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Cushman & Wakefield Arranges $25MM Revolving Credit Facility for Epum Holdings

November 23, 2022, 07:56 AM
Filed Under: Real Estate

Cushman & Wakefield announced that the real estate services firm served as the exclusive advisor to Epum Holdings (“Epum”) in the structuring of a senior secured revolving credit facility with initial loan proceeds of $25 million and the ability to increase to $50 million over time. Epum currently owns five marinas, and the facility is meant to help Epum continue to grow their marina portfolio in the eastern United States.

Cushman & Wakefield’s Steve Michels, Jared Kelso and Lauren Greenberg represented the borrower in the transaction.

“Epum’s portfolio, consisting of high margin and high cash flow properties, provided lenders with compelling debt yields, strong equity backing and substantial debt service coverage that collectively create a strong margin of safety,” said Michels.

This credit facility closing occurred simultaneously with Epum’s acquisition of one of the largest marinas on the east coast, Spicer’s Marina in Groton, Connecticut. Spicer’s Marina has nearly 450 wet slips, a service center, a restaurant and multiple other best in class amenities.

Royden Cooper with Epum Holdings stated, “Along with our recent acquisition of the nearby Noank Shipyard, the acquisition of Spicer’s Marina will help Epum achieve greater operational efficiencies and in turn serve both our customers and the local community with a higher standard of quality. The team at Cushman & Wakefield and our other partners were essential for both these acquisitions and the structuring of our new credit facility which will allow us to continue to grow once we stabilize these new properties.”

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