Bluestone Bank closes on Monahan Marine acquisition

Bluestone Bank has closed on a commercial lending deal with Monahan’s Marine. Established in 1961, Monahan’s Marine is a south-shore boating institution that specializes in the servicing, storing, and selling of boats and boat parts from its headquarters in Weymouth, Mass. For this commercial deal, Bluestone  did an SBA-7A loan for the acquisition of the business and an SBA 504 loan for the acquisition of the real estate.

Senior Vice President and Commercial Loan Officer at Bluestone Bank, Jim Duff, comments, “We develop close relationships with our borrowers, and they are more than just a number to us,” states Duff. “We are available, accessible, and responsive, and that’s what it’s all about. We live and work in the community, so we understand the marketplace that we do business in.” 

Due to the project’s scope, Bluestone utilized government guarantee programs and worked with a development company, South Eastern Economic Development (SEED).

“We are really happy to be carrying on a family tradition with Monahan’s Marine, and this was a great complement to our existing business,” said Marc Curreri, Vice President and Owner of Monahan’s Marine. 

Source: https://boatingindustry.com/news/2022/11/10/bluestone-bank-closes-on-monahan-marine-acquisition/