TMC Success Story – Koreana Plaza Market Sacramento Inc.
Byong Yu President
Koreana Plaza Market Sacramento Inc.
Rancho Cordova California
• SBA 504 Financing
• Total Project Cost: $17729704 (Including Tenant Improvements)
• Jobs Retained and Created: 134
• TMC Lending Partner: Nara Bank (now BBCN Bank)
Byong Yu a self-made businessman is an American dream success story whose investment in the Koreana Plaza in Rancho Cordova is creating opportunities for others. The project which includes the Koreana Market gift shops restaurants other businesses and a planned Korean-style spa will create an estimated 87 jobs and revitalize the neighborhood.
Yu opened his first specialty Asian grocery store in 1973 in Oakland. With the success of this store he opened a second location in Rancho Cordova in 2003 which offers an expansive array of food products that cater to a diverse clientele including Asian Eastern European and Hispanic customers.
Koreana Plaza is transforming what was a blighted shopping center with vacant storefronts into a new center of commerce. As the owner/manager Yu is able to select retailers that draw customers who patronize more than one business. “That way we support one another” he says.
In addition he appreciates the stability independence and equity that come with ownership.
“When you own the building the cash you’re expending stays in the property as the value goes up and you benefit” he explains. TMC’s Kurt Chambliss helped Yu put together the loan and financing package – Yu’s second SBA deal with TMC.
“TMC is very professional and they’re willing to take a risk” says Yu. “They trusted me as a businessman and they were willing to help.”