ValueXpress Provides SBA 504 Loan for the Acquisition of an Industrial Building in Long Island, New York

ValueXpress closed a $1,750,000 first-mortgage loan in conjunction with a $1,400,000 SBA 504 second-mortgage loan utilized to acquire a single-story industrial building. The property, located on eastern Long Island, NY, is utilized as an arcade. The Long Island Development Corporation sponsored the SBA 504 portion of the loan. The borrower had ten years’ experience in the distribution of arcade machines, including pinball machines, video games, pool tables, interactive games and related entertainment games. The purchase provided an opportunity to expand the business to the retail sector.

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