Local biotech company snags $30M loan to expand

Nanotherapeutics is building a $135 million, 165,000 square-foot manufacturing facility on 30 acres near Progress Park in Alachua. The expansion was announced after the biotech company obtained a $30 million loan.

Nanotherapeutic’s manufacturing facility will fulfill a contract with the Department of Defense to develop and manufacture drugs to treat bio-terrorism and radiological threats. Construction, which began in October 2013, is expected to be completed in early 2015. The company expects to employ 150 people with an average salary of $90,000, according to the Gainesville Sun.

As one of the largest deals for a local company in recent years, the $30 million loan comes from Hercules Technology Growth Capital, a publicly traded technology finance company based in Palo Alto, California. 

Progress Park, located north of Gainesville and off of U.S. Highway 441, is a 204-acre medical research and biotech park with several hundred thousand square feet of office, lab and research and development space. The park is home to 30 companies, which employ approximately 1,100 people. The location is desirable for tenants as it is close to the University of Florida and Gainesville proper and provides an easy reverse commute.

If you would like to join Progress Park, please visit our Progress Park listing for more information. Visit our office listings for more great office space near Gainesville, Florida.

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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