- 44 Business Capital Structures $11.8 MM Financing for TC Millwork of Bensalem, PA to Acquire Commercial Real Estate
- Fitzpatrick Lentz & Bubba, P.C. Hire Two Attorneys to Join Their Team
44 Business Capital Structures $11.8 MM Financing for TC Millwork of Bensalem, PA to Acquire Commercial Real Estate
44 Business Capital LLC recently structured an $11.8 MM loan for the purchase of a 400,000 square foot manufacturing plant in Bensalem, PA. A family owned business for over 20 years, TC Millwork is a full service manufacturer of store fixtures and architectural millwork with disciplines in wood, metal, acrylic, and other plastic composites. TC Millwork is the innovator of SMARTWALL® a low voltage display system that can be configured and manufactured to meet merchandising needs. Retail clients include Pier 1 Imports, Clark Shoes, and David’s Bridal.
Greg Poehlmann, 44 Business Capital President, said “In this case, TC Millwork occupied a 400,000 square foot building in Bensalem, PA. Facing a dramatic rent increase, the principals decided to purchase the property. The purchase price was $11.8MM, and 44 was able to structure financing where the borrower only had to contribute 10% in equity. This allowed them to retain more cash in their operating company giving them needed working capital for their business. The principals of TC Millwork now own the real estate in which they operate, thus providing greater certainty and stability for the future.
Bucks County Economic Development Corporation’s Jim Pawlikowski suggested the borrower contact 44 Business Capital, a creative resource who might be able to structure a financing package around the company’s lack of down payment. This proved to be an excellent suggestion as the owner of TC Millwork can attest:
“This is the first time I have been involved in as complicated and large a deal. My decision to go with 44 Business Capital was that they were the most competitive of the group of four, and equally transparent in the deal. They walked us through every step of the way and I have already recommended a vendor of ours to 44 Business Capital.” said Dennis Kubach, owner of TC Millwork, Inc.
44 Business Capital is a subsidiary of Parke Bank which is a preferred SBA lender serving Philadelphia, Pennsylvania, New Jersey, Delaware, Baltimore MD, Northern VA, Washington D.C. For further information, please contact 44 Business Capital at 215.985.4400 or online at 44businesscapital.com. The main office is located in Montgomery County at 1787 Sentry Parkway West, Suite 210 Building 16, Blue Bell, PA 19422. Contact: Greg Poehlmann, President 44 Business Capital LLC 215.985.4400 ext. 229
Fitzpatrick Lentz & Bubba, P.C. Hire Two Attorneys to Join Their Team
Ms. Shields received her Bachelor of Arts degree from Kenyon College, and her Juris Doctorate, magna cum laude, from University of Pittsburgh School of Law. She recently worked at the law firm of Stevens & Lee, P.C. Ms. Shields has joined the Firm’s Healthcare and Litigation Groups. Her areas of concentration will include healthcare litigation including risk management, malpractice, medical staff matters, hospital fair hearings and healthcare business disputes. She will also provide general commercial litigation services.
Ms. Sweeney earned her Bachelor’s of Arts degree, magna cum laude, from Bucknell University, and her Juris Doctorate, cum laude, from Seton Hall University School of Law. Shewill practice in the Firm’s Corporate, Business & Banking Group. Ms. Sweeney will assist the Employment Law and Labor Relations Group and also has significant experience in the practice areas of special education advocacy and school law.
“We are excited about Maraleen and Mallory joining the Firm during this period of growth,” said Joseph A. Bubba, the Firm’s Managing Partner. “Maraleen is a well-known healthcare litigation attorney and provides depth to one of our fastest growing practice areas. Mallory clerked for the Firm during law school and she is a proven and much-needed addition to the Firm’s important practice groups.”
Fitzpatrick Lentz & Bubba, P.C., is a full-service law firm with 30 attorneys providing quality legal services in real estate, land use, business, commercial litigation, health care, estate planning & taxation, employment, bankruptcy, family law and related areas. The Firm is one of Pennsylvania’s 100 largest law firms, has been named “Who’s Who in Business Lehigh Valley” every year since 2008, was included in the list of Pennsylvania’s Best Places to Work in 2011, 2012 and 2013, and was named one of The Morning Call’s Top Workplaces in 2014.