Service West provides contract furniture installation, commercial moving, delivery and warehousing services.So, Service West Inc. is taking advantage of an expanded government loan program that rewards increased energy efficiency to purchase a 132,0000-square-foot commercial office building in San Leandro.
The $10.5 million loan for the company's new property was serviced by TMC Development and represents the first loan made by TMC under the Small Business Administration’s Energy Efficiency and Public Policy Goals program.
The small business administration expanded its 504 loan program to offer financing up to $4 million for any project designed to reduce energy consumption by at least 10 percent or which will generate renewable energy or fuels. The previous loan cap was $2 million. SBA loans finance some of the loan while private banks and the companies provide the rest.
"Service West is a perfect example of how recent changes to the SBA 504 loan program make this type of financing an even better fit for larger projects," said Barbara Morrison, CEO of TMC Development.
Michael Barry, Senior Vice President at CB Richard Ellis, brokered the sale on behalf of Service West.
