Hoteliers Access $8 Million in Financing through the SBA 504 Loan Program to Purchase Award-Winning Monterey Peninsula Inn, Located on the Coast in Pacific Grove, CA
Capital Access Group (www.capitalaccess.com), a commercial real estate lender and hotel financing expert specializing in U.S. Small Business Administration 504 loans for growing businesses, recently helped Kimberly and Michael Grech purchase the Monterey Peninsula Inn, a 38-room, 13,124 square foot, independent motel located at 1101 Lighthouse Avenue, in Pacific Grove, CA. Kimberly and Michael formerly owned and operated the Sunset Inn, a 21-room motel in Pacific Grove.
“The Sunset Inn is a wonderful place, but we always wanted a larger property,” said Michael Grech, Co-owner, Monterey Peninsula Inn. “This is a great opportunity for us because it gives us what we wanted, a much larger property.”
Built in 1946, the Monterey Peninsula Inn is an award-winning motel on nearly 2 acres of land, located two blocks from the ocean and in the vicinity of Cannery Row, the Monterey Bay Aquarium, and the entrance of 17-Mile Drive Pebble Beach.
“The new property is going to be great,” said Kimberly Grech, Co-owner, Monterey Peninsula Inn. “Michael and I have plans to tweak the property to make it a phenomenal retreat for people coming to the Coast, including adding two new units to the property, building a trellis, adding a water fountain, and improving the landscaping.”
Kimberly and Michael wanted to take advantage of the SBA 504 loan program because of the low, fixed interest rate, but they were amazed by the quick turnaround and dedication of the Capital Access Group team.
“We had a very short, 45-day loan contingency, and we had to put up a large amount of non-refundable money,” said Kimberly. “Claudia (Cohen) and her team worked day and night to get the loan fully approval within the 45-day timeframe. Now, we have a 20-year rate on the entire project which was exactly what we wanted,” said Kimberly. Claudia and her team were phenomenal.”
“We really enjoyed working with Michael and Kimberly and helping them achieve their goal of owning a larger property in Pacific Grove,” said Claudia Cohen, SVP, Capital Access Group. “They now have the property they wanted, financed with a long-term, fixed rate loan so they don’t have to worry about rising interest rates and can focus on building the property of their dreams.”
“Capital Access Group has financed multiple hotel projects throughout Northern California in recent years,” said Cohen. “Our team of experts knows the ins and outs of the hotel industry, and we can help hoteliers navigate the SBA loan approval process and meet tight deadlines, just like we did for Kim and Michael.”