Basil Leaf Café Buys 2,697 Sq. Ft. Building in Danville, CA, With SBA 504 Loan From Capital Access Group
Capital Access Group arranged $2.3 million in total project financing for Basil Leaf Café to purchase the 2,697 sq. ft. building it had been leasing since 2006. Basil Leaf Café is located at 501-521 Hartz Avenue, Danville, CA.
San Francisco, California, March 1, 2016 (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 $2.3 million in total project financing for Basil Leaf Café to purchase the 2,697 sq. ft. building it had been leasing since 2006. Basil Leaf Café is located at 501-521 Hartz Avenue, Danville, CA.
Basil Leaf Café is a full-service Italian restaurant specializing in fresh fish, salad, pasta, and homemade risotto dishes combining traditional Italian fare with seasonal California ingredients. The restaurant has been operated by local entrepreneur Dan Hawkins since 2006.
"The SBA 504 loan was a no-brainer. The 10 percent down payment makes it very attainable, especially in this area where the cost of real estate is so high. For just 10% down you can get into the market, and the long-term, fixed payments offer stability for the business. For entrepreneurs that stability is key."
Dan Hawkins, President, Basil Leaf Café
“The SBA 504 loan was a no-brainer,” said Dan Hawkins, President, Basil Leaf Café. “The 10 percent down payment makes it very attainable, especially in this area where the cost of real estate is so high. For just 10% down you can get into the market, and the long-term, fixed payments offer stability for the business. For entrepreneurs that stability is key.” Basil Leaf Café currently employs the equivalent of 25 full-time employees, and the 504 loan will facilitate approximately five additional positions, according to Hawkins, who said that if he hadn’t exercised the option in his lease to purchase the building, “all of the jobs would have been lost. So it’s a win-win.”
“Ownership makes it possible to invest money in the building without having to worry about what the future will hold,” said Hawkins, who is currently working on a remodel of the building, including updating the front patio, adding offices, and making improvements to the bar, which “will allow the business to focus on attracting a younger crowd.”
“When you lease a building, like Dan did, you lack control over the business,” said Cara Rudy, Vice President, Capital Access Group. “Owning the building will enable Dan to make long-term investments in the business without having to worry about a lease expiring.”
“It was a pleasure working with Dan and we’re thrilled that the SBA 504 loan will help him grow his business, create jobs, and invest in an asset that will pay off over time,” said Rudy.
“My experience working with Capital Access Group was great,” said Hawkins. “Cara was awesome, and even their attorney was incredible. They went above and beyond to help out.”
About Capital Access Group: Capital Access Group is a leading statewide Certified Development Company based in San Francisco, 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 4.32%, fully amortized and fixed for 20 years. For more information, please visit www.capitalaccess.com.
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