North FL Retail Development Lands $80M Loan
- Mar 28, 2018
The Pavilion at Durbin Park, a retail development on track to become the largest shopping center in Northeast Florida, has landed $80.5 million in construction financing. City National Bank of Florida provided the three-year construction loan, which has a variable interest rate. The owner, a joint venture between Gatlin Development Co. and Gate Petroleum, is building the 80-acre property near Jacksonville, Fla., and the first retailer—WalMart—plans to opens its doors in November 2018.
Just the start
Located at the southwest corner of Interstate 95 and Race Track Road, the development site is positioned about 20 miles south of central Jacksonville. The first phase is expected to be fully complete by the summer of 2019 and will total 600,000 square feet, anchored by both WalMart and The Home Depot. The long-term plans for Durban Park call for a total of 2.4 million square feet of retail, 2.8 million square feet of office, 999 housing units and a 350-guestroom hotel, according to The St. Augustine Record.
Aztec Group’s Jason Shapiro and Sean Harrington worked on behalf of Gatlin to secure the financing.
“The Pavilion is a much-needed and overdue addition to the northern St. Johns submarket, as the area is experiencing a surging residential population that has grown by 19 percent in five years … and continues to add new rooftops year over year,” said Shapiro, managing director of Aztec Group, in a prepared statement. “Highly desirable market fundamentals, including low per capita retail square footage in the trade area, combined with the credit strength of The Pavilion’s investment-grade anchor tenants were all instrumental in helping us secure favorable financing terms for the borrower.”
Image courtesy of Aztec Group