Foam Distributors Inc. Purchases $5 Million Hayward Warehouse TMC provides 90% SBA 504 financing for acquisition
San Francisco CA. (Sept 12 2011) TMC a leading Certified Development Company (CDC) providing Small Business Administration (SBA) 504 real estate financing in California and Nevada announced today that Foam Distributors Incorporated has purchased the Hayward California property it was previously leasing for $5023720 with an SBA 504 loan from TMC. The project includes a 4685 square foot office building and a 72624 square foot commercial building located at31009 San Antonio Street Hayward CA. TMC worked with Foam Distributors Inc. to provide 90% financing via the SBA 504 commercial real estate loan program. SBA 504 financing offers businesses below-market fixed rate financing for the acquisition renovation or construction of commercial real estate.“Transitioning from leasing to owning the entire property will provide Foam Distributors with the increased space and long-term stability necessary for continued growth and expansion” said Barbara Morrison president& CEO of TMC. The company currently employs 80 people and is expected to add five more jobs in the next two years. “We are happy to be able to provide SBA 504 financing to such a unique type of business” said Morrison. “It is a small thriving family businesswhose owners are United States Navy veterans.” Foam Distributors Inc. was represented in the transaction by commercial real estate broker Robert Miller of Miller International LTD. The seller was represented by Jay Hagglund of Cassidy Turley BT Commercial. Foam Distributors Inc.is a full – service foam fabricator including design and testing capability for Polyurethane Polystyrene and Polyethylene foams. The family business was established in the San Francisco Bay Area in 1977. The company has a reputation for excellence in creating custom made cushion packaging for the Silicon Valley computer industry. It also makes intricate cases for communication and medical equipment to cushion parts for the Automotive Industry and provides Quality & Service in a J.I.T. Environment.
TMC has provided approximately $6 billion in SBA financing for more than 3700 businesses throughout California and Nevada over the past 29 years. TMC has been ranked in the top five Certified Development Companies nationwide for over a decade and is currently the number one SBA 504 Lender in Northern California Los Angeles and Las Vegas.