As a repeat borrower of Blackburne & Sons dating back to 2012, this will be the third loan for this borrower. The previous two loans have been paid in full and paid consistently, with only one late payment due to an accounting oversight. This borrower has always been a delight to work with and is very involved with the loan process.
According to the borrower, this property was originally built in 1853. This property was a small overnight stage coach stop and pony express station with a mercantile and livery stable and small saloon. When the borrower purchased this property in 2006, he invested nearly $2,400,000 converting the backyard into a wedding and concert facility with lush gardens. He also remodeled the apartments to high end vacation type rentals and added a stone barrel storage building for wine storage and ambiance. The station master’s home was converted into a tasting room. The stage coach overnight stop and saloon were converted into an upscale steakhouse.
Approximately 50% of the property’s 9,750SF of building area is leased as a steakhouse restaurant (5,196SF). The two apartments are rented through Air BnB, for a total of 1,207SF and the owner’s businesses occupy the remaining space, which includes the 1,565SF wine tasting room, the wedding/event center and the 782SF barrel storage room. All leases are NNN.