Financing Amount:
Construction Financing
Porterville, CA
Capital Source:
SBA-504 (Participating Interim Bridge Lender AND Bank)
Transaction Details:

Tower Capital recently arranged $5,157,546 (80% LTC) construction financing for the development of a Chevron Gas Station & Car Wash in Porterville, CA. The project, which is slated to break-ground in Q2 2023, is estimated to take approximately 12 months and once completed, will provide a much-needed gas station + car wash site to the immediate Porterville area. Tower Capital leveraged its extensive network of capital providers to successfully arrange construction financing to allow the sponsor to seamlessly implement their business plan.

After obtaining all necessary entitlements and permits since originally acquiring the site in 2020, the sponsors approached Tower capital to arrange a maximum leverage senior construction loan for the development of a Chevron Gas station & Car Wash. With expertise in developing and operating other Chevron-franchised gas stations throughout the Southwestern US, the sponsor’s track record combined with Tower Capital’s access to a menu of capital providers, had a number of different capital provides competing for the opportunity.

The original senior construction lender had left the sponsor at the alter given the turbulence in the capital markets which posed a critical timing issue with the sponsor’s business plan. Tower Capital was approached with a short fuse allocated to our marketing process and under duress was able to identify and negotiate with two separate SBA-participating lenders to execute the transaction at competitive terms. In conjunction with the Tower Transaction Management team, we were able to boost proceeds for the sponsor with an appraisal that reported an as-completed value higher than originally underwritten.

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