Planet Swim closed Dec. 11 on a $5 million loan to build an aquatics and tennis facility in Nocatee.
North Avenue Capital, a commercial lender based in St. Johns County, announced the closing of the Department of Agriculture Rural Development loan in a news release.
The Planet Swim site is on Davis Park Road between the entrance to Davis Park and Ponte Vedra High School.
The loan will be used to construct a 50-meter Olympic-size outdoor pool, an indoor teaching pool, seven clay tennis courts, spectator seating, locker room accommodations and more.
Construction is expected to be complete in mid-April.
The facility plans to create 25 jobs.
The release said Gus Calado launched Planet Swim in 2009 in Ponte Vedra Beach.
Planet Swim offers year-round swim lessons and swim team options and will add tennis with a training staff that includes Olympic, USPTA, and NCAA athletes.