Capital Access recently helped the owners of Starline Social Club to secure $2.4M in total project financing to buy the building they were leasing, a three-story, 8,519-s.f., historic, Victorian building located in Oakland.
Artists Adam Hatch and Drew Bennett, and restauranteur Sam White, co-founders of the Starline Social Club, are passionate about investing in the Oakland community. The trio leased the original site of the Order of Odd Fellows Lodge, an unconventional building in disrepair, and transformed it into a safe and inclusive bar, restaurant, and social art space with multiple venues and event spaces for live music, dancing, jazz, karaoke, and more, all under one roof.
“As we were founding the business and renovating the space, we were excited about the idea of trying to buy the building,” said Drew Bennett, Co-Director, Starline Social Club. “A lease expiring is often a catastrophic moment for a business. When the opportunity arrived, we knew we had one shot to make an offer.”
Starline’s team of business advisers recommended the SBA 504 loan, primarily for its low down payment, and referred them to Alan Jung, SVP and Chief Credit Officer at CapitalAccess Group, to facilitate the process.
“The loan will allow us to make serious improvements—upgrades to the HVAC system, ADA access—things that will help to improve and expand our business which, of course, leads to more business and more jobs,” said Drew. “Right now, we employ 40 people, and now that we’ve secured the SBA loan, we’ll be able to create even more jobs.”
“We are invested in the diversity of our community and creating an environment that positively reflects the spirit of Oakland—through our employees and our clientele.”