Closed: $8.3MM SBA504 Loan
Liberty SBF has closed an SBA 504 loan totaling $8.3 MM to borrower JR & SR, LLC and guarantor Eddie Corley Jr., comprising a $4,349,380MM first mortgage and a $3,920,000MM interim second mortgage for the refinancing of Corley’s Albuquerque Lincoln Volvo, a Lincoln and Volvo dealership in the Albuquerque, NM market area. The business has operated on the site since its 2009 construction by JR & SR, LLC.
Corley’s auto dealership occupies 100 percent of the two-story, 38,912 SF property on 3.93 acres. In addition to new Lincoln and Volvo models, the dealership sells pre-owned vehicles, provides repair and maintenance services, offers associated financing and insurance, and operates a small carwash for customers.
With good visibility from Interstate 25, Corley’s is located in the thriving North I-25 retail submarket, in a neighborhood of luxury auto dealerships, high quality single-family housing, and retail, office, and industrial properties. Owner Eddie Corley, with more than 30 years’ experience as executive and operator in the New Mexico auto dealership industry, also oversaw his father’s Ed Automotive Group of eight New Mexico dealerships with more than $105MM in annual sales.