SAN DIEGO, March 7, 2022 /PRNewswire/ -- Wilshire Quinn Capital announced Monday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $15,575,000 construction loan on four industrial buildings in San Diego and Santa Ana, California, Phoenix, Arizona, and Las Vegas, Nevada.
The industrial buildings consist of a combined 42,000 square-feet and will be repurposed as commercial kitchens by Los Angeles based Maker Kitchens Group.
A commercial kitchen is a fully equipped prep kitchen that is rented out to chefs, bakers, caterers, and other culinary professionals.
Commercial kitchens have become a strong alternative for restaurant owners looking to expand their food delivery services. Such kitchens are a response to lost earnings amid higher labor, rent, and food costs, as a result of inflationary pressures and the resurgence of the coronavirus pandemic.
Aaron Aftergood, who serves as co-CEO of Maker Kitchens Group, is well versed in the commercial kitchen space, as he and his partners have owned and operated commercial kitchens since 2013.
"Wilshire Quinn is a lender that understands and appreciates our vision of expanding commercial kitchens to culinary professionals in metro areas. We feel our proven formula of building and operating commercial kitchens will continue to succeed in dense areas with rapid population growth," said Aftergood.
Wilshire Quinn, a national portfolio bridge lender and debt fund manager based out of San Diego, well known for its quick loan closings, funded the loan in less than 12 days.
ABOUT WILSHIRE QUINN
Since 2011, Wilshire Quinn (www.wilshirequinn.com) has provided senior debt financing ranging from $200,000 to $20,000,000 on a variety of property types, including but not limited to: non-owner-occupied residential properties, multi-family properties, condos, hotels, assisted-living facilities, entitled land, parking lots, office buildings, industrial buildings, and retail centers. Wilshire Quinn works directly with real estate owners and mortgage professionals nationwide.
Loans are made or arranged by Wilshire Quinn Income Fund, LLC pursuant to California Finance Lenders Law license #603J060. Wilshire Quinn Capital, Inc. serves as manager of the Wilshire Quinn Income Fund, LLC. The information above is deemed reliable but is not guaranteed. Nothing contained in the information above is an offer or solicitation for the purchase or sale of any security. Any such offer to purchase securities will be made only through the Private Placement Memorandum of Wilshire Quinn Income Fund, LLC.
View original content to download multimedia:https://www.prnewswire.com/news-releases/wilshire-quinn-issues-15-575-000-construction-loan-on-commercial-kitchen-portfolio-301496950.html
SOURCE Wilshire Quinn Capital, Inc.