Capital Access Group Helps Video Game Developer Supergiant Games, LLC, to Secure $2.95M SBA 504 Loan to Purchase a 2,909 Sq. Ft. Commercial Condo in San Francisco's Popular Hayes Valley
"It's starting to feel like our new home." - Michael Ailshie, Operations Manager, Supergiant Games, LLC
SAN FRANCISCO, July 23, 2018 (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, recently helped Supergiant Games, LLC, to secure $2.95 million in total project financing through the SBA 504 commercial real estate loan program to purchase a 2,909-square-foot commercial condominium located at 521 Gough Street in the heart of Hayes Valley, San Francisco, a prime location for cutting-edge startups and businesses to set up shop amid the high-end boutiques and restaurants.
“We are confident in our future as a company, and we decided that buying property would be a great investment for us,” said Michael Ailshie, Operations Manager, Supergiant Games, LLC. “Over the course of 2011 to 2018, we realized how much cash we were losing in rental costs. We have the cash flow, so we decided that this would be a great investment for us that would help alleviate those costs and help us plan for the future.”The 10 percent down payment kind of made our eyes go a little bit wide, and we wanted to learn more.
From pipedream to reality, the purchasing decision was inspired by a conversation Supergiant had with a former landlord.
“We were putting feelers out, and we talked to another company that had secured funding through a 504 loan,” said Michael. “The 10 percent down payment kind of made our eyes go a little bit wide, and we wanted to learn more.”
“The security of the investment felt safer going through the SBA instead of a large bank, and our introductory conversations with Capital Access Group gave us a lot of confidence,” said Ailshie. “We were incredibly satisfied with how quickly they responded to all of our questions, how efficiently they helped us get all the proper documents together, and how frequently they were communicating with us on what was needed.”
“It was a lot of fun working with this young, energetic company,” said Claudia Cohen, SVP, Capital Access Group. “We were on an extremely short timeline, so we made sure to get all of the details and documents ready before they signed the contract to purchase. Michael and his team were incredibly responsive. It was a seamless, efficient partnership.”
“The location is amazing, with shops and restaurants in the area, convenient to public transportation, all that has made people's lives a lot easier,” said Ailshie. “And now that we're settling into this new office, we have peace of mind and security–it's going to be a lot easier to keep our heads down and make video games. It’s starting to feel like our new home.”
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 buildings. Currently, the SBA 504 interest rate is 5.26%, fully amortized and fixed for 20 years. For more information, please visit www.capitalaccess.com.
Source: Capital Access Group
Categories: Video Games