Access Private Capital today announced an agreement with Primis Bank of Glen Allen, Virginia for a 25-million-dollar warehouse facility. The facility will be used to assist Access Private Capital’s lending unit, APC Lending, in funding a loan portfolio dedicated to the SBA 504 1st mortgage loans.
“Access Private Capital brought us a unique strategy that aligned well with both our business and civic objectives,” said Stephen Weber, Executive Vice President and Chief Strategy Officer of Primis Bank. “We’re looking forward to this partnership and what we’ll be able to achieve together.”
“This partnership allows us to play a meaningful role in getting the small business economy back on its feet,” added Tony Palazzo, Managing Director of Access Private Capital. “Primis Bank understood our vision from the beginning given their passion for small businesses and the role they play in supporting their communities. We’re excited about the expanded capabilities our partnership provides in offering investment opportunities that will help more small businesses open their doors and put more people back to work.”
ACP Lending, an SBA-approved, third-party lender will work with Certified Development Companies (CDCs – designated lending agent acting on behalf of the SBA) across the nation in an effort to fund and securitize a portfolio of up to $50 million in SBA 504 1st mortgage loans over the next 12 months.
ABOUT ACCESS PRIVATE CAPITAL
Access Private Capital is the private equity arm of Berkeley Capital Partners, a Registered Investment Advisory firm headquartered in Atlanta, Georgia with more than $600 million1 in assets under management. Currently, Access Private Capital oversees nearly $100 million in private equity investments, including debt, real estate and commercial banking.
Jeff Pierce [email protected] 678.690.8712