These sponsors acquired land and developed a trio of highway-serving commercial assets. Once completed, they were confronted with maturing construction loans, and were seeking a quick refinance to allow time to further stabilize the properties and secure a more permanent financing solution. Referred by the maturing Lender, Seattle Funding Group offered a responsive bridge loan with a 4.99% Pay Rate and no prepayment penalty or lock-out provisions to take out that Lender on two of the properties. Among the collateral mix were a new ARCO AM/PM with minimart and car wash, together with a retail building 50% occupied by Starbucks.
These strong, capable sponsors had seen an opportunity to service the various demands of the high number of motorists traveling Highways 1 and 129 in Watsonville (Santa Cruz County). They were met with immediate success in terms of hotel occupancy levels, fuel and C-store sales, and retail leasing…it was clear they were being rewarded for their foresight, ambitiousness, considerable risk and the ability to successfully execute their vision.
Providing bridge and construction financing across a variety of asset classes throughout The West, Seattle Funding Group immediately recognized the many strengths of the location, the asset mix and the sponsorship. And with deep experience in the nuances and documentation intricacies by having financed other AM/PMs (BP), as well as multiple Starbucks-related transactions, SFG’s Team was able to quickly approve and close the refinance request before significant late charges were incurred…Capital at the Speed of Business.
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