COMMERCIAL LENDING

McKenzie & Associates, P.C. has extensive experience representing major commercial banks, community-based lenders, and other public and private lending institutions in commercial lending transactions. Because we also advise entrepreneurs, family businesses, and corporate entities large and small on corporate and transactional issues, we bring a unique perspective and understanding that fosters an efficient and compliant closing process for all parties to the transaction.

Over the course of our 35 years in business, we have closed and documented hundreds of millions of dollars in commercial loans, including modest community development program business loans and other micro-loans; SBA and other federal & local governmental agency loans; commercial loan refinancings; loan modifications; business acquisition financing; development & construction financing; tax-exempt bond financings; tax credit financings; and other arrangements.

 

We have specific experience helping lenders navigate the rigorous process involved in approving, underwriting, closing, and documenting SBA and other federal & local governmental agency loans. Our attention to detail and knowledge of the SBA’s Standard 

Operating Procedures allows us to efficiently streamline the SBA loan process—from preparing the loan documents, obtaining the required due diligence items, third-party consents, and eventually closing the loan and documenting the proper use of the funds.

 

The following are some of the corporate financing transactions we have closed and documented on behalf of our Clients as both lenders and borrowers.

 
 

Institutional Lender Representation: Bank of America, N.A.; Citizens Bank, N.A.; and Santander Bank, N.A.

On an ongoing basis, we served as Lender’s counsel, separately, to Bank of America, N.A. (formerly Fleet Bank, N.A.); Citizens Bank, N.A.; and Santander Bank, N.A. (formerly Sovereign Bank), each being among the country’s largest retail and commercial banks. We supported each Lender’s commercial lending activity in Boston and the surrounding areas by representing the Lender in the following transactions::

  • $49,700,000 Investor Note Bridge Financing provided to the Massachusetts Housing Equity Fund. This multi-year transaction involved four separate closings of $21 million, $11.2 million, $15.4 million, and $3.6 million, respectively.

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  • $48,415,000 Investor Note Bridge Financing provided to the Massachusetts Housing Equity Fund. This multi-year transaction involved four separate closings of $18.2 million, $11.2 million, $17.5 million, respectively.

 

  • $27,300,000 Investor Note Bridge Financing provided to the Massachusetts Housing Equity Fund. 

 

  • $1,840,250 Mortgage Loan, $800,000 Term Loan, and $500,000 Line of Credit Loan to a provider of plumbing, heating, and air conditioning & refrigeration supplies to retail and wholesale customers. The Loan included personal guarantees by the multiple owners and their two related companies.

     

  • $1,500,000 Line of Credit to a provider of private security guard, event security, fire watch, surveillance, and other executive and personal protection services.

     

  • $1,500,000 Line of Credit Loan & $200,000 Term Loan to a MBE/DBE engineering firm with 7 offices in 6 states providing civil, structural & traffic engineering, water resources & construction management, and surveying services to its public and private sector clients.

     

  • $1,000,000 Mortgage Loan to a large Boston A.M.E. church for the acquisition and renovation of a historic church building. The corporate structure of the A.M.E. church required that the proceeds be held in trust by the national organization, African Methodist Episcopal Church, Inc. 

     

  • $1,000,000 Line of Credit & $496,000.00 Term Loan to a commercial and residential real estate development company, with a personal guarantee by the owner and a corporate guarantee by a related company. 

     

  • $750,000 Term Loan to a commercial real estate company with retail/strip mall holdings, guaranteed by its owners. 

     

  • $400,000 Term Loan & $125,000 Line of Credit Loan to a private, nonprofit organization providing sports-based youth development and leadership programming serving over 1,600 children.

     

  • $350,000 Term Loan & $50,000 Line of Credit Loan to a commercial and residential/ consumer laundromat and laundry service.

     

  • $379,000 Term Loan to one of New England’s leading corporate catering and event hospitality company.

     

  • $410,000 Term Loan to a nonprofit organization providing a range of social services related to early childhood development and childcare for low-income families. 

     

  • $396,000 Term Loan to a residential real estate development company, guaranteed by its owner.

  • $370,000 Term Loan to a light manufacturing and metal fabrication business. 

 

  • Substitution of Collateral securing a $325,000 Term Loan & $50,000 Line of Credit Loan made to an elevator service company operating in Eastern Massachusetts and Southern New Hampshire.

  • $304,000 Commercial Real Estate Mortgage Loan made to a nonprofit organization providing a range of social services to low-income families across Southeastern Massachusetts for the acquisition of its new operations facility and corporate headquarters.

  • $300,000 Line of Credit Loan to a retailer and wholesaler of long-distance phone calling cards, imported goods and specialty merchandise.

  • $295,000 Term Loan to a local, full-service grocery store, guaranteed by its owner.

  • $235,000 Term Loan to a family-owned pharmacy and retailer of general merchandise, beauty products & cosmetics, and convenience foods. The Loan was secured by the business’ multiple owned locations. 

  • $245,000 Commercial Real Estate Mortgage Loan made to a family-owned printing press business providing a range of printing, copying and other marketing services, for the acquisition its new printing facility.

  • $225,000 Term Loan, & $100,000 Line Of Credit Loan to a family-owned owner of convenience stores and retailer of wine and spirits. We subsequently represented the Lender in providing a $370,000 Acquisition Financing Loan to acquire an additional location and expand its operations. The Loans were secured by the business’ multiple owned locations.

