Go Raw relocates to a newly constructed industrial warehouse in San Jose
As published in The Registry:
TMC Financing provides $7.1 Million in SBA 504 commercial real estate financing
TMC Financing, Northern California’s leading provider of SBA 504 loans, worked with Bank of America to finance a $7.1 million for the relocation, purchase and construction of Go Raw’s new warehouse in San Jose. The newly constructed warehouse totals 63,195 square feet of industrial space, at 1885 Las Plumas Avenue in San Jose. The project was financed with a 20-year, fixed-rate, SBA 504 loan. The financing has enabled Go Raw to build their own facility that will package and distribute their raw food products. The relocation has also allowed Go Raw to expand and hire an additional 45 employees.
“Go Raw prides itself on being ‘pioneers of real live food’ for retailers like Whole Foods. The SBA 504 loan program has allowed Go Raw the opportunity to grow and control their own destiny with a space that is made just for them.” said Bruce Whitaker, Senior Vice President at TMC Financing, based in San Jose. “The SBA 504 program provides a great opportunity for fast growing small to mid-sized companies affordably finance ground-up construction projects, like Freeland Foods recent project.”
Over the last two years, TMC has provided more than $81 million in construction projects to Santa Clara County alone.
Bruce Whitaker, Senior Vice President at TMC Financing, worked with the owners of Go Raw to provide financing through the SBA 504 commercial real estate loan program. Bank of America’s San Jose team provided the 1st loan portion for the project.
“It was important for Go Raw to build this new, (soon to be) solar-powered production facility, not only to keep up with demand, but also to set an example for the rest of the food manufacturing industry,” said Robert Freeland, CEO and owner of Go Raw. “And thanks to TMC Financing, we were able to realize that dream.”
About Go Raw
Go Raw was started in 2002 by Robert and Uri Freeland. Go Raw is a chief producer and distributor of delicious organic-raw-vegan products for consumers looking for a healthier, purer lifestyle. The Go Raw process has a dedicated manufacturing facility that sources its ingredients from local growers, using the highest quality ingredients and a no cross contamination policy.
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.
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 May SBA 504 interest rate is 5.07% 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).