George Smith Partners secured a $125 million loan for the first phase of Celebration Pointe, a mixed-use development set to go up in Gainesville, from Bank of the Ozarks. Located at Interstate 75 and the Archer Road interchange, the first phase of the scheme will include a Bass Pro Shops, a 10-screen Regal luxury theater, a 137-room Hotel Indigo and an office building for Gainesville software company Info Tech.
“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,” said David Rifkind, managing director of George Smith Partners. “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.”
The $200 million project will include 400,000 square feet of retail, 350,000 square feet of office space and 1,000 apartment units. It is being built on 125 acres, with another 100 acres placed in conservation. The first phase is set for completion in the fall of 2016.
