North Avenue Capital Closes a $5 Million USDA Rural Development Loan to Planet Swim


PONTE VEDRA, Fla., Dec. 11, 2019 (GLOBE NEWSWIRE) -- North Avenue Capital (NAC), a specialized commercial lender headquartered in Northeast Florida, announced today the closing of a $5 million USDA Rural Development loan to fellow St. Johns County resident, Planet Swim, LLC. A swim school for all ages, Planet Swim plans to build a state-of-the-art aquatic and tennis facility in the thriving Nocatee community of Ponte Vedra. Planet Swim offers year-round swim lessons and swim team options, will soon add a range of tennis capabilities, and boasts a certified training staff that includes Olympic, USPTA, and NCAA athletes. 

NAC’s loan will be used to construct Planet Swim’s primary location, which will include a 50-meter Olympic-size outdoor pool, an indoor teaching pool, 7 clay tennis courts, spectator seating, locker room accommodations, and more. Only minutes away from schools like Ponte Vedra High, Nease High, Valley Ridge Academy, Palm Valley Academy, this new site will allow Planet Swim to expand upon its mission of offering the life skill of swimming and water safety to children and adults in the community, as well as attract world-class events to St. Johns County, the 8th fastest growing county in America (Galvin, Gaby. “These Are the 10 Fastest-Growing Counties in the U.S.” U.S. News & World Report, April 26, 2019.).  

Owner and NCAA All-American Swimmer, Gus Calado, launched Planet Swim in 2009 and has established a strong customer-base and an ever-expanding waiting list of families excited for the additional capacity accompanying the Ponte Vedra facility. For years, Calado has dreamed of bringing a best-in-class experience to as many students as possible. “The recent growth in northeast Florida has increased demand for sports and recreation outlets accessible to those living outside of country clubs.” Supported by a surge in families flocking to Nocatee and affordable financing, his dream is now becoming a reality.

NAC Commercial Lender, Jason Hoerr, introduced Gus to the USDA Rural Development Program, paving the way for a public-private partnership that promises immediate impact on the local economy. Ben Chatraw, NAC Chief Executive, commented, “This loan is a great example of how NAC is partnering with entrepreneurs and the USDA to finance projects that bring meaningful economic development and job-creation to communities across the country, including those right here in our backyard."

About North Avenue Capital
North Avenue Capital is a specialized commercial lender exclusively originating, underwriting, and funding USDA Rural Development loans. The 4th largest B&I lender in the country, NAC uses its expertise, capital, and relationships to build businesses, grow economies, and create jobs in rural America. Learn more about NAC and its Borrowers at www.northavenue.com.

About Planet Swim
Planet Swim’s mission is to offer the life skill of swimming and water safety to children and adults in the community and provides students with a team of certified training staff that includes Olympic and NCAA athletes. Learn more about Planet Swim at www.planetswim.org.

 


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