City Grants 60-Day Extension for Arena Financing

Tuesday, August 15, 2017

​At the request of Mid-Atlantic Arena, LLC (MAA), the successor in interest to United States Management, LLC, today the City granted a 60-day extension of the Outside Closing Date. This extension, which is permitted by the Development Agreement previously approved by the City Council, establishes a new closing date of no later than Nov. 6, 2017, and will help to facilitate completion of necessary work to close the financing for the development of the 18,000-seat Virginia Beach Arena.

Upon review by City Attorney Mark Stiles, and following a conference with the members of City Council, City Manager Dave Hansen granted the 60-day extension.  "I remain optimistic that the developer will be able to finalize the necessary financing to bring about this privately owned and operated Virginia Beach arena," he said. "This will significantly expand the quality and variety of entertainment provided to our citizens and visitors throughout the region."

The request, initiated by President and CEO Andrea Kilmer of MAA, included a letter from JP Morgan, Chase Bank, National Association, in support of the extension. The letter states that MAA is making tangible and material progress towards closing the loan.

"The City has been actively working with the developer's team and has seen real progress toward the closing of the loan," said City Attorney Mark Stiles. "The need for additional time was contemplated at the time the Development Agreement was executed and this request is not surprising given the size and complexity of this transaction."

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