North Avenue Capital Closes $20 Million in USDA Loans to Grand Texas

DALLAS, March 12, 2018 /PRNewswire/ -- North Avenue Capital (NAC), a specialized commercial lender, has announced the completion of three USDA Rural Development Business & Industry loans totaling $20 million. The debt financing was secured by affiliated entities operating in a 630-acre entertainment destination in New Caney, Texas, north of Houston. The Grand Texas development will soon be home to Big Rivers Waterpark, Gator Bayou Adventure Park, and Trio Parking. Alex Louis is Managing Partner at NAC and said, "the area north of Houston is ripe for growth and Grand Texas is leading the charge." He added that USDA's support of the projects has been unwavering. "The new parks will create more than 300 full-time and part-time jobs in this community," said Louis. "It's rewarding for NAC to partner with USDA, SME Advisors, and AmeriState Bank in the financing of the projects." SME Advisors, a government guaranteed lending advisory firm based in Dallas originated the loans and worked for more than two years bringing the projects to completion. Joe Geisler, VP of Guaranteed Lending at AmeriState Bank, was a key participant in the overall financing structure. Drew Louis served as lead lender for NAC on these transactions.

Led by visionary CEO Monty Galland, Grand Texas has been in development since 2014 with Grand Texas RV Park and Speedsportz Racing Park already in operation. The waterpark and adventure park, along with plentiful parking for anticipated venue guests, will be central to a master plan of outlet shopping, overnight accommodations, and various restaurants, among others. "Adding Big Rivers and Gator Bayou to the existing Speedsportz Racing Park and Grand Texas RV Resort will make Grand Texas one of the most exciting destinations in Houston," said Galland. 

Big Rivers received a $10 million loan, while Gator Bayou and Trio Parking each received a $5 million loan. Construction is underway and Galland is planning to open the parks this summer.

According to NAC Chief Executive, Ben Chatraw, Galland's projects are indicative of the lower to middle market rural businesses still struggling to access capital from traditional lending sources. "Despite an economic resurgence in larger cities, USDA programs are critical for putting Americans to work and ensuring the momentum reaches rural communities," said Chatraw.

About North Avenue Capital
North Avenue Capital is a specialized commercial lender exclusively originating, underwriting, and funding USDA RD loans nationwide.  Using its expertise, capital, and relationships, NAC is committed to building businesses, growing economies, and creating jobs in rural America. Visit the website at www.northavenue.com.

About Big Rivers Waterpark & Gator Bayou Adventure Park
Located on 80 acres, Big Rivers and Gator Bayou provide waterpark and year-round adventure park entertainment for families. The projects feature a large lazy river, interactive play structure, waves, zip lines, ropes courses, free-fall tower, climbing wall, pony rides, petting zoo, giant maze, great food, and more. Visit the website at www.bigriverswaterpark.com.

Contact: Joseph Rowell
Office: 904-562-2617
Cell: 404-822-7761
[email protected]

SOURCE North Avenue Capital

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