Online retailer NYFASHION101 purchases warehouse using SBA 504 loan program
FOR IMMEDIATE RELEASE
Fountainhead Commercial Capital recently announced it financed the purchase and renovations of a 4,550-sf warehouse and office for First S&S Property Management, LLC, the parent company of online retailer NYFASHION101. The building, located on a 9,675-sf lot at 21 Shafer Place, was purchased for $750,000 and will house the company's headquarters while also serving as a warehouse for the retailer of fashion items, accessories and jewelry. More than $91,000 in renovations will be completed within the next 45 days.
The owners took advantage of the low rates and favorable terms for owner-occupied commercial real estate offered by Fountainhead and the SBA 504 loan program.
"The owners of NYFASHION101 have carved out an impressive niche for fashion items and accessories including jewelry, hats, belts, scarves and other items," said Chris Hurn, founder and CEO of Fountainhead. "The new space gives them room to continue their growth, while creating wealth for this small business owner."
NYFASHION101 was established in New York in 2009, providing the most up-to-date fashionable items and one-of-a-kind goods to its customers in the United States and Canada. The company brings trend-setting items to a wider-range of customers through e-commerce. NYFASHION101 now serves customers in European countries, including in the United Kingdom, France, Germany, Italy, and Spain.
Fountainhead Commercial Capital, a nonbank lender specializing in the SBA 504 loan program, was founded by some of the most experienced and awarded SBA 504 lenders around. The company's FastTrack504™ program enables banks and credit unions to fully outsource SBA 504 loans for owner-occupied real estate. More information is available by calling 800-770-1504.