SMALL BIZ LOANS
SBA loans used to be a last resort for construction, but their volume has picked up recently. (Of course, in a recession, anyone lending is popular—the Chamber of Commerce is partnering with parents who give an allowance.) SIOR welcomed three SBA experts: Lake County Partners' Frank Bisbois, Highland Bank & Trust's Bill Finn, and Small Business Growth Corp.'s Joel Herscher. The panel noted many benefits of SBA 504 loans, including 10% down payment at fixed 5.33% interest for 20 years. (It's for business owners with at least 2 years in the business, buying new owner occupied buildings.
Newmark Knight Frank's Joel Friedland recently inked a deal in Melrose Park for just $2.50 gross PSF per year. B&G bought the 230k-SF property from Handy Kenlin for $3.35 million. It plans to do $1.5 million in renovations and move in by January 1. John Girsch & Co.'s John Girsch is hoping to sign a new deal on Friday, and CBK's Ron Behm is waiting for next year.