USDA B&I Loan Success Story
- 1st Mortgage:
- Term: 25 years
- Jobs Saved: 30
Thomas USAF Group originated, underwrote and procured this USDA B&I loan in the amount of $2.125 Million to Ellijay Quarry, LLC located in Ellijay, Georgia. The use of proceeds was used to refinance interim debt provided by Thomas USAF Group and others. Thomas USAF purchased the guaranteed portion of the loan at closing from CB&T, the servicing bank lender.
The borrower refinanced their note that was purchased from Hudson Realty Capital, LLC, a New York City hedge fund who purchases notes from distressed lenders at large discounts.
At the height of production and demand by the GA DOT, the Ellijay quarry produced 800,000 tons annually. All facets of materials were produced for both private and public use but with the heaviest demand being from the government for interstate highways. In 1999, Vulcan Materials Company (“Vulcan”) purchased the operation of the quarry and continues to operate it today under a Lease Agreement. The quarry employs 30 people directly and the stone creates many indirect jobs in the construction industry.