ALTAMONTE SPRINGS, Fla. — Mercantile Commercial Capital, LLC, which specializes in U.S. Small Business Administration (SBA) 504 loans to small business owners who want to develop or acquire their own facilities, reported it closed on nine commercial loans recently that totaled more than $23.7 million in project costs.
Christopher G. Hurn, president and chief executive officer of Mercantile Commercial Capital, said the new loans include:
• $1,882,215 to Bob Bickhaus Motors, Inc., in Macon, Missouri to build a 19,959-square foot Bentz GM Country automobile dealership with a 25-year, fully amortizing term with an attractive five-year fixed interest rate and 90% loan-to-cost financing. Total project cost is $2,091,350.
• $3,718,000 to Atserv Group, Inc. to develop a unique 18,000-square foot multi-purpose community facility in Waukegan, Illinois, that will feature a banquet hall for weddings, dinner parties and business conferences, and two movie theaters that will cater to the South Asian community. Mercantile Commercial Capital arranged a 25-year, fully-amortizing loan with a five-year fixed interest rate and 85 percent loan-to-cost financing. Pawl Janowicz of Gateway Mortgage Group in Chicago participated in the transaction as a referring agent.
• $1,935,000 to Claddagh Corp. of Heathrow, Inc. dba Olde Hearth Bread Company, an artisan bakery that supplies hotels, restaurants and theme parks, to build a 7,250 square-foot multi-use facility in Casselberry. Mercantile Commercial Capital arranged a 25-year, fully amortizing term with a five-year fixed interest rate and 90 percent loan-to-cost financing. Michael Heidrich, principal at NAI Realvest in Maitland, participated in the transaction as a referring agent.
• $336,600 to Adept Retirement, Inc., to acquire a 2,734-square foot assisted living facility in Clearwater with a 25-year, fully amortizing term, a five-year fixed interest rate and 85 percent loan-to-cost financing. Bob Simmons, Mercantile Commercial Capital’s correspondent in North Tampa participated in the transaction as a referring agent.
• $5,077,000 to PJAB Enterprises Ltd. Co. d/b/a Baillios, Inc., an Albuquerque, N.M. electronics store, to provide long-term refinancing for an 84,000-square foot warehouse facility with a 25-year, fully amortizing term and a five-year fixed interest rate.
• $1,114,200 to Pro Crete Precast, Inc., which manufactures precast concrete lintels and sills for Central Florida builders and contractors, to provide long-term financing for the acquisition of a lintematic casting machine with a 25-year, fully amortizing term a five-year fixed interest rate and 10 percent down payment.
• $2,409,750 to IE Real Estate Group, LLC a Fenton, Missouri-based manufacturer of renewable energy equipment to acquire a 63,500-square foot office/warehouse in Fenton, with a 30-year fully amortizing term, a thirty-year fixed interest rate and 85 percent loan-to-cost financing. Scott Schlote, Mercantile Commercial Capital’s correspondent in Sunset Hills, Missouri, participated in the transaction as a referring agent.
• $331,500 to Coleman’s Music Co. d/b/a C&R Games, Inc. of Jacksonville to provide long-term refinancing for a 10,414-square foot building located in Jacksonville with a 30-year fully amortizing term and five-year fixed interest rate. Dave Lewis of Liberty Mortgage in Jacksonville participated in the transaction as referring agent.
• $5,554,000 SFMRJ, LLC of Santa Fe, N.M., to provide long-term refinancing for a 43,000-square foot warehouse facility in Santa Fe with a 25-year, fully amortizing term and a five-year fixed interest rate. The warehouse facility will serve Baillios, Inc. an electronics retail store.
