FFCFC 504 Loan Unites 25 Medical Practitioners Under One Roof

What does it take to bring together 25 similar small businesses under one roof? Apparently, a well structured 504 loan put together by a certified development company (CDC) willing to undertake the complexities that a myriad of borrowers/guarantors present.

North Florida Medical Services presented just such a challenge recently for Florida First Capital. The project, located in the popular Mandarin neighborhood of Jacksonville, consisted of three buildings on one parcel of land totaling 23,188 square feet of which the combined borrowers would occupy 13,946 square feet or just over 60% of the total footage, thereby meeting Small Business Administration (SBA) occupancy requirements.

The buildings were newly renovated and in move-in ready condition. In their previous location, the group had outgrown the space and had begun doubling and in some cases tripling the number of staff occupying each room. For 2010, the group was expecting to double staff size and the expansion was critical to their growth.

“A project of this complexity is a no starter for a lot of CDCs, but not so for FFCFC” noted Kristen Tackett, FFCFC vice president and loan officer. “It takes a lot effort and determination to go thru a 3000+ page application and review financials for 20+ borrowers/guarantors,” She said. “For a lot of CDCs, this would be a non-starter, however for us this is not out of our comfort zone. The professionalism and dedication within our organization guarantees that every transaction, small or large, is given the same chance to succeed.”

A CDCs willingness to work with its borrowers and lending partners often determines the outcome of challenging projects. For North Florida Medical Services, this included the flexibility to structure the transaction in the best possible manner, balancing the needs of the borrowers and lending partners with the guidelines the SBA has in place. The hallmark of every successful CDC has always been to ensure the ultimate beneficiaries of each project are the well being of the communities and employees each newly created or retained job makes possible.

In the end, for North Florida Medical Services this expansion made possible the sustainable growth that was required to meet expanding payrolls and ensure that space would be available for current and future growth. The unique nature of the project was both a challenge and opportunity for Florida First Capital that allowed it to showcase the attributes that make FFCFC Florida’s leading certified development company.

For more information about 504 loans in Florida, contact Florida First Capital by visiting www.ffcfc.com, emailing us at insider@ffcfc.com or calling 888.320.5504.