A bi-lingual pre-school for 65 kids built on top of a gas station’s convenience store was made possible by a construction loan from the private lending company, Mortgage Equities, Inc. This is a significant community contribution that has fulfilled a growing need and given the opportunity for more kids to go to a top notch pre-school in their neighborhood.
In 2000 the Nguyen brothers purchased a Shell gas station, along with an antiquated cinder block convenience store, in an old established Seattle neighborhood. Six years later their hard work and savings allowed them to build a two story building on a small unimproved adjacent lot that was part of the original gas station purchase. As the building neared completion an inquiry from an experienced owner of a bi-lingual preschool resulted in a signed lease for the entire two floors of the new building.
La Esculita Pre School, operating for more than 30 years near the University of Washington, was now venturing to Columbia City to occupy a second location. The space quickly filled with children and within 18 months the waiting list grew to 200 applicants prompting pre-school owner, Carmen Masso, to ask landlord Nguyen if he would build more space on top of the adjacent gas stations’ convenience store to accommodate another 65 students.
After investing considerable time and money in pre-development costs, the Nguyen’s were able to obtain a City of Seattle building permit, but they could not obtain a construction loan from a bank. However, a bank did call Mortgage Equities on behalf of the Nguyen’s and they agreed to take a look at the project. They felt the project was made sense,, and their careful underwriting culminated in a $900K construction loan that updated and expanded the convenience store and constructed a new 5,400 sq.ft. second story to accommodate 65 more preschoolers.
The loan enabled the Borrower to respond to the tenant’s need and lease more space to a highly regarded preschool that was so well received in the neighborhood, and provide a bright new convenience store for the community.
Mortgage Equities, Inc. provides real estate investment bridge and construction loans in Washington, Oregon, and Idaho.