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NOT JUST PENNIES FROM HEAVEN

Charlotte
NOT JUST PENNIES FROM HEAVEN
NOT JUST PENNIES FROM HEAVEN

Southend ShowPlace (above) is the kind of property the SBA had in mind when it paid out loans leveraging more than $6.6M in NC projects in Q1 2011. Through its 504/CDC loan program, the SBA typically loans about 40% of total project value aimed largely at small businesses that want to own their space. BEFCOR administers the loans, partnering with private lenders to provide long-term, fixed-ratefinancing to business owners who've tired of renting. The 11k SF building (at 1514 S. Church St) contains one 1,500 SF unit listed with Office Properties at $285K. Office Properties' Randall Bozard tells us would-be buyers are still a little unrealistic about what they can expect to pay for commercial space. ?Some want pennies on the dollar,? he says. But programs like the 504/CDC can help get over the hump, he adds. BEFCOR offered loans in calendar 2010 that helped pay for projects totaling almost $29.5M, says CEO Richard Bargoil.

Related Topics: Office Properties