TMC Closes $14 Million 504 Real Estate Financing Sale for Y.M.I. Jeanswear Inc.
Los Angeles clothing distributor receives SBA Energy Reduction Policy funds.
TMC Development a leading Certified Development Company providing SBA real estate loans in California and Nevada today announced the closing of a $14 million sale for Y.M.I. Jeanswear Inc. a Los Angeles-based wholesale distributor of nationally advertised junior/youth contemporary brands. An SBA 504 loan was used to purchase a 107806 square-foot commercial condo located at 1155 S. Boyle Avenue in Los Angeles. The subject property offers increased space and long-term stability for the corporation owners Moshe Zaga and David Vered. The financing was facilitated by TMC Development and approved under the new SBA energy efficiency public policy goals designed to reduce energy consumption by 10% or more while at the same allowing an increased loan size on deals that meet the policy’s guidelines.
“We are pleased that Y.M.I. selected TMC to assist with their financing needs” said Barbara Morrison CEO of TMC Development. “By taking advantage of SBA’s Energy Efficiency Policy program borrowers can finance larger projects and still reap the benefits of SBA 504 financing.”
“Healthy businesses who want to move from renting to owning or expand into a larger space can take advantage of the current historically low SBA 504 interest rates in addition to significant fee reductions currently available as part of the effort to stimulate the economy” states Ms. Morrison. “Additionally since the 504 program offers up to 90% financing borrowers are typically only required to make a 10% down payment.”
Y.M.I. Jeanswear Inc. was represented by Paul Sablock of Jones Lang LaSalle for the condo purchase. Dynamic Builders is the developer of the project where the condo is located and Ken Jackson was the contact for this sale.
TMC Development has been providing SBA financing to borrowers for over 28 years. Loan proceeds can be used to purchase renovate or construct commercial real estate properties or for the acquisition of equipment. 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 Corporation
TMC Development has been ranked in the top 10 Certified Development Companies nationwide for over a decade. During the past 28 years TMC has provided over $5.2 billion in financing for more than 3400 businesses throughout California and Nevada. For more information go to http://www.tmcd.com or call 888.989.8855.