USDA B&I Loan Success Story
- 1st Mortgage:
- Term: 15 years
- Jobs Created: 50
Thomas USAF Group originated, underwrote and procured this USDA B&I loan in the amount of $5 Million to Axis Development Group, LLC to purchase equipment and provide working capital. This borrower is part of the Vivot Construction family of companies and is headquartered in St. Croix, Virgin Islands.
Axis Development Group, LLC was formed to acquire and develop real estate and construction equipment. Over the last several years, the companies have been successful in executing their plans to provide more equipment rentals (and operate the machinery) to large projects throughout the USVI. Specifically, the Alcoa environmental remediation job, and WAPA’s (Water and Power Authority) conversion of their diesel power plants to LNG. The jobs have led to the companies becoming the lead contractor at the Alcoa job. The companies continue to secure more profitable jobs, both in equipment operations and construction.
In addition, with the re-opening of the refinery, Limetree Bay Terminals, the companies require more equipment to continue to grow and meet the demands of these important customers. The companies are already working at Limetree, and Limetree needs all the equipment the companies can secure to refurbish over 140 storage tanks, build new storage tanks, dismantle parts of the old refinery and build onto the new refinery. Notable planned projects include the construction of 24 additional storage tanks on the eastern side of the refinery, which would add 12MM bbls worth of storage and dredging portions of the port to accommodate larger ships.
The economy of St. Croix was crushed by the initial closure of the refinery in 2012. Thousands of jobs left the island and it still has not fully recovered. With this new loan, Axis Development and the rest of the Vivot companies will further cement themselves as essential components to the re-opening of the refinery and helping the entire island economy thrive again by creating over 1,000 jobs.
Thomas USAF has now lent the borrower and its affiliates a total of $16.5 Million in USDA and SBA loans!