SAN FRANCISCO—The owners of DRAKE Gastro Lounge recentlyacquired a building located in the South of Market area of SanFrancisco with a 20-year fixed-rate, SBA 504 loan for $4.3 million.According to TMC Financing, DRAKE was able to recoup more than$2,000 a month by purchasing their location, as well as fixingtheir operating expenses against future lease rate inflation.
The two-story restaurant, bar, and lounge occupies a 9,900square foot building located at 508 Fourth Street in San Francisco.The financing enabled the minority owned and operated business tohire new employees and retain working capital through a lowdown-payment, says TMC.
The San Francisco rental market is becoming increasinglycompetitive with rates soaring to record highs. With rentalprices sky rocketing, many business owners are capitalizing on theadvantages of owning the property, rather than leasing, saysTMC.
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