OXFORD, Miss. (AP) — The University of Mississippi now has the money to get started on building a new basketball arena and parking garage.

Ole Miss officials say in a news release that final loan documents were signed Monday with Regions Bank.

Ole Miss Director of Athletics Ross Bjork says construction on the new arena will begin in the spring of 2014 with the goal to open the arena no later than January 2016, which would be in time for Southeastern Conference action.

The new basketball arena will seat about 9,500 fans. It will be located on the west side of Vaught-Hemingway Stadium in the space currently occupied by the Rebel Shop and parking lot. A five-story parking garage with 800 spaces will be built on the south end of the arena.