Closed: $1.04MM SBA 504 Office Property Loan
Liberty SBF has closed a $1.04MM first and interim second lien SBA 504 loan for the acquisition of a one-story, 4,150 SF office building, located in Federal Way, WA. Owner-occupier Skyway Towing & Recovery, Inc. also acquired the property’s 20,652 SF of excess land for parking and for potential future development.
The loan for the property, located 10 miles northeast of Tacoma and 24 miles south of Seattle, comprises the $613.3K SBA 504 first mortgage and a $429.3K SBA 504 interim second mortgage. Skyway Towing, a 24-hour towing and roadside assistance provider in Seattle, bought the distressed business in December 2017, and has significantly improved its performance since acquisition
The company will occupy the building area that is not occupied by an existing tenant, and use the excess land for its towing company. The building was constructed in 1988.