Leatherby’s buys its Arden building after 32 years of leasing
As Published in The Sacramento Business Journal:
Leatherby’s buys its Arden building after 32 years of leasing
Leatherby’s Family Creamery bought its building at 2333 Arden Way using a Small Business Administration real estate loan.
The company had been leasing the building for the past 32 years.
The ice cream parlor paid $2.7 million for the 36,800-square-foot building using an SBA 504 loan. The SBA 504 loans are for owner-operators to buy their own buildings or underlying real estate.
“Through the SBA 504 program, many business owners have realized the benefits of owning versus leasing,” Barbara Morrison, CEO of San Francisco-based TMC Financing, said in a news release.
TMC Financing is a certified development company, which are companies that work with the SBA and banks to make long-term real estate loans using the SBA 504 program. The SBA 504 allows banks to make fixed-rate loans for a term of 20 years, which lowers monthly payments and allows businesses to maintain working capital.
Leatherby’s Family Creamery first opened in 1982. The company now has locations in Sacramento, Elk Grove and Citrus Heights.
TMC entered the Sacramento market this year when it hired a group of lenders and bankers who had been employed at Resource Capital, which closed abruptly in December after a falling out with the SBA.
TMC in January hired Jim Azevedo, a former senior vice president of Folsom-based Resource Capital, as the head of TMC’s new local operation, which has its office in Roseville.