GE Capital Provides First Financing for Corner Bakery Café Concept
October 23, 2014
MX Restaurants and Bakeries, Inc. borrows $5.6 million to develop four units
SCOTTSDALE, AZ, OCT. 23, 2014 — GE Capital’s Franchise Finance (GEFF) business announced today its first financing for the Corner Bakery Café concept. That comes in the form of a $5.6 million loan to MX Restaurants and Bakeries, Inc.
Based in McAllen, TX, MX Restaurants already operates seven Corner Bakery restaurants in the Houston and South Texas markets. It will use these funds to pay off short-term debt related to a recent acquisition and to develop four additional units.
This is the first U.S.-based franchise endeavor of Bernardo Castillon, owner and principal of MX Restaurants. However, his company operates two chains in Mexico: The fast casual Super Salads and a casual seafood concept called Cabo Grill.
“Because we’re still relatively new to the U.S. market, it was helpful to work with a lender that has a lot of experience in the restaurant industry,” said Castillon. “We’re glad to develop this relationship and we know it will benefit us in the future as we continue to grow.”
“Corner Bakery has distinguished itself with a strong focus on fresh ingredients — something Bernardo instinctively understands,” said Trey Brown, GEFF’s sales leader. “We’re pleased to help Corner Bakery expand its footprint in the U.S. and we look forward to working with additional operators.”
The Dallas-based franchisor, CBC Restaurant Corp., has 174 Corner Bakery Café locations with concentrations in Illinois, Texas and Southern California.
The transaction was originated by Marques Bayne, a vice president with GEFF responsible for restaurant financing in the West region.
About GE Capital, Franchise Finance
GE Capital, Franchise Finance is a leading lender for the U.S. franchise finance market via direct sales and portfolio acquisitions. With more than 30 years of experience and over $7 billion in served assets, it provides financing to more than 2,000 customers and 14,000 properties. The business specializes in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Its team of industry experts helps them realize their individualized growth plans. GE Capital, Franchise Finance customers also receive access to its proprietary industry research and cutting-edge digital tools. For more information, visit www.gefranchisefinance.com or follow company news via Twitter.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter.
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
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