City National Bank makes $80.5M construction loan for development in NE Florida

Miami-based Aztec Group arranged the construction loan on behalf of the developer

TRD MIAMI /
Mar.March 31, 2018 03:00 PM

Rendering of Durbin Park development

A Miami-based bank provided an $80.5 million loan to finance construction of the first phase of a mixed-use development in northeast Florida.

City National Bank of Florida made the construction loan to Gatlin Development Co., the company behind the development in St. Johns, about 25 miles south of Jacksonville.

Walmart and Home Depot will anchor the 600,000-square-foot first phase of Durbin Park, a 1,700-acre development that would include two million square feet of retail space and more than two million square feet of office space, plus apartments and a hotel.

The Walmart store is scheduled to open in November and the Home Depot store in spring of 2019.

After Gatlin Development finishes construction of the Walmart and Home Depot stores, the company expects to complete the rest of the first phase of Durbin Park in the summer of 2019.

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


Related Articles

arrow_forward_ios
These real estate power players are involved in 2019’s juiciest lawsuits (Credit: Getty Images)

Here are South Florida’s juiciest lawsuits of 2019

Moishe Mana and 25 West Flagler Street

Moishe Mana buys City National Bank building in downtown Miami

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan

Daily Digest Miami

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

Rendering of the Brickell hotel development, Tony Cho and Robert Finvarb

Finvarb and Cho land construction loan for mixed-use hotel near Brickell City Centre

arrow_forward_ios
Loading...