City National Bank Provides $80.5 Million Finance Construction Loan for Development in NE Florida

City National Bank Provides $80.5 Million Finance Construction Loan for Development in NE Florida

A Miami-based financial institution supplied an $80.5 million lending to finance building of the initial phase of a mixed-use advancement in northeast Florida.

City National Financial institution of Florida made the building funding to Gatlin Growth Co., the firm behind the growth in St. Johns, about 25 miles south of Jacksonville.

Walmart and Residence Depot will anchor the 600,000-square-foot very first stage of Durbin Park, a 1,700-acre advancement that would certainly consist of two million square feet of retail space and also greater than 2 million square feet of workplace, plus houses and a resort.

The Walmart shop is set up to open in November and also the Home Depot store in springtime of 2019.

After Gatlin Growth ends up building of the Walmart and also Home Depot shops, the firm anticipates completing the remainder of the first phase of Durbin Park in the summertime of 2019.

Jason Shapiro and Sean Harrington of Miami-based Aztec Group prepared the $80.5 million floating-rate construction loan with a three-year term on behalf of Gatlin Development, which relocated its office from Fort Lauderdale to Jacksonville in 2015. [RE Company Online]– Mike Seemuth

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