ValueXpress has arranged a $2.6-million SBA 504 loan for the purchase of an 8,160-square-foot automotive repair facility that has been converted into a vintage clothing retail store. The property is in the East Flatbush neighborhood of Brooklyn, New York. The building features a ceiling height of 14 feet with approximately 5% of the space to be used as office. The property is 100% occupied by “Urban Gorilla,” a vintage retail store that has four other retail locations in Brooklyn. The client sources used clothing from charities and either exports the clothing to South American countries or retails the clothing in vintage and thrift stores such as the East Flatbush location.
The first mortgage in the amount of $1,420,000 was provided by Country Bank, an affiliate of ValueXpress. The SBA second mortgage in the amount of $1,180,000 was provide by the New York Business Development Corporation (NYBDC). The total financing represents 90% of the purchase price.
Gary Unkel, Senior Loan originator for ValueXpress, originated the loan on behalf of this long-time client. “This client and his family have engaged ValueXpress nine different times to secure financing for one of their acquisitions or refinances,” said Unkel. “We look forward to continuing our relationship as the client continues to grow.