SBA 504 Helps Grace Adult Day Health Care Stay Open
Lost lease creates critical scenario for local senior facility
“In March 2013, we lost the lease for our building in Sunnyvale. We were given six months to relocate our day clinic,” explained Manochehr Pouransari, owner of Grace Adult Day Health Care.
TMC Financing helped Pouransari and wife Suzanne purchase a new location with a 20-year, fixed-rate SBA 504 loan to finance 90% of the project.
“Without an SBA 504 loan, we would not have been able to purchase our new facility and would have had to close our clinic. This could have been a disaster for hundreds of our elderly clients who desperately need our medical care,” Pouransari said.
The new property features a 14,774-square-foot building, located at 3010 Olcott Street in Santa Clara.
“Grace Adult Day Care is the perfect example of how TMC and the SBA 504 program can help small businesses and communities thrive,” said Bruce Whitaker, senior vice president of business development at TMC Financing. “This is why I get up every morning loving what I do. At TMC we work hard to help neighborhood businesses who are making a difference in the lives of others.”
TMC Financing partnered with Bridge Bank as the first mortgage lender on this project. The client’s broker was a representative from Cassidy Turley BT Commercial. All teams are based in the San Jose area.
“TMC Financing was critical in helping us secure the SBA 504 loan,” Pouransari said. “Their help and direction was greatly appreciated. Without TMC there is no telling where our business would be today.”
The Pouransaris have co-owned Grace Adult Day Health Care since the company began in 2002, and have more than 30 years combined experience in senior care and business ownership.