Development of St Augustine marina accelerated by $9.9m investment

The expansion of existing facilities at the Cat’s Paw Marina in St Augustine, Florida, will be accelerated following a multi-million dollar USDA bridge loan from specialist finance provider Growth Lending.

The Cat’s Paw Marina, owned by Bulls Dixon Equity Partners, already comprises dry-stack boat storage, docking and fuelling stations and a waterfront restaurant, on the Intracoastal Waterway at the mouth of the San Sebastian River in St Augustine. The city is a popular tourist destination, renowned for its waterfront activities and benefitting from an increase in population, boat ownership and demand for marine services since the pandemic.

Current tenants of the dry-stack storage marina include boat owners, a deep sea fishing company, boat repairs and restaurateur, but the increased popularity of marine activities has meant a shortage of docking and storage solutions, as well as significant demand on existing marine services.

The expansion of the marina adds an additional 11.5 waterfront acres to the existing 8.5 acres, taking the marina from a 178-boat dry stack facility with fuel service, to a 20-acre dry stack marina, including 114,000 square feet of boat barn storage serving 500 boats up to 45 feet in length.

The investment from Growth Lending enables Cat’s Paw Marina to accelerate its expansion plans, providing capital for the acquisition of land so that the project could receive final approvals from the City of St Augustine for annexation, re-zoning, future land use and floodplain management.

Phase one of the project is expected to begin construction in October 2024 and be completed by June 2025.

Gayle Bulls Dixon, Founder of Bulls Dixon Equity Partners, said: “As a local boater myself, it’s exciting to be a part of the growth of the Northeast Florida marina community and serve more boating and fishing enthusiasts moving to our area.

“We’re excited to expand Cat’s Paw Marina’s dry boat storage so significantly — meeting a need that has only grown with St. Johns County’s population.”

Ilze Coetzee, Debt Structuring Manager at Growth Lending said: “We are thrilled to partner with Bulls Dixon Equity Partners as they embark on this expansion project that addresses the rising demand for marine services in St. Johns County and also positions Cat’s Paw Marina to thrive in a rapidly growing market.

“Our support underscores our commitment to helping businesses like Cat’s Paw Marina navigate key growth phases, ensuring they can capitalize on opportunities and continue to serve their community effectively.”

With thanks to Anna West at X-Caliber Rural Capital and Ben Kadish at Maverick Commercial Mortgage who both have supported this deal.