January 2013
Borrower Profile
504 Loan Keeps St. Augustine Landmark on Ice
The historic Ice Plant building in St Augustine, Florida, has seen a lot of changes in its time.? Originally constructed in the early 1900s as a production facility to house the city?s ice supply, the 14,863 square-foot art deco style building is now undergoing a transformation into a unique restaurant/bar concept as well as a craft liquor distillery of small batch spirits.
An innovative division of the property into two parcels has allowed Ice Plant LLC to purchase half of the building for the restaurant/bar and bottle shop with financing for the $1.1 million project provided by Florida First Capital and the Small Business Administration (SBA) 504 Loan Program.
The other half of the building was purchased by a separate, non-related entity and will house the new St. Augustine distillery, which will also serve as a tourist attraction and help to compliment the restaurant/bar.
Not only did the Ice Plant LLC restaurant/bar project benefit from the great cost saving rates and terms of the 504 Loan Program but it also took advantage of the new 504 Bridge Loan Program, which is part of Florida?s State Small Business Credit Initiative (SSBCI) Program and is aimed at making make more capital available for Florida?s small businesses.
With SBA 504 loans, first mortgage lenders are permitted to finance owner-occupied real estate and equipment purchases up to 90% of the total project cost. The first mortgage lender makes the loan with the expectation that the portion above 50% will be ?taken-out? by a SBA-guaranteed note/second mortgage lender (Florida First Capital).
However, there is often a gap between initial closing and that take-out.? As a key sub-component to Florida?s SSBCI Program, the 504 Bridge Loan Program addresses this timing difference. Therefore, by removing this interim 90% financing risk for lenders, the 504 Bridge Loan Program will ultimately make more capital available for Florida?s small businesses.? For specifics about the mechanics of the 504 Bridge Loan Program, lenders should contact a Florida First Capital loan officer.
?This is a win-win for both the borrower and the first mortgage lender,? said Kristen Tackett, Florida First Capital Vice President and Loan Officer for Northeast Florida. ?The borrower received the best possible terms under the 504 Loan Program, which allowed for the creation of new permanent jobs in the community, and the first mortgage lender is able to limit their risk exposure during the critical build-out phase.?
The Ice Plant restaurant?s farm to table menu will showcase foods from nearby farms and farmer?s markets.? Attention will be paid to the smallest of details with three different kinds of ice offered, including a nod to the building?s original use as an Ice Plant, with an oversized block of ice and custom cut cubes.
The bottle shop will feature hard to find liquors, cocktail kits and small batch craft spirits made on site by the St. Augustine Distillery.? Classes and workshops such as Whiskey 101 & 201 and Rum 101 & 201, themed mixology classes such as ?The Drinks of Boardwalk Empire? and ? An Evening with Hemmingway?s Spirits? as well as celebrity speakers and tastings will also be offered.
Check out the Ice Plant at www.iceplantbar.com.
For more information about SBA 504 loans or the 504 Bridge Loan Program, lenders should contact a Florida First Capital loan officer.? Email: info@ffcfc.com.? Phone: 850.681.3601 or toll-free at 888.320.5504.
Source: http://www.ffcfc.com/2013/01/23/504-loan-keeps-st-augustine-landmark-on-ice/
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