WESTON, Fla.--(BUSINESS WIRE)--Florida Community Bank (FCB) announced it provided a $67.5 million credit facility to refinance Rybovich, owned by Rybovich Boat Company, LLC, which is a 69-slip, premier mega yacht marina and state-of-the-art repair facility in West Palm Beach with the largest lift capacity of any marina in South Florida.
Rybovich Boat Company, LLC is controlled by Huizenga Holdings, Inc. The credit facility consists of a $65 million term loan used to refinance the property’s existing debt and a $2.5 million line of credit.
Situated on nearly 32 acres at 4200 North Flagler Drive on West Palm Beach’s active Intracoastal Waterway, Rybovich is the premier marine facility in the heart of South Florida welcoming some of the largest yachts in the world. The marina’s prime location provides easy and direct access to the Atlantic Ocean and the marina’s depth can accommodate deep-draft mega yachts with capacity of up to 330 linear feet. Rybovich features 60 wet slips with 9,000 linear feet of dockage, nine dry-dock spaces and a comprehensive range of amenities.
“As a Florida-based, Florida-focused bank, we are extremely proud of the opportunity to work with Huizenga Holdings and Holliday Fenoglio Fowler, L.P. to provide comprehensive financing for one of the leading enterprises within the marine industry,” said Kent Ellert, FCB’s President and CEO. “FCB’s customized approach to financial solutions is designed to help businesses grow, and we’re confident that Rybovich, with its world-class facilities and team, will continue to be a role model for entrepreneurship and supporting the communities it serves.”
About Huizenga Holdings, Inc.
Huizenga Holdings, Inc. (HHI), is a diversified company that manages the Huizenga Family’s diversified investment portfolio. HHI was founded by Wayne Huizenga, Sr., and Wayne Huizenga, Jr. has served as President since 2002. HHI was the launching pad for five NYSE companies, including Blockbuster Entertainment Corporation; Republic Services, Inc.; AutoNation, Inc.; Boca Resorts, Inc.; and Extended Stay America, Inc. HHI was also instrumental in Huizenga’s ownership of three major sports franchises (a first in sports history): MLB’s Florida Marlins, NHL’s Florida Panthers and NFL’s Miami Dolphins. HHI also managed and controlled four major sports venues (Dolphin Stadium, Broward Arena/BB&T Center, Miami Arena and Homestead Motor Speedway), a cable sports TV channel (Sports Channel) and Rybovich Boat Company, LLC.
HHI also facilitated the ownership of three exclusive high-end golf clubs: The Floridian, Diamond Creek and Frederica Golf Clubs, and four South Florida Marinas, as well as the numerous golf clubs and marinas owned by Boca Resorts. Frederica is also a 3,000 acre, 1,100-unit residential community currently under development on St. Simons Island in Georgia. HHI’s other real estate interests have included significant residential parcels, a number of these parcels have been entitled, zoned and sold for the development of over 6,100 residential units. Additionally, 2,000 acres were acquired in north St. Lucie County, which are currently being mined for coquina rock, sand, fill and other related products. This property is uniquely entitled for 2,000 future residential units when mining operations are completed.
About Florida Community Bank
Florida Community Bank (NYSE: FCB) is the third largest Florida-based independent bank, and among the most highly capitalized banks in the state. Awarded a five-star rating from Bauer Financial™, FCB assets are more than $8.5 billion, with capital ratios that exceed regulatory standards. Since its founding in 2010, FCB has been steadfast in its commitment to delivering personalized service, innovation, and products and services equal to those offered by the national banks. Similarly, FCB recognizes the importance of community, fostering a corporate culture that promotes employee volunteerism at all levels, while supporting community-based programs and partnerships that help promote greater financial independence and improved quality of life for families. FCB serves individuals, businesses and communities across the state with 46 full-service banking centers from east to west, and from Daytona Beach to Miami-Dade. For more information, visit FloridaCommunityBank.com. Equal Housing Lender, Member FDIC.