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$2,981,000 | SBA 7(a) Loan | Lakewood, NJ
Read how the SBA 7(a) loan CapitalSource arranged for Dr. Fagan will allow him to construct his own medical building, provide working capital, and cover interim interest payments as well as new equipment purchases.
Dr. Ronald Fagan, a board certified gastroenterologist, had been operating from two separate non-adjacent suites in a large, multi-tenant, two-story office complex in Farmingdale, NY. The space lacked separate areas for sick versus well patients, and quarters were too tight for the expanding practice.
Dr. Fagan purchased land in 2007 hoping to construct his own medical office building to house both his medical practice and surgical center. Locating a lender who could provide construction financing as well as the maximum financing he needed proved too difficult at the time, and he tabled his construction plans until November of 2010 when he approached CapitalSource to provide 90% financing on the project as well as interim construction financing.
Eager to provide Dr. Fagan with the funds necessary to expand his practice and serve the community, in February of 2011, CapitalSource provided the funding he sought with a SBA 7(a) loan inclusive of funds to construct the building, interim interest payments, new equipment, and working capital. His new facility, which will be one level and therefore more convenient for his staff and their patients, will house 10 exam rooms, three consultation offices, two separate waiting rooms, a procedure room, a stress test lab, and an x-ray room. The two waiting rooms will be strategically situated to minimize cross contamination of potentially contagious patients in the urgent care and family care departments.