Business News • MarketWire • North Avenue Capital Funds Speedsportz Racing Project in New Caney, Texas |
North Avenue Capital Funds Speedsportz Racing Project in New Caney, Texas |
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North Avenue Capital Funds Speedsportz Racing Project in New Caney, Texas
DALLAS, TX--(Marketwired - June 20, 2016) - North Avenue Capital, LLC (NAC), a specialized commercial lender, has announced the closing of a $5 million loan to fund the development of Speedsportz Racing Park at Grand Texas, LLC in New Caney, Tx., a suburb of Houston. Backed by the United States Department of Agriculture (USDA) Rural Development Business & Industry loan program, the capital will be used to construct the best-in-class kart racing destination and academy, set to open in Fall 2016. NAC Managing Partner, Alex Louis, who led the deal, commented, "North Avenue Capital is proud to have partnered with the USDA and SME Advisors, LC to structure the Speedsportz deal," said Louis. "Everyone worked incredibly hard to support this project. We're all excited to see a start-up venture like this succeed in bringing job creation, economic development, and a new set of thrills to the Houston suburbs." SME Advisors, LC is a government guaranteed lending advisory firm based in Dallas, Tx.
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