Mercantile Commercial Capital Eyes Increasingly Popular “R & R” Trend — Renovating, Repositioning Commercial Properties

Altamonte Springs, Fla. — Mercantile Commercial Capital, LLC, which specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, hopes to capitalize on a growing trend — recycling older commercial properties for more stylish contemporary use.

Christopher G. Hurn, president and chief executive officer of Mercantile Commercial Capital, said commercial facility “R & R” — short for renovation and repositioning — is a viable option for many small to midsize business owners.

“The inventory of suitable commercial facilities for many of our clients is light and fairly expensive,” said Hurn. “When business owners can"t find suitable accommodations, their next best choice is to look for a building they can modify to meet their needs,” he said.

Mercantile Commercial Capital financed R & R of the former Bill Knapp"s Restaurant located on Douglas Ave. by I-4 in Longwood for Joe and Carol Bert, owners of Certified Financial Group.

“That building was a huge eyesore highly visible from I-4, and it depressed the whole area,” said Hurn. “We financed about $700,000 in renovations, and now it"s a great looking building.”

Hurn"s firm also financed the R & R of an old Ryan"s Steakhouse in Apopka.

“We financed just over a million dollars to help them do significant renovations,” Hurn said. “Now, it"s the headquarters of Consumer Connections, one of our clients.”

In addition to Central Florida, “We"ve done R & R projects in South Florida, San Juan, Puerto Rico, Lakeland and Tyngsboro, Massachusetts,” Hurn said. “Currently, Mercantile Commercial Capital is financing a major renovation in Tampa.”

“A law firm is redeveloping a 1930s-era office building near downtown Tampa. They"re going to spend about $520,000 on R & R,” Hurn said.

Hurn said Mercantile Commercial Capital clients range from start-up companies to $100 million enterprises.

“Most loans for R & R projects will involve a business owner who"s doing at least $1 million in annual sales,” Hurn said. “We finish the acquisition of these properties as well as the R & R with construction to permanent financing, usually at 90 percent loan-to-cost,” Hurn said. The firm has facilitated eleven R & R loans so far and expects to do as many as 10 more this year.

For more information, contact:
Christopher G. Hurn, Mercantile Commercial Capital, 407-786-5040 churn@mercantilecc.com
Geoffrey Longstaff, Mercantile Commercial Capital, 407-786-5040
Larry Vershel, LV Communications, 407-644-4142

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