SBA 504 Loan Helps Family-Owned Small Business Buy Property, Embrace Growth and New Job Creation
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.
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.
A: Financing through conventional means can be challenging for certain types of hospitality properties. CDC was able to provide a highly competitive loan package.
A: Yes, I checked with numerous other financing sources. Conventional banks and private lending sources to name a few.
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.
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!
A: The property is an oceanfront bed and breakfast. We have only owned it for about six months, but things are going great.
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 loaninfo@cdcloans.com 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.
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