R Inn Napa receives funds for new jobs, refinance
Bay Area Development Company announced it completed SBA funding for R Inn Napa, Inc. in Napa.
The funding allowed the business owner to create five new, local jobs and to refinance the purchase of an 8,394 square foot inn located at 623 Coombs St. in Napa, said a news release.
Maurissa Heffran purchased and managed several commercial and residential properties in Northern California when, in 2015, she purchased a former location of the Treadway & Wigger Funeral Chapel funeral home with the intent to convert it into an inn, said the release.
Acting as general contractor, Heffran oversaw all aspects of the renovation and, in 2019, the 15-room inn opened.
When Heffran first purchased the property, she did so with a high interest rate, short term note.
Because she wanted to lower her monthly payments, she worked with Redwood Credit Union and with Bay Area Development’s Joe Lampe to refinance, said the release.
Doing so locks in her occupancy costs for the long term and allows her to invest the savings back into her business, all while creating new jobs in the community, said the release.
Founded in 1981, Bay Area Development Company is an SBA licensed lender that works with banks and the SBA’s 504 program to provide small and mid-sized companies with long term commercial real estate financing.