GIG HARBOR, WA – September 25, 2017
Crown NorthCorp Inc., a specialty financial services firm and asset manager in the United States, announced that it arranged a $6 million refinancing for Gig Harbor Marina & Boatyard.
Crown NorthCorp led the acquisition of Gig Harbor Marina & Boatyard (the “Boatyard”) in 2015 and arranged the acquisition financing with equity and mezzanine finance partners. The Boatyard, which was named Business of the Year by the Gig Harbor Chamber of Commerce in 2016, is situated in a prime waterfront location in downtown Gig Harbor, WA, a growing maritime city in Puget Sound. The Boatyard occupies almost 5.5 acres, including submerged land which is leased from the Department of Natural Resources and 237,900 square feet of uplands.
Through the capital raised, under Crown NorthCorp’s management, the Boatyard has invested in improvements to the property and has grown the business’ revenues and profitability since taking over the management of the asset. In addition to improving operational efficiency of the marina and boatyard, the Boatyard has:
- Established a new food trolley,
- Established a private members’ club and club venue for private rental for weddings, events, and meetings, and
- Converted an apartment on the property into upscale two-bedroom guesthouse with 80% occupancy during summer season,
- Equipped the entire marina and property with improved IT systems, including high-speed wifi internet, and
- Created a commissary kitchen, currently utilized by two operators, with capacity to add a third tenant.
Significant improvements to amenities include brand new washrooms and showers for moorage and hospitality customers, upgraded marina dock, new boatyard facilities and equipment, and the launch of Fleet Suites – vacation rentals aboard private boats in the marina. Acquisition of an additional property to accommodate business expansion and new event venues are planned for the future.
“Gig Harbor Marina & Boatyard is rich with over 112 years of history. We respect that and have modernized the property for the enjoyment of the local community as well as visitors to Gig Harbor,” said Ronald E. Roark, CEO of Crown NorthCorp and Gig Harbor Marina & Boatyard Managing Director. “By day, we’re in the boatyard business. By night, we’re in the hospitality business. We are all about ‘Fun at the Boatyard’.”
Heritage Bank, a community bank focusing on Washington and Oregon, provided the new financing. Roark added, “Gig Harbor Marina & Boatyard is a very special business. Heritage Bank was an exceptional fit for us because they clearly understood the complexity of the Boatyard’s business and demonstrated their leadership in financing a unique asset like this.”
Crown NorthCorp identified a valuable asset with solid cashflow, as well as opportunities to improve the bottom-line through operations and a new vision for hospitality services on the site. Applying its deep expertise and experience, Crown NorthCorp has demonstrated value for its financing partners, created an exciting community amenity, and turned Gig Harbor Marina & Boatyard into a thriving business.
About Crown NorthCorp
Crown NorthCorp has over 40 years experience of investing in, managing, and financing real estate-backed businesses and properties in the United States and Europe. Having managed over 35,000 assets in the US (valued at more than $16 billion) and over 100,000 assets overseas (valued at more than $41 billion), Crown NorthCorp is well-versed in all real estate asset types and even the most complex of turnaround and workout situations. After building its business in the US and expanding to Europe in the 1990s, Crown NorthCorp now focuses its operations in the Pacific North West. Read more about Crown NorthCorp’s history and expertise.
About Gig Harbor Marina & Boatyard
Gig Harbor Marina & Boatyard began its life in 1905 as Skansie’s Ship Building Company. It became the largest of its kind on Puget Sound and had the task of building the so-called “Mosquito Fleet” which was the precursor to the Washington State ferry system. Today, Gig Harbor Marina & Boatyard is a full service marina and boatyard centrally located in downtown Gig Harbor, with 106 slips, a 50 metric ton Marine Travelift, and offering full service haulout and repair facilities, event spaces, meeting rooms, and guest accommodation. Read more about what Gig Harbor Marina & Boatyard has to offer.
For more information, contact: Ronald E. Roark, Chairman & CEO