Centerbridge Joint Venture Eyes $1.25 Billion in Marina Deals

Centerbridge Partners is extending its bet on marina real estate with a new joint venture that plans to acquire more than $1.25 billion worth of property.

The firm is partnering with Suntex Marina Investors and other institutional investors, according to a statement Wednesday. Suntex will contribute capital to the partnership and receive management fees. The joint venture has obtained a revolving credit facility of as much as $600 million led by Wells Fargo & Co., according to the statement.

Centerbridge helped recapitalize Suntex in 2021, at a time when the pandemic recovery was driving consumer spending on boats, recreational vehicles ...