Chicago Business Lost in Fire Gets Second Chance from Unlikely Source
The
In 2013, the market suffered a catastrophic loss when a neighboring business had a fire. The market's electrical components were located through the adjacent wall of the retail mall and destroyed in the fire. This not only caused a power outage, but loss of inventory and indefinite closure of the market worked diligently to correct the issues, but couldn't access the unit to repair the damage. Although adequate insurance coverage was in place, claims were slow to process. While continuing to wait for the pending insurance funds the market was able to reopen and the owner worked diligently to correct the issues while continuing to service its bank debt and subordinated SBA note. However, the bank accelerated its Note stating it was concerned with its position and offered a discount on its payoff to expedite repayment.
Between the operator's extensive history, commitment to the project, and meaningful down payment, CPC worked around the challenges other lenders could not navigate and was able to extend the immediate need of capital. With an improved debt position the owners can now continue to fully stabilize the already positive cash-flowing grocery store and work on securing a loan that will be more suitable for the market's long-term vision.
Prior to this transaction, some of the more notable closings directly funded by
- A construction loan for a franchise restaurant chain in a thriving
- An acquisition and operational loan for a retail strip mall and surplus of land collateral in and around
- A renovation refinance on a flagged hotel in Hattiesburg, MI;
- An acquisition facility of a multiple family asset in a
These transactions alone add up to more than
"It's always rewarding to couple new capital with portfolio turn-over from payoffs and asset sales to accomplish yield, preservation, and security for
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