Acquisition, Construction & SBA Financing
Big Lots and Planet Fitness Development
Llenrock has arranged $6,900,000 in financing from a regional bank for the acquisition and conversion of a 54,000 square foot former Acme Supermarket into a Planet Fitness and Big Lots store. The property will be developed by a Planet Fitness franchisee who will use a portion of the building for a new location and lease the remainder to discount department store operator Big Lots, Inc.
Llenrock was able to negotiate favorable terms for the borrower by securing not only a $5,000,000 acquisition and construction loan for the real estate but also a $1,900,000 SBA (Small Business Administration) loan to cover the cost of a fit-out and FF&E for the client’s Planet Fitness location.
Llenrock Associate Harrison Finberg comments, “Thanks to our client’s excellent business plan, we were able to secure favorable financing terms on the real estate acquisition, new tenants’ construction fit-outs, as well as the equipment for the borrower’s Planet Fitness Gym franchise.”