The developer of Celebration Pointe, a 225-acre mixed-used regional development located in Gainesville, Fla., announced that it has secured a $125 million construction loan for Phase I of the project. Celebration Pointe partner Ralph Conti made the announcement.
“We are very pleased to have secured this key piece of our capital stack,” said Conti.
Financing for Phase I was secured by Los Angeles-based commercial real estate investment banking firm, George Smith Partners.
George Smith Partners Principal and Managing Director, David Rifkind explained, “We were able to identify and secure the financing for this development by demonstrating the value in the project, due in large part to its ability to fill a void in the growing Gainesville market. The lender understood the strength in Sponsorship and of the planned asset, and was able to provide the necessary financing to begin construction on this landmark project.”
Located at the intersection of Interstate 75 and Archer Road, the one million plus square-foot Celebration Pointe will feature a mix of approximately 400,000 square feet of entertainment, outlet retail and restaurant uses. Anchored by Bass Pro Shops and a 10-screen Regal luxury theatre, the project will also contain approximately 350,000 square feet of Class-A office space, including the new home of transportation software giant Info Tech. The development will include a new 137-room Hotel Indigo, which will introduce the area’s first branded boutique hotel experience. When fully built out, the project will also contain a significant mix of first-to-market residential units as well.
Conti added, “Celebration Pointe is not only one of the more unique projects under development in the country today, we believe it is destined to become a model for future development. The Gainesville area has many great attributes that have put it on the national map, including the University of Florida, Shands Hospital and its strong, knowledge-based economy. Celebration Pointe will add an additional spotlight on this fast-growing area. Response to the project has exceeded our expectations.”
Site preparation began in August 2014 and public infrastructure work commenced in April of this year. Phase I of Celebration Pointe is slated to open in fall 2016.