WILMINGTON, NC -- Live Oak Bank reports that it has funded a multimillion-dollar transaction to Florida operator GameTime, refinancing existing loans and providing 100% of the new capital needed to remodel GameTime's flagship family entertainment center in South Miami. It's one of two high-volume entertainment venues run by GameTime in Florida; the other is located in Tampa.
The bank, based here, was founded to provide small business loans to professionals seeking to start or expand their businesses. In addition to acquisitions and refinancing, Live Oak's lenders specialize in real estate loans and ground-up construction projects.
"They took the time to visit each of our locations, and spent one-on-one quality time to discuss my vision and goals," said GameTime chief executive Michael Abecassis.
Game Time (Davie, FL) was founded in 2005. In addition to its two FECs, which offer family restaurants, sports bars and arcade games, the company operates four videogame arcades throughout Florida, in Panama City, Mary Esther, Sebring and Vero Beach.
"We are committed to making a difference in the amusement industry," said Live Oak FEC expert Ben Jones. "Having access to both experience and capital is a positive change in the industry."
Live Oak Bank originally began lending to veterinarians, and has since expanded its clientele, most recently to family entertainment centers nationwide.