Capital Access Group Helps Prime Mechanical Service, Inc., Purchase New, 8,410 Square Foot Facility in Livermore, CA, With $2,040,000 in Financing Through the SBA 504 Loan Program

San Francisco, CA, August 14, 2017 (Newswire.com) -   Capital Access Group, a San Francisco-based commercial real estate lender specializing in U.S. Small Business Administration 504 loans for growing businesses, recently helped Prime Mechanical Service, Inc., purchase an 8,401 sq. ft. warehouse space located at 296 Wright Brothers Avenue in Livermore, CA. Owned by John and Sandra Eshelman, Prime Mechanical Service is a premier provider of leading edge HVAC systems and maintenance services. This is the second facility purchased by Prime Mechanical with support from Capital Access Group and the SBA 504 loan program.

In 2013, Capital Access helped Prime Mechanical purchase its first building, a warehouse space at 264 Wright Brothers Avenue, just down the street from the new location. As the business grew, the owners recognized that they would need a larger space, so they reached out to Capital Access again.

"I just can't express how grateful and impressed I am with Cara and her team at Capital Access. The 10% down payment was very appealing to me. The low down payment allowed me to free up cash flow to put toward the development of the business. The whole process was seamless and flawless. It went very smoothly, and I couldn't be happier."

John Eshelman, Owner, Prime Mechanical Service, Inc.

“Capital Access helped me determine what I could afford, and from there, I was able to figure out which properties I could make an offer on. That way I wasn’t spinning my wheels,” said John Eshelman, Owner, Prime Mechanical Service, Inc.

The new warehouse is larger, and it includes second-floor office space and a “full-blown sheet metal shop,” according to Eshelman. Prime Mechanical purchased the facility and absorbed the existing sheet metal business, including 10 workers. The company now employs 30 people and expects to hire an additional 10 in the next two years.

“The sheet metal shop adds to our services, and it enables us to manufacture our own duct work and accessories, bypassing the middleman and enabling us to bid on bigger jobs and take on more work with shorter downtimes,” said Eshelman.

Prime Mechanical took advantage of the IRS 1031 “like-kind” exchange, which allows tax-free swaps of one asset for another.

“Capital Access helped with 1031 exchange, too,” said Eshelman. “They were able to work with that and allow me to take the gain from the sale and transfer it over tax-free to purchase the new building.”  

“We were so pleased when John reached out to us and impressed with how much the business has grown,” said Cara Rudy, Vice President, Capital Access Group. “John and his team clearly recognize the value of the SBA 504’s low down payment and low, long-term, fixed interest rate. We enjoyed helping them through the entire purchase process, including pre-approval, financing, and the 1031 exchange.”

“I just can’t express how grateful and impressed I am with Cara and her team at Capital Access,” said Eshelman. “Obviously, the 10% down payment was very appealing to me. The low down payment allowed me to free up cash flow to put toward the development of the business. The whole process was seamless and flawless. It went very smoothly, and I couldn’t be happier.”

About Capital Access Group
 

Capital Access Group is a leading statewide Certified Development Company based in San Francisco, authorized by the U.S. Small Business Administration to provide long-term, fixed-rate financing through the SBA 504 loan program, which offers 90% financing to business owners for the purchase, renovation, or construction of commercial real estate for their growing businesses. Founded in 1981, Capital Access Group has helped thousands of entrepreneurs grow their businesses and realize their dreams of owning their own buildings. Currently, the SBA 504 interest rate is 4.53%, fully amortized and fixed for 20 years. For more information, please visit www.capitalaccess.com.

Source: Capital Access Group