Simpson Thacher represented Centerbridge Partners, L.P. (“Centerbridge”) in connection with the establishment of a joint venture backed by Centerbridge-affiliated funds and global institutional investors to acquire over $1.25 billion in new marinas across the United States, with Suntex Marina Investors LLC (“Suntex”) also contributing funds and managing the marinas in exchange for a fee. Simpson Thacher previously represented Centerbridge in connection with the recapitalization of Suntex in 2021. In conjunction with the deal, the joint venture has closed on an up to $600 million revolving credit facility led by Wells Fargo Bank.~~Suntex engages in the ownership and management of marina properties. The executive officers at Suntex have over 100 years combined experience investing in, acquiring and managing marinas. Suntex prides itself on a growing reputation in the marina industry for its commitment to superior customer service, experienced marina managers and staff, conscious contributions to marina communities and expansive enthusiasm for creating memorable experiences on the water.~~The Simpson Thacher team includes Benjamin Schaye and David Goodman (M&A); Jonathan Karen, Linda Tieh, Jeannette Figg, Lawton Salley, Emma Snover and Rebecca Wang (Funds); Greg Ressa and Danielle Jackson (Real Estate); Marcy Geller, Caroline Phillips and Michael Slomovics (Tax); Brian Steinhardt, Kyle Nelson and Emma Li (Credit); and Kate Mirino (Intellectual Property).