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

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.

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Source: The Real Deal