Virginia operator closes $2.5m loan for restaurant in Florida

Nation's Restaurant News,  Jan 14, 2008  

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ST. LUCIE WEST, FLA. -- Restaurant group MGA LLC, based in Virginia, closed late last year on a $2.5 million loan to purchase a 6,000-square-foot restaurant here, to be named Azure. The Finance Group Worldwide, a relatively new commercial finance firm that specializes in mortgages and lending for shopping centers, restaurants and multiunit buildings, structured the loan.

Azure, formerly known as Johnny V's, will offer both higher-end and casual menu fare, the companies said. The restaurant is located near five golf courses and three hotels.

Matt T. Weaver, president of The Finance Group, based in Boca Raton, Fla., said that although lending "has tightened up a bit" there is still "plenty of liquidity" in the marketplace.

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