  • $212,000 Term Loan to provide start-up capital to a local restaurant, bar, and grille establishment.

  • $170,000 SBA Guaranteed Loan for the acquisition of a company providing audio, video, lighting, and interactive technology solutions for companies in Boston and surrounding areas.

  • $120,000 Commercial Real Estate Mortgage Loan made to a general practice law firm for the acquisition of an office condominium for its new offices.

  • $100,000 Revolving Line of Credit and $70,000 Term Loan to Boston-based multidisciplinary architectural/interior design firm. As part of the firm’s succession plan, the Loans were guaranteed by the owner of the 35-year old firm and his three successors.

     

  • $55,000 SBA Guaranteed Working Capital Loan to a local start-up aesthetician and hair salon.

 

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Representation of Quasi-government Lenders and Local Agency Program Lenders

Our representation of quasi-governmental and local agency program lenders give us the experience needed to efficiently close smaller loans with strict compliance guidelines. On an ongoing basis, we have served as Lender’s counsel to the City of Boston Urban Initiative Fund, administered by the Office of Business Development and providing business loans for minority firms. Separately, we served as Lender’s counsel to the Massachusetts Community Development Finance Corporation (CDFC), one of the nation's first state-level community economic development finance institutions:
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  • $200,000 Term Loan to a community-based economic development corporation. The purpose of the loan was to provide funding for a working capital bridge as developer fees became due and to meet other contract obligations for the borrower’s 56 unit mixed-used residential & commercial development project.
     

  • $51,200 Term Loan to a full-service insurance agency providing individual insurance, voluntary employee benefits and commercial insurance products.
     

  • $43,000 Revolving Line of Credit to increase the for working capital of a family owned transportation and livery service business.
     

  • $25,000 Term Loan to a full-service elevator company serving residential and commercial clients.

 

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Corporate Clients and Small Business Borrower Representation

Because we also advise entrepreneurs, family businesses, and corporate entities large and small on corporate and transactional issues, we bring a unique perspective and understanding that fosters an efficient and compliant closing process for all parties to the transaction:

  • $34,000,000 construction loan to a third generation, minority-owned real estate development firm for the construction of a million mixed-use, mixed-income housing development. The financing package included a $22 million construction and permanent loan; $18.8 million of state and federal tax credits; and $7.9 million in funding from quasi-government agencies.
     

  • $16,500,000 refinance of a portion of the real estate holdings of a third generation, minority-owned firm providing development, construction, management, and relocation services.
     

  • $7,900,000 refinance of the commercial and residential real estate holdings of a Boston-based MBE and developer and manager of 1,500 housing units.
     

  • $6,400,000 Term Loan refinancing of restaurant real estate holdings on behalf of our client, the owner-franchisee of multiple Burger King franchises. We also represented our Client on a $6,000,000 Loan to facilitate the purchase of additional restaurant locations.
     

  • $4,800,000 Construction Loan to a large Boston church for the construction of its new church building. We continued to represent our Client through out the construction disbursement process and with the subsequent permanent financing. 
     

  • $4,500,000 SBA Guaranteed Loan to a MBE/DBE physical and cyber security consulting company as part of a working capital infusion and an acquisition of a larger competitor. 
     

  • $3,100,000 purchase of an affordable housing real estate portfolio by the management team of a Boston-based MBE and developer & residential housing manager. The transaction included two separate financings of $1.9 million and $1.2 million for two separate real estate portfolios.
     

  • $1,900,000 refinance of a portion of the commercial and residential real estate holdings of a Boston-based MBE and developer and manager of 1,500 housing units.
     

  • $1,300,000 Mortgage Loan & $150,000 Line of Credit Loan to a federally qualified, HRSA-funded 330 Grantee, community health center for the acquisition of its new facility. We subsequently represented our Client in a

 

  • $333,150 Term Loan and $250,000 Working Capital Line of Credit.
     

  • $730,000 Mortgage Loan to a large suburban Boston church for the acquisition of an adjacent parcel and the construction/renovation of a new church building. We subsequently represented our Client on the modification of the Loan.
     

  • $600,000 Mortgage Loan from the American Baptist Extension Corporation to a Boston church for the acquisition of an adjacent parcel and the construction/renovation of a new church building. 
     

  • $400,000 Term Loan & $125,000 Line of Credit Loan to a private, nonprofit organization providing sports-based youth development and leadership programming serving over 1,600 children.
     

  • $300,000 and $250,000 first and second commercial mortgage loans to our client, one of the leading manufacturers of support equipment to the laboratory animal research industry. The Loan included personal guarantees by the owner and his two related companies.
     

  • $250,000 Term Loan to an African American owned media company whose holding include a weekly print publication with 120k weekly print readers and 300k online readers, reporting on a mix of local, national, international news and cultural events.
     

  • $200,000 Commercial Real Estate Mortgage Loan and $310,000 Line of Credit made to a preparer and deliverer of healthy & nutrition-focused meals to organizations throughout the Boston area. The Mortgage Loan was for the acquisition of property from the City of Boston to serve as our Client’s new facility. Both Loans included the personal guarantees of both owners, and a pledge of the business’ collateral.

 

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McKenzie & Associates, P.C.  | 183 State Street, Suite 6, Boston, MA 02109  | Tel: (617) 723-0400  | Fax: (617) 723-7234  | business@mckenzielawpc.com