Capital Access Group, a commercial real estate lender specializing in U.S. Small Business Administration 504 loans for growing businesses, announced today that it arranged $10.65 million in total project financing for Petaluma CA-based Moresco Distributing Company (http://www.moresco.biz) to purchase a 123,600 sq. ft. facility located at 1450 Technology Lane, Petaluma, CA. Moresco was operating out of two facilities, a building it owned and a second building it was leasing. The company will consolidate both locations in the new building, which includes 39,500 sq. ft. of Class A office space for lease plus nearly 200 parking spaces.
“The new facility puts us under one roof,” said Ron Moresco, President & Owner, Moresco Distributing Company. “The building has 39,500 square feet of office space we can rent out, which gives us a real estate investment and additional cash flow. The facility is ideal as a headquarters or satellite office for a growing business.”
Founded in 1994, Moresco is a full-service packaging and distribution company specializing in biodegradable and compostable products for regional food distributors, independent grocers, food processors, specialty retail foodservice operators and wineries in the Greater San Francisco Bay, Sacramento, and Portland, Oregon regions.
This is the second SBA 504 loan for Moresco Distributing. The company accessed 504 financing through Capital Access Group for the purchase of its first building, which it sold and reinvested the proceeds in the new building through a 1031 exchange.
“It was a pleasure to help Ron and his colleagues with their second 504 loan,” said Jacklyn Jordan, President and CEO of Capital Access Group. “They were able to consolidate their two facilities under one roof, and they now have additional office space to accommodate future growth. The 504 program made the entire transaction possible.”
“Without the 504 program, we wouldn’t have been able to parlay up to buy this building,” said Moresco. “The SBA loan was the difference, and Jacklyn Jordan and Dave Simmons from Capital Access showed us the path to justify this move. More people should take advantage of the 504 program.”
“We appreciate what Capital Access did for us. Real simple, if we grow, we plan on using them again,” said Moresco.
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