Delaware Marine Lender Sues 92-Foot Yacht M/Y Arena in Florida Admiralty Court Over $1M Loan Default
Apex Lenders LLC, a Delaware-based marine finance company, has filed a federal admiralty lawsuit in the Southern District of Florida to foreclose on the luxury yacht M/Y Arena. The lawsuit, filed under Case No. 1:25-cv-24823-DSL, seeks to enforce a First Preferred Ship’s Mortgage and recover over $1 million in unpaid loan principal and interest. The vessel, a 2013 Pershing 92-foot motoryacht flagged in Jamaica, is currently docked at MiaMarina in downtown Miami.
Apex Lenders Alleges Yacht Owner Defaulted on $1M Marine Loan Secured by First Preferred Ship Mortgage
According to the verified complaint, Apex Lenders extended a $1,000,000 loan to the record and beneficial owners of M/Y Arena, with repayment secured by a First Preferred Ship’s Mortgage recorded in Jamaica. The defendants include Pershing 92 Ltd., the record owner of the vessel, and Hector Leonardo Amezquita, the beneficial owner and personal guarantor of the loan. The complaint also names Bryan Guarch as an authorized agent involved in the transaction.
The original loan agreement was executed in December 2023 and later modified and extended through a signed renewal in December 2024. Under the modified terms, interest-only payments of $16,600 per month were required, with the principal balloon payment due by December 1, 2025. The loan was secured not only by the ship mortgage, but also by personal guarantees and a Deed of Covenants outlining additional borrower obligations.
Marine Lender Claims Borrower Failed to Maintain Required Insurance Coverage for Yacht Arena
Apex Lenders asserts that a key condition of the loan was that the borrower maintain valid marine insurance coverage on the yacht, naming the lender as loss payee and including a breach of warranty clause. The lender alleges that the borrower allowed the vessel’s insurance policy to lapse and then failed to provide proof of renewed coverage despite repeated requests over several months.
By October 2025, Apex declared the loan in default due to failure to maintain insurance coverage, stopped communication from the borrower, and an alleged risk that the yacht might attempt to leave U.S. waters to evade jurisdiction. On October 8, 2025, the lender accelerated the loan, triggering default interest at 25% per annum and seeking enforcement of the lien.
Yacht Arena Sued In Rem in Miami Over $1,008,219 in Alleged Debt, With Daily Interest Accruing
The in rem action was filed directly against the vessel under Rule C of the Supplemental Rules for Admiralty or Maritime Claims. The lawsuit seeks the arrest of the M/Y Arena and court-ordered judicial sale of the yacht to satisfy the lender’s claim.
As of October 20, 2025, Apex calculates the outstanding debt at $1,008,219.18, which includes the $1,000,000 principal, $8,219.18 in default interest, and an additional $684.93 in interest accruing daily. The lender also seeks recovery of legal fees, custodial costs, and all permissible expenses under maritime law.
Marine Foreclosure Highlights Importance of Compliance With Preferred Ship Mortgage Terms
The case underscores the enforceability of First Preferred Ship’s Mortgages in U.S. admiralty courts and the high stakes associated with luxury vessel financing. Marine lenders typically include insurance and jurisdictional control provisions in ship mortgages to mitigate risk. Failure to maintain coverage or communicate with lenders, especially when a vessel is docked in U.S. waters, can result in swift foreclosure proceedings and judicial seizure of the yacht.
Contact a Maritime Attorney
Lenders seeking to enforce maritime liens and preferred ship mortgages may file in rem foreclosure actions in federal court under admiralty law. Vessel owners, guarantors, and agents must comply with all terms of marine loan agreements or face judicial arrest of their vessels. If you need legal guidance related to a marine loan default, yacht foreclosure, or ship mortgage enforcement, our experienced maritime attorneys can help.
Contact us today for a consultation with a Florida maritime finance and foreclosure attorney.
Disclaimer: Our firm does not represent the plaintiff in this case and is not involved in the litigation. The information provided is a summary of allegations based on publicly available court filings. We make no representations about the truth of these allegations, are not commenting on the merits of the case, and are not predicting any outcome.
