How a competitive SBA 504 loan helped entrepreneur finance, restore beauty of popular oceanfront B&B property

Small Business Loans
June 21, 2018

Whether you’re looking for a romantic getaway, a relaxing retreat with friends, or a destination for your dream wedding — Northern California’s Agate Cove Inn offers a slice of paradise for any special occasion.

What’s not to love about this bed and breakfast? The intimate inn with rustic farmhouse sits atop a bluff, offering guests expansive views of the Pacific Ocean. Imagine yourself lounging in one of the resort’s Adirondack chairs to catch the crashing waves and the occasional whale sighting, with wine glass in hand. You can even order an in-room massage.

Behind this captivating Mendocino Coast property is Rick Macaya, who recently purchased it “to restore a classic hotel to its former glory” with his team, he said. The popular, oceanfront tourism fixture has been open for more than 20 years.

Macaya, a commercial real estate veteran, is the principal of Los Angeles County-based Westlake Capital Advisors, Inc. The company provides financing for clients and manages more than 100 hospitality rooms in three coastal California properties.

CDC Small Business Finance, the lender who provided the SBA 504 real estate loan for the property’s purchase, recently caught up with Macaya. He discusses the purchase of the independently owned inn and the capital that made it happen.

Q: What inspired you to become an entrepreneur?

A: I have always been a self-motivated type of individual. No one is going to keep an eye on the shop like the owner. If you do your job properly, there are great aesthetic and monetary rewards that await you. I have owned a handful of businesses and numerous pieces of property and enjoy maximizing their potential.

Q: What was the reason behind needing financing and how has it helped your business?

A: Financing through conventional means can be challenging for certain types of hospitality properties. CDC was able to provide a highly competitive loan package.

cre, commercial real estate, commercial real estate loan, SBA 504 loan

Situated on a bluff, Mendocino County’s Agate Cove Inn overlooks the Pacific Ocean. It’s the perfect spot for any special occasion.

Q: Did you explore other means of financing before coming to CDC?

A: Yes, I checked with numerous other financing sources. Conventional banks and private lending sources to name a few.

Q: How was your experience with CDC’s loan process?

A: Excellent. They do a great job understanding what your game plan will be and how you will implement it. My representative Armen Madatyan (who is part of CDC’s Team LA) explained everything to me in great detail. My expectations were fulfilled.

Q: How did you feel when you found out that you were approved?

A: The seller and I were very happy when we received approval. We had been anticipating the approval, but once it is finally received, we know it’s time for us to go to work!

Q: Are there any notable business accomplishments you would like to share?

A: The property is an oceanfront bed and breakfast. We have only owned it for about six months, but things are going great.

Q: If you could impart one piece of wisdom to a budding entrepreneur, what would it be?

A: Get outside of your comfort zone. If you do the same thing you always do, you will have the same result.

Jobs created/preserved: 5

Are you considering buying commercial real estate? CDC Small Business Finance, the No. 1 SBA 504 real estate lender in the U.S., can expertly guide you through this process.

We have a team of SBA 504 loan officers who know all the ins and outs of qualifying for and securing SBA 504 financing to help grow your business. Let’s talk! Reach us at or (619) 243-8625. | Learn about the benefits of an SBA 504 loan, which provides reasonable, fixed rates with as little as 10 percent down.

In case you missed it: