BRANSON, MO-McMillin Communities, based in San Diego, andOaktree Capital Management LP have entered into a joint venturewith Titusville, FL-based GEP Inc. to finish the development of the7,500-acre Communities at Branson Creek. The JV will bring seedmoney of about $15 million to kick-start the stalled project, whichGEP has so far invested $250 million. The build-out is reported tobe about $3 billion, based on a median price of $250,000 perhome.

The project is a master-planned community built off ofInterstate 65, that includes 12,000 single-family and multifamilyhomes, as well as retail supporting the residential portion andindustrial to match up with the new Branson Regional Airport on theproperty. The airport is finished, and GEP has installed theinfrastructure and two championship golf courses, as well as morethan 250 of the single-family homes.

Knightsbridge Realty Capital Inc. assisted Oaktree withproviding the new funds. "It was great to see this project afterwatching so much equity chase after broken, distressed deals," CurtFleming with Knightsbridge tells GlobeSt.com. "This is the firstdeal we’ve worked on in awhile that is new, positivedevelopment."