Clark County, Nevada is home to more than 2.2 million people.
It is estimated that 6,000 residents are without a homeat any given time.
When the coronavirus pandemic began, action was needed to help area homeless people reduce their odds of infection.
Marcelino Casal, a director with Care Well Properties which operates transitional housing facilities across Nevada, knew it was time to expand his portfolio to help Clark County elders in need.
To make it happen, Casal needed an affordable funding vehicle that would facilitate a large purchase. In his search for the right solution, Casal connected with Chris Hunter from TMC Financing.
With SBA 504 Financing and TMC Financing, The Americana Met its Goals
Casal had some experience with federal loan programs. However, he was concerned the SBA 504 loan process might not meet his funding needs on the tight timeline demanded by the pandemic. He was laser-focused on making sure residents would not be turned away, and their needs could be met.
Working with Hunter, Casal was able to meet escrow deadlines and purchase The Americana property. It is now set to continue helping seniors for the long term– thanks to the SBA 504 Program.
The SBA 504 loan program offers down payments as low as 10 percent.
Through the program, business owners can buy commercial real estate with below-market fixed interest rates. Purchases are fully amortized over 25 years and have no balloon payment. Proceeds can also be used to construct new buildings, upgrade existing ones, purchase equipment, or convert facilities to energy-efficient technology.
“Being able to reduce the down payment requirement from about 30 percent from a regular commercial loan allows business operators to leverage more funds to operate the business,” Casal says. “Because of the size of the purchase, it made a lot of sense to utilize the SBA 504 Program so we can reduce our down payment and preserve working capital.”
The Americana Assisted Living Answered the Community’s Call During the Coronavirus Pandemic
The Americana Assisted Living, sits in the heart of Las Vegas and offers some of the best facilities in Clark County, providing a home for residents who may not have had one in years. It offers personal care, medical services, and assistance with Activities of Daily Living to improve quality of life and enhance safety as the pandemic continues.
To learn more about TMC Financing and the small businesses they support, please visit .
About TMC Financing
TMC Financing is the no. 1 provider of SBA 504 commercial real estate loans in the Western Region of the U.S., helping small business expand throughout California, Nevada and Arizona.
Founded in 1981, is the number one certified development company in the West and has funded projects worth more than $10 billion across California, Nevada and Arizona. About 6,000 businesses have benefited from this financing, resulting in the creation of an estimated