Press: TMC Closes $7.3 Million Sale for Craig P. Kenny & Associates
TMC Closes $7.3 Million Sale for Craig P. Kenny & Associates Using SBA 504 Real Estate Financing
Las Vegas law firm receives SBA funds to build 20,000 SF downtown office
San Francisco, CA – September 17, 2009 – TMC Development, a leading Certified Development Company providing SBA loans in Nevada and California, announced the closing of a $7.3 million deal for Craig P. Kenny & Associates Inc., a Las Vegas law practice. Owner Craig Kenny obtained a Small Business Administration (SBA) 504 loan from TMC Development to purchase the land and fund the construction of a 20,000 square-foot building located at the south-east corner of Clark Avenue and 8th Street, Las Vegas, NV 89101.
For over 16 years Craig P. Kenny and Associates has been serving greater Las Vegas with legal services specializing in personal injury, worker’s compensation, medical negligence, and criminal defense. With Craig Kenny’s commitment to assisting the local community it has always been important that his business be located in the heart of downtown Las Vegas. The SBA loan used to build the new facility is a replacement for 2 prior leased locations and offers the business room to grow with their continued success. Making the leap from leasing to owning also provides fixed occupancy costs, tax benefits, and the opportunity to build equity for the business.
SBA created the 504 loan program in 1980 to provide financing for successful, growing, small and medium-sized businesses. Loan proceeds can be used to purchase, renovate or construct commercial real estate properties, or for the acquisition of equipment that has a life expectancy of 10 years or more.
“Craig P. Kenny & Associates has chosen the perfect time to start construction on a new property,” said Barbara Morrison, CEO of TMC Development. “Healthy businesses who want to move from leasing to owning or expand into a larger space can take advantage of the current historically low SBA interest rates and financing available for projects up to $20 million.”
As a Certified Development Company, TMC Development has been providing SBA financing to borrowers for over 25 years. TMC’s staff works directly with borrowers, first mortgage lenders, and real estate brokers to tailor financing packages that meet SBA program guidelines and the borrower’s credit capacity.
About TMC Development TMC Development has been ranked in the top 10 Certified Development Companies in the nation for over a decade. During the past 27 years TMC has provided over $5 billion in financing for more than 3,200 businesses throughout California and Nevada. For more information go to www.tmcd.com.