Fuse Project Purchases New Office Space in San Francisco’s Potrero Hill
Fuse Project Purchases New Office Space in San Francisco’s Potrero Hill
As published in The Registry and BisNow:
Fuse Project Purchases New Office Space in San Francisco’s Potrero Hill
TMC Financing provides SBA 504 financing for office acquisition
TMC Financing today announced that Fuse Project, LLC has purchased a new office location in San Francisco with a 20-year, fixed-rate, SBA 504 loan. The project features a 20,625 square foot office space located at 1401 16th Street in San Francisco. The financing enabled Fuse Project, LLC to attain ownership of a desirable office location in the Potrero Hill Design District. TMC Financing, Bank of America, and First Republic Bank in San Francisco worked together on the financing package.
With rental prices in the San Francisco area sky rocketing, many business owners are capitalizing on the advantages of owning, rather than leasing.
“In just the last three years, rental rates in the city of San Francisco have increased 75%. By owning the property, and the low down-payments available through the SBA 504 program, business owners can stabilize facility costs for the long term, and spend more time investing in job creation and growing their company.” said David Griffis, Senior Vice President of Business Development at TMC Financing, who focuses on working with businesses in San Francisco. “With Fuse Project’s office purchase the owners were able to do exactly this. Fuse Project is creating great new products and with the SBA 504 loan, they are able to keep operations in San Francisco.”
David Griffis, Senior Vice President of Business Development at TMC Financing worked with Fuse Project, LLC owners Yves Behar and Mitch Pergola, to provide financing through the SBA 504 commercial real estate loan program.
About Fuse Project, LLC
Fuse Project, LLC is an industrial design and branding agency owned by Yves Behar and Mitch Pergola, both experienced business owners with over 11 years of business ownership and operating experience. In addition, both have over 11 years of experience in the design industry. Fuse Project is dedicated to creating connected brand and product experiences. Past clients include Nike, Activision, Toshiba, Sony, Swarovski, Target and Coca-Cola.
About the SBA 504 Program
The SBA 504 Program offers businesses below-market, fixed rate financing for the acquisition, renovation or construction of commercial real estate. SBA 504 loans provide long-term stability for businesses with the ability to retain working capital which can be used to further grow the business and create new jobs. The July SBA 504 interest rate is 4.94% fully fixed for 20 years. The typical loan structure for an SBA 504 loan comes from a first mortgage with a conventional lender and a second mortgage from a certified development company (CDC).
About TMC
TMC Financing provides Small Business Administration (SBA) 504 real estate financing and is the leading Certified Development Company (CDC) in Northern California and Southern Nevada. In the past 30 years, TMC has provided over $7.5 billion in SBA 504 financing for more than 4,500 businesses. This financing has resulted in the creation of over 33,000 jobs. TMC has been ranked in the top five Certified Development Companies nationwide for over a decade. For more information, visit tmcfinancing.com.
