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Caribbean Currents

 

Caribbean-Currents

The future of the Caribbean’s largest marina looked bleak barely a year ago when the then-owners filed bankruptcy. Today, however, the forecast of Puerto del Rey—a 1000-plusslip marina in Fajardo, Puerto Rico—is bright thanks to new owners with ambitious plans.

“We saw an opportunity to transform Puerto del Rey into one of the great marinas of the world,” says Nicholas Prouty—chief executive officer of Greenwich, Connecticut- and San Juan, Puerto Rico-based hedge fund Putnam Bridge Funding, LLC—who purchased the property for $47.5 million in June 2013 with plans to invest another $400 million. “It has an unmatched physical plant, however, there had been deferred maintenance, and that is what we have addressed first. We plan to invest more money in the service-related part of the business. This means an upgrade of restaurants and retail spaces as well as the addition of a gym, spa, swimming pool, yacht club, and watersports concession.”

The marina currently provides 960 wet slips and 354 dry slips, with plans to add another 200 dry slips by the end of the year. Wet slips can accommodate yachts from 30- to 200-feet LOA. Putnam Bridge’s purchase also included a surrounding 90 acres that include the fuel dock and boatyard. Plans are underway to build a 300-unit eco-sensitive community on this land that Prouty describes as “cutting edge” for the Caribbean. “Puerto Rico is often described as the Gateway to the Caribbean,” says Prouty. “I view it differently, as a place of arrival, as a destination in itself.”

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