Successful Representation of Financial Institution in a Loan Transaction for the Acquisition of a Car Wash Franchise Involving 61 Locations in Multiple States
Moss & Barnett represented a financial institution, the lender of certain commercial real estate, working capital, equipment, and guidance line credit facilities totaling in excess of $20 million, for the acquisition of the stock, assets, and a portfolio of a car wash franchise consisting of a total of 61 real property locations throughout Illinois, Indiana, Iowa, Kentucky, Michigan, Nebraska, and Ohio. This car wash portfolio had been owned and operated by the same family for many years, so the sale and purchase of the portfolio was incredibly important, financially and personally, to everyone involved. Chris Ferreira facilitated the transaction with the help of John Schmid and Leah DeGrazia, who each took charge of the review, evaluation, and tracking of legal due diligence, including title and survey, for all 61 locations. Moss & Barnett was integral to the successful closing of this loan transaction and worked tirelessly with the parties involved to ensure all requests were handled with a sense of urgency and a clear attention to detail.