VIRGINIA BEACH, Va. – United States Management turned in a financing plan for the Virginia Beach Arena, the company announced Tuesday.
Previously they asked for a 60-day extension.
The locally-based developer was working on a traditional financing model and was making progress, but needed an extension.
On Tuesday the company said:
“We are confident that after the appropriate review by city officials, the approval of the loan commitment will be forthcoming, and USM will be able to proceed promptly towards loan closing,” says Andrea Kilmer, President and CEO of United States Management. “We are enthusiastic to elevate this project to the next level. We look forward to commencing construction this year, working in partnership with SB Ballard Construction, Clark Nexsen Architects, and other Virginia Beach companies. We are very pleased that our more than three year quest to build a world class entertainment and sports arena, and bring new economic development and jobs and dreams of a lifetime to Virginia’s largest city and finest region, is about to become a reality.”
If USM didn’t meet the extension deadline for their new finance plan City Council could have directed the City Manager to end the deal with the company.