Arcis Capital Partners LLC is providing a $70 million loan to Gainesville, Florida-based Celebration Pointe, a mixed-use development. The capital will be used to further the project.
GAINESVILLE, Fla., Nov. 15, 2016 /PRNewswire/ — Gainesville-based Celebration Pointe Holdings LLC, the sponsor and owner of the Celebration Pointe mixed-use project in Gainesville, Florida, has partnered with New York-based investment firm Arcis Capital Partners LLC (“ArcisCap”) to secure a $70 million revolving facility for the development of the project. Celebration Pointe is a one million square foot plus mixed-use development anchored by Bass Pro Shops, Regal Cinemas, Hotel Indigo and locally-owned, national software company Info Tech.
Ralph Conti, a partner with Celebration Pointe Development Partners, LLC and the exclusive development manager for the project said, “We are very excited to team up with ArcisCap, who have tremendous global capital markets experience, which has enabled us to secure this significant portion of our overall capital stack for the project.”
Al Tarar, Chairman and Managing Partner of ArcisCap said, “Celebration Pointe is a premier super-regional project in a largely underserved market with strong fundamentals and a growing demand base. We believe that the strong anchor tenants and complementary uses will make the project a market leader once completed.”
Mohi Monem, a partner and head of Real Estate at ArcisCap added, “This deal allows our investors an attractive risk-adjusted return, supported by institutional grade real estate and quality sponsor in the form of Celebration Pointe Holdings.”
Celebration Pointe is the premier live, work and play mixed-use development of North Central Florida. Comprised of a unique blend of entertainment, outlet retail, dining, specialty retail, Class A office, hospitality and multiple residential offerings, the 125-acre development is located along Interstate 75 at Archer Road in the heart of Gainesville, Florida’s retail corridor. Celebration Pointe has begun delivering a diverse mix-of-uses along with the best attributes of an energized and engaging urban environment.
With all major infrastructure complete, including a new multi-modal bridge over Interstate 75, anchor tenant Bass Pro Shops celebrated a record-setting grand opening on November 9, 2016. Anchoring the next phase of the project and scheduled to open in November of 2017 includes a first-to-market, state-of-the-art luxury movie theater by Regal Cinemas, a second Class A office building, and over 350 luxury apartments. Additionally, a 137 room Hotel Indigo and the final phase of the main street retail are slated for a 2018 opening.
Svein Drykolboton, a partner with Celebration Pointe Development Partners said, “The ArcisCap facility provides us with great flexibility that will allow us to execute our development business plan based on tenant demand and inline with our existing timeline and scope.”
About Celebration Pointe
Celebration Pointe is the premier mixed-use development in North Central Florida. Comprised of a unique blend of entertainment, outlet retail, dining, specialty retail, Class A office, hospitality and multiple residential offerings, the 125-acre development is located along Interstate 75 at Archer Road in the heart of Gainesville, Florida’s retail corridor. Celebration Pointe will deliver a diverse mix-of-uses along with the best attributes of an energized and engaging urban environment. For leasing opportunities and more information, please visit: www.celebrationpointe.com.
About Celebration Pointe Development Partners
Celebration Pointe Development Partners is a partnership between Gainesville, FL based Svein Drykolboton (www.vikingcompanies.com) and Atlanta, GA based Ralph Conti, CCIM, CRX, CDP (www.racorealestate.com). Drykolboton has some 25 years of residential and land development expertise. Conti, is a 37-year real estate industry veteran whose focus is retail and mixed-use developments.