Popular, Westernbank and First Bank of Puerto Rico loaned the money for construction of the Yacht Haven marina, which will also include five restaurants, dozens of retail shops and 12 luxury condominiums, said Christine O'Keefe, a spokeswoman for Yacht Haven.
The total cost of the project is estimated at about $160 million, but O'Keefe said she was not sure where the rest of the funding would come from.
"The mega yacht market is booming -- absolutely booming. And there aren't too many places those people can park a 90-meter yacht," O'Keefe said.
The site in the U.S. Virgin Islands' St. Thomas Harbor will be the largest mega yacht facility in the Caribbean when completed in November 2005, she said.
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