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Equity LifeStyle Properties closes $49M buyout deal for Fla. marina portfolio

Equity LifeStyle Properties Inc. paid $49 million to purchase Suntex Marina Investors LLC's stake in a joint venture that owns 11 marinas across Florida, thereby becoming the sole owner of the portfolio.

The manufactured home real estate investment trust said it repaid the outstanding debt of approximately $72 million of the Loggerhead Marina portfolio, adding that it financed the transaction with proceeds from its unsecured line of credit.