The arena developer says the company plans to close on a loan to build the venue near the Oceanfront by its deadline on Tuesday.
Andrea Kilmer, president of Mid-Atlantic Arena LLC said her team is finishing up paperwork and needs to wire $70 million into an escrow account to assure the bank of its private investment in the project. Once that’s done, she said JPMorgan Chase will close on a $150 million loan.
“We are pretty psyched about it,” Kilmer said Thursday. “I don’t know of anything that should stop us from having everything accomplished by Tuesday.”
Two years ago, United States Management, which is now Mid-Atlantic Arena, entered into an agreement with the city to build an 18,000-seat sports and entertainment venue.
