Planet Swim is being sued by a lender who is seeking to foreclose its Ponte Vedra facility, alleging that the club defaulted on millions of dollars in loans.
The lawsuit alleges that Planet Swim stopped making required loan payments totalling more than $6 million to its lender, North Avenue Capital LLC.
As reported by the St. Johns Citizen earlier this week, North Avenue Capital LLC filed the foreclosure lawsuit in St. Johns County Circuit Court against Planet Swim LLC, CEO Gustavo Calado, and others.
Calado, who is also the head coach of Planet Swim Aquatics, is listed as a guarantor on the loans.
The suit is focused on the Planet Swim – Nocatee facility located at 300 Davis Park Road, Ponte Vedra, Florida. The facility is primarily used for swim lessons, tennis lessons, and Planet Swim Aquatics practices.
The lawsuit alleges that Planet Swim borrowed $5 million in 2019 for construction of the facility, machinery, equipment and closing costs, according to the St. Johns Citizen.
The lender also claims the company borrowed an additional $1.285 million through a separate loan in 2021.
North Avenue Capital alleges that Planet Swim failed to repay the loans as of December 31, 2025, despite entering a forbearance deal earlier in the year—meaning they were given additional time to repay their debts.
According to the St. Johns Citizen, North Avenue Capital claims its owed approximately $6.71 million—$5.54 million on the first loan and $1.17 million on the second loan—without accounting for additional interest, fees and costs.
The lawsuit asks a judge to foreclose on the property, enter judgments against Planet Swim and Calado, and appoint a receiver to take control of the complex while the case proceeds, according to the St. Johns Citizen.
Planet Swim entered a merger with Sporting Jax Aquatic Club in the summer 2025, but as of April 1, 2026, the two teams split, citing the “financial impact” of the merger.
At the time of the merger, the two clubs said that they had a “shared vision that values character, community and excellence.”
“Together, the organizations are building a competitive swim club that not only nurtures future champions but also invests in the development of young athletes as teammates, leaders and individuals.”
Although most known for its extensive learn-to-swim programs, Planet Swim has a competitive year-round team, Planet Swim Aquatics, in addition to offering a summer league squad.
They also run practices out of the Argyle Forest facility in Jacksonville, while lessons run out of all four pools: Nocatee, Argyle Forest, the Solomon Calhoun Aquatic Center in St. Augustine, and Spring Park in Green Cove Springs (May to September only).
This past April, the St. Johns County Board of County Commissioners approved a contract making Planet Swim the new operator of the Solomon Calhoun pool, as reported by the St. Johns Citizen, making it responsible for offering swim lessons and water aerobics, among other programs.
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