August 8, 2019
Park-A-Pup Secures $6.9M Funding for New Novato Facility
Commercial real estate lender Capital Access Group has secured a $6.9M Small Business Administration 504 loan for Park-A-Pup Kennels, enabling the dog-boarding business to construct a two-story, 12,123-square-foot, 106-kennel, dog boarding and daycare facility at 7586 D Redwood Boulevard in Novato, CA. Park-A-Pup currently operates a 34-kennel space in San Rafael, and expects construction on the new facility to be completed in the spring of 2020.
Park-A-Pup owner Paul Dana purchased the Novato parcel in 2016, following a two year search for a suitable location for a purpose-built modern, indoor dog care facility. He worked with the City of Novato to secure construction permits and approvals, with the new facility set to act as a catalyst for growth in foot traffic at the Redwood Boulevard location.
“This is great news for business in Novato,” comments Russ Thompson, Novato’s Assistant City Manager. “There’s opportunity for growth in our greater downtown area, with Trader Joe’s, Starbucks and Pharmaca Integrative Pharmacy already bringing significant consumer traffic along Redwood Blvd. Adding a facility that’s sure to appeal to pet owners from all around the North Bay is a major boost for the location. We’re delighted that Mr. Dana chose Novato as the place to expand his business, and we’re excited to see Park-A-Pup grow here.”
Dana explains that the new facility is designed to provide a best-in-class experience for Marin pet owners, offering “a more climate-controlled, hotel experience” than traditional kennels. Capital Access Group was able to help Dana develop the revenue projections necessary to secure financing. “It’s hard to describe how much I appreciated (their) professionalism, speed, and tenacity. In the end, we had two banks competing for the loan!”
Claudia Cohen, Senior Vice President, Capital Access Group adds, “We loved working with Park-A-Pup and being a part of their wonderful business and expansion plans. We’re just thrilled that we could help them secure the financing they needed to build a state-of-the-art building to grow their business.”