Capital Access Group Provides Financing for $3.9M Purchase of Historic Golden State Theatre in Downtown Monterey

Capital Access Group (www.capitalaccess.com), a commercial real estate lender specializing in U.S. Small Business Administration 504 financing for growing businesses, announced today that husband and wife team Eric and Lori Lochtefeld secured $3.349 million in total project financing to purchase the historic Golden State Theatre (www.goldenstatetheatre.com) located at 417 Alvarado Street in downtown Monterey, CA. The 27,570 square-foot property includes a 1,000 seat theatre, 6,000 square feet of additional event/exhibition space, and five storefronts currently occupied by three restaurants and two retail stores. This is the second SBA 504 loan for Eric and Lori, who obtained an SBA 504 loan in 2010 to purchase the historic Fox Theatre in downtown Redwood City.

Built in 1926, the Golden State Theatre was the definition of an opulent movie palace. After decades of deterioration, it has been faithfully restored to its former glory, featuring an Old World grand lobby and mezzanine, plush velvet seats, state-of-the-art sound, and the indefinable magic of a truly historic setting.

“We are thrilled to help Eric and Lori with this unique purchase,” said Jacklyn Jordan, President and CEO of Capital Access Group. “This was Eric & Lori’s second 504 loan through Capital Access Group. We couldn’t be prouder to be a part of this project and to support their vision for this historic property.”

“We used Capital Access Group and the SBA 504 loan for our purchase of the Fox Theatre in Redwood City,” said Eric Lochtefeld, co-owner, Golden State Theatre. “Our experience working with Capital Access Group was fantastic. The interest rate is very competitive, and our previous experience led us to trust the process and try it again.”

Capital Access Group provided $1.418 million of the total $3.940 million purchase. Stonecrest Financial helped the Lochtefelds arrange financing for the balance.

“The 504 loan program is first and foremost an economic development program,” said Jordan. “Eric and Lori’s purchase of the Fox Theatre in downtown Redwood City in 2010 contributed to the revitalization of that city, and they’ve promised to work hard to have a similar impact for the residents of Monterey.”

“A successful venue has a way of stimulating a downtown economy,” said Lori Lochtefeld, co-owner, Golden State Theatre. “We own large-sized venues, and with theatrical performances people are likely to go to dinner and a show, or they grab ice cream or coffee. That has a block-by-block impact on the surrounding businesses.”

About Capital Access Group: San Francisco-based Capital Access Group is a leading Certified Development Company, authorized by the U.S. Small Business Administration to provide long-term, fixed-rate financing through the SBA 504 loan program, which offers 90% financing to business owners for the purchase, renovation, or construction of commercial real estate for their growing businesses. Founded in 1981, Capital Access Group has helped thousands of entrepreneurs grow their businesses and realize their dreams of owning their own buildings. Currently, the SBA 504 interest rate is 5.00%, fully amortized and fixed for 20 years. For more information, please visit www.capitalaccess.com.