Gingko Home Furnishings Purchases 6,500 Sq.Ft. Retail Facility With 504 Financing From Capital Access Group
San Francisco. CA - California, August 10, 2015 (Newswire.com) - Capital Access Group (www.capitalaccess.com), a commercial real estate lender specializing in U.S. Small Business Administration 504 loans for growing businesses, announced today that it arranged $2,828,300 in total project financing for Gingko Home Furnishings to purchase a 6,500 sq. ft. facility located at 2496 West El Camino Real, Santa Clara, CA.
Gingko Home Furnishings designs, manufactures, and retails a line of solid walnut furniture for the modern home. Gingko’s designs are inspired by classic forms, and they can be customized to meet the customer’s needs. The company was founded in 2001 by husband-and-wife team Jerry Hsia and Sarah Chang to bring quality and comfort to the modern home.
"Originally, I thought the process would be slow and bureaucratic, but Capital Access Group was nimble, proactive, and market conscious," said Chang. "In the end, the process was extremely smooth, and we were grateful to have partnered with them."
Sarah Chang, Vice President and Co-owner, Gingko Home Furnishings
Gingko has two retail outlets in the Bay Area, one in Mountain View and another on Valencia Street in San Francisco’s popular Mission District. The 504 loan provided the company with the capital to purchase the Mountain View retail location it had been leasing for years.
“We were glad to take advantage of the opportunity to lock ourselves into this marketplace,” said Sarah Chang, Vice President and Co-owner, Gingko Home Furnishings. “For us this purchase was a double win because the building was a known entity. We were already leasing the property, so we knew it was a good location. Now we have control over a key part of the business.”
“Ownership gives us more stability,” said Chang. “That’s a key factor.”
“The 504 loan to Gingko Home Furnishing exemplifies one of the most important benefits of the SBA 504 program,” said Jacklyn Jordan, President and CEO of Capital Access Group. “The loan allowed Sarah and Jerry to own a building they had been leasing for many years. Owning the building will stabilize their costs, protect them from rent increases, and enable them to maximize efficiency and make long-term investments in their business.”
“The SBA financing was important, because it has advantages over a standard commercial loan, including a lower down payment and a fixed interest rate,” said Chang. “It’s a great time to be able to access capital, because the interest rates are really low right now.”
“Originally, I thought the process would be slow and bureaucratic, but Capital Access Group was nimble, proactive, and market conscious,” said Chang. “In the end, the process was extremely smooth, and we were grateful to have partnered with them.”
About Capital Access Group: San Francisco-based Capital Access Group is a leading Certified Development Company, authorized by the U.S. Small Business Administration to provide long-term, fixed-rate financing through the SBA 504 loan program, which offers 90% financing to business owners for the purchase, renovation, or construction of commercial real estate for their growing businesses. Founded in 1981, Capital Access Group has helped thousands of entrepreneurs grow their businesses and realize their dreams of owning their own buildings. Currently, the SBA 504 interest rate is 4.90%, fully amortized and fixed for 20 years. For more information, please visit www.capitalaccess.com.
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