In the second quarter of this year, we closed 16 loans worth $58 million in total project costs. Below are summaries of each loan and project, and we’re posting this here for a couple reasons. First, we want you to know that even though we specialize in just one type of loan, we’re able to fund an extraordinarily broad range of businesses and projects. Below you’ll see a car wash, a barbeque restaurant, an indoor hockey complex, and a beauty salon among others.
Second, we’re not constrained by any geographic boundaries, and the projects listed here are located in seven states (CA, CT, FL, GA, PA, TN, and TX). Third, we really like to highlight, honor, and give credit to the people we get to work with — both as clients as well as the referral partners and other lenders who help us make these loans possible.
So, without any further ado, here’s a breakdown of the loans we closed in Q2 of 2016:
- Purchase and renovation of a 2,965 SF car wash facility for Orange City Auto Spa in Orange City, FL. We did both the first and second mortgages for this transaction and the Florida Business Development Corporation was the CDC.
- Purchase and improvements of two commercial properties for Moroso Construction in San Francisco, CA. When the improvements are completed, they’ll have room to house their offices as well as design and work areas. Plaza Bank did the first mortgage and TMC Financing was the CDC.
- Purchase of the mixed-use facility that Tax Associates of Platinum has been leasing in College Park, GA. This purchase allows them to stop paying rent for the commercial property and instead build equity in their own facility, one of the main tenets of the SBA 504 loan program. We financed both the first (through our parent IBERIABANK) and the second mortgages, and Capital Partners was the CDC in this transaction.
- Acquisition of an indoor hockey and sports complex for Ellenton Ice Sports, in Ellenton, FL. TD Bank provided the first mortgage and Florida First Capital Finance Corporation was the CDC.
- A loan for Hugh Horne in Los Angeles, CA that will allow for improvements which will create a new event planning venue. Plaza Bank provided the first mortgage and CDC Small Business Financing was the CDC in this transaction.
- Acquisition with renovations of a retail building in Santa Rosa, CA, which will allow for the relocation of Dolce Vita Salon and Lounge. Plaza Bank provided the first mortgage and PacWest CDC was the CDC in this transaction.
- Participation in the interim second mortgage for a hotel in Philadelphia that was funded via the SBA 504 and EB-5 loan programs.
- Construction of a 15,000 SF retail building in Marathon, FL, for Royal Furniture Gallery that will allow them to expand their retail operations. We provided both the first (through IBERIABANK) and second mortgages, and Florida Business Development Corporation was the CDC.
- Ground-up construction of a 3,000 SF barbeque restaurant in Cordova, TN. When completed, it will be the third and largest location for One & Only BBQ. We provided both the first (through IBERIABANK) and second mortgages, and Independent Development Services Corporation was the CDC.
- Purchase and improvements of the commercial building that 30A Capital Partners has been leasing in Santa Rosa Beach, FL. Community Bank, Coast provided the first mortgage and Alabama Small Business Capital was the CDC.
- Purchase and renovations of an existing Comfort Inn in Wichita Falls, TX. The improvements will allow the hotel to increase its room count and provide more comfort than ever. T Bank provided the first mortgage and North Texas CDC was the CDC.
- Participation in the first mortgage loan for the construction of a Candlewood Suites in Hartford, CT. This is a loan where we had provided the interim second loan back in 2015.
If you know of anyone interested in buying, building, or renovating commercial real estate for a small business, let us know right away. This type of financing is all we do and we’ll be glad to step in and help at any point along the way. And we’ll be glad to just answer questions, too, if that’s helpful.
We’re here to help.
– Your SBA 504 Experts