Leatherby’s buys its Sacramento building with $2.7M SBA loan

March 5th, 2013

Leatherby’s buys its Sacramento building with $2.7M SBA loan

As published in The Sacramento Bee:

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Leatherby’s buys its Sacramento building with $2.7M SBA loan

Sacramento-based Leatherby’s Family Creamery has acquired the property that houses one of its existing restaurants, using a $2.7 million Small Business Administration 504 loan.

The transaction to acquire the 36,800-square-foot building at 2333 Arden Way in Sacramento was overseen by TMC Financing in San Francisco.

Leatherby’s also operates ice cream shops/restaurants in Citrus Heights and Elk Grove.

“The process has allowed us to finally own our own building that we have been leasing for the last thirty-two years,” said Alan Leatherby, co-owner of Leatherby’s Family Creamery, which employs nearly 300 locally.

“Leatherby’s now owns the property at which their business has flourished for many years, enabling them to retain working capital and expand the business to future locations,” said Jim Azevedo, TMC’s senior vice president of business development.

Azevedo is among a group of lending specialists snatched up by TMC after Folsom-based EDF REsource Capital closed in December, when the SBA revoked its authority to issue SBA-guaranteed loans.

SBA’s 504 loan program is a key component of financing small- and medium-size businesses, by providing them with long-term capital to purchase or improve fixed assets or real estate.

Call The Bee’s Mark Glover, (916) 321-1184.