SAN FRANCISCO--(BUSINESS WIRE)--TMC, a leading Certified Development Company (CDC) providing Small Business Administration (SBA) 504 real estate financing in California and Nevada, announced today that Moss Street Rehearsal Studio has taken advantage of a recently enacted SBA program to refinance its existing commercial real estate debt with an SBA 504 loan. Originally purchased in 2007, the 3,249 square foot building is located at 76 Moss Street, San Francisco, CA. Formerly a residential property, the building was converted to rehearsal studio space in 1985, and includes eight rehearsal spaces, one recording studio, and one residential unit.
TMC provided the opportunity for Moss Street Rehearsal to refinance $790,000 with a new below-market, fixed rate SBA 504 loan.
“Hailed as the most significant piece of small business legislation in over a decade, the Small Business Jobs and Credit Act of 2010 offers billions more in lending support and expands the definition of “small” business – all in the interest of continuing to drive economic recovery and create jobs,” said Barbara Morrison, founder and CEO of TMC. “One of the most innovative provisions of the bill is the debt refinance provision. For the first time ever, small business owners are now able to use low-interest SBA-backed loans to refinance existing non-SBA commercial mortgages.”
“We have been a core member of the San Francisco music community for over 25 years,” said Pamela Dubier, music lover and happy owner of Moss Street Rehearsal Studio. “This refinance opportunity will allow us to remain in business on Moss Street, and continue to serve the needs of local artists.”
Moss Street Rehearsal Studio provides sound-proof and secure studio rooms for musicians to use to practice prior to going into the recording studio and/or going out on tour. It has been outfitted with enhanced electrical, lighting, sound-proofing and offers a high level of security.
According to Dubier, who is also a top nationally ranked real estate broker, the studio’s high level of security and its on-site manager has won favor for Moss Street in San Francisco’s music scene. “Bands are coming and going from the studio at all hours to rehearse or move their equipment,” said Dubier. “If bands play a show in town, they pick up their equipment from the studio and then return it late at night after their show. Our success to keep up with nonconventional hours of operation, and the technical enhancements to our studios are what keep us at pretty much full capacity. I’m so thrilled to be able to keep this space, and continue to operate a successful small business that I love.”
TMC has provided approximately $6 billion in SBA financing for more than 3,700 businesses throughout California and Nevada over the past 29 years. TMC has been ranked in the top five Certified Development Companies nationwide for over a decade and is currently the number one SBA 504 Lender in Northern California, Los Angeles, and Las Vegas.