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Construction Loan for Arco Ampm, Three QSR, and Carwash Development
First Financial Capital has successfully placed a $10,900,000 construction loan for the development of an Arco/ampm, three QSR (quick service restaurant), and carwash in Menifee, California at a LTC (loan to cost) of 80%. The sponsor has an extensive background in both the development and operation within the retail space and has since become the largest Arco/ampm owner and operator in California.
Despite the market uncertainty during the peak period of the COVID-19 pandemic in May, 2020, FFC was still able to provide the sponsor with an LOI (letter of intent) in 24 hours. Three weeks thereafter, the borrower received the first draw of $2,725,000 of four in June, 2020.
The ease of this transaction was only possible due to FFC being privatley capitalized which allowed for a quick credit descision process.
Estimated completion of the project is set for December, 2021.
- Closing Date
- Loan Amount
- Riverside County
- Construction Loan
- Arco/ampm, Fast Food, Carwash