Golden State Assembly Purchases 51,100 sq. ft. Facility in Fremont, Calif., With 504 Loan From Capital Access Group: $5.5M Project Gives Company Room to Expand
San Francisco, CA, June 30, 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 financing for a $5.5 million project for Fremont, CA-based Golden State Assembly (www.gsassembly.com) to purchase a 51,100 sq. ft. facility located at 47823 Westinghouse Drive in Fremont, CA. Golden State has been growing by 40-60 percent per year. The new facility will give the business the space it needs to accommodate this impressive growth rate, allowing them to expand to meet the needs of existing clients as well as take on new projects.
Golden State Assembly is a woman-owned, custom cable manufacturing and engineering company specializing in design, engineering, and wire harness manufacturing for a variety of clients, including Boston Scientific, S&L Electric and Tesla. The company, led by husband-and-wife team, has been growing so fast that it has had to move seven times. Golden State purchased its first building in 2013, a 22,000 sq. ft. warehouse facility. The new facility will enable Golden State to create up to 40 new jobs in Fremont.
"We've hired 30 people this year alone, Our customers are looking for a supplier who can grow with them. The new building will allow us to serve our existing clients with room to expand to support new projects."
Cesar Madrueno, President, Golden State Assembly
“We’ve hired 30 people this year alone,” said Cesar Madrueno, President, Golden State Assembly. “Our customers are looking for a supplier who can grow with them. The new building will allow us to serve our existing clients with room to expand to support new projects.”
“Golden State Assembly has had to move seven times due to their impressive growth,” said Jacklyn Jordan, President and CEO of Capital Access Group. “We are so pleased to help them secure their future with their second building, which will give them ample room to serve current clients with extra space so they are ready to take on new clients.”
“The 504 program’s low down payment gives us a reserve so we can be ready for our next project,” said Madrueno. “It’s important in our industry to have that cash available so we can ramp up quickly to serve new customers.”
“Capital Access Group was very supportive and available. It was a good experience,” said Madreuno. “If we continue growing, we’ll be back knocking on their door in three or four years.”
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 5.06%, fully amortized and fixed for 20 years. For more information, please visit www.capitalaccess.com.
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