Featured Client Success Story: SBA 504 Financing Sets the Stage for $3.940 Million Purchase of Historic Golden State Theatre in Downtown Monterey
Capital Access Group recently helped husband and wife team Eric & Lori Lochtefeld secure $3.349 million in total project financing to purchase the historic Golden State Theatre (www.goldenstatetheatre.com) located at 417 Alvarado Street in downtown Monterey, CA.
Built in 1926, the Golden State Theatre was the definition of an opulent movie palace. After decades of deterioration, the 27,570 square-foot property has been faithfully restored to its former glory, featuring an Old World grand lobby and mezzanine, plush velvet seats, state-of-the-art sound, and the indefinable magic of a truly historic setting.
This is the second SBA 504 loan for Eric and Lori, who obtained a 504 loan in 2010 to purchase the historic Fox Theatre in downtown Redwood City.
“Our experience working with Capital Access Group was fantastic. The interest rate is very competitive, and our previous experience led us to trust the process and try it again,” said Eric Lochtefeld, co-owner, Golden State Theatre.
Capital Access Group provided $1.418 million of the total $3.940 million purchase. Stonecrest Financial helped the Lochtefelds arrange financing for the balance.
“A successful venue has a way of stimulating a downtown economy,” said Lori Lochtefeld, co-owner, Golden State Theatre. “We own large-sized venues, and with theatrical performances people are likely to go to dinner and a show, or they grab ice cream or coffee. That has a block-by-block impact on the surrounding businesses.”