Class A (Multi-Family/Retail)
LENDER: Meecorp Capital Markets, a privately-owned commercial real estate
lender and investment banker
FINANCING: $2,700,000 interest-only bridge loan
TERMS: 3-years with interest in the teens and no prepayment penalty
LTV/LTC: 60% of as-is value
Michael M. came to MEECORP with a challenging proposition. He had a great opportunity to acquire the 45,644 SF waterfront complex in Ocean City, New Jersey, but virtually no ready cash and poor credit. The property consisted of a lot with five buildings comprising of a 224 FT marina, restaurant, boat rental operation, bait & tackle shop, clam bar, gas station, and residential duplex. Though he had little in the way of assets, the specialists at MEECORP took into consideration Mike’s extensive experience as a commercial property manager and resolved to find a creative solution to his problem.

They first conducted a feasibility study to assess the value of the property and its likelihood to appreciate. They bore in mind special circumstances -- like the fact that some of the services offered were unavailable elsewhere on the island, and that third party leases existed for all the units and amenities. They also arranged for a sale-leaseback between the buyer and seller, whereby the latter would continue to operate the marina under a lease from its new owner. A new and updated accounting system was devised and approvals for structural improvements were secured from the city.

A short time later, Mike's ambitions were realized when MEECORP approved a $2,700,000 bridge loan to underwrite the purchase. They funded nearly 100% of the project. Mike now has plans to build a 20-unit hotel/condominium on the property. He has come back to MEECORP to discuss another loan to fund that construction.

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