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.
Speedsportz is creating Houston's only high-speed, European-style karting experience and is slated to open this Fall. According to the project's founder, developer and co-owner, Tim Crawford, Speedsportz has taken a lot of time and energy to get to the opening position. "We are passionate about and focused on bringing the premier racing school and entertainment destination to metro Houston," he said. Crawford's partner and world-renown kart racing champion, Alan Rudolph added, "This is a dream come true for our team, with many years of planning and preparation leading to this pivotal moment."
NAC's $5 million loan will be used primarily to finalize the purchase of land and construction of the two tracks and world-class facilities. With some development already underway, the capital infusion will increase the pace at which the new business opening is realized. NAC's loans focus on lower middle market growth opportunities that serve to develop local economies outside of major metropolitan areas including Speedsportz which meets the requirements. In addition to attracting millions of dollars in annual revenue into the New Caney area, a Speedsportz commissioned economic study indicated that the project could create approximately 119 direct and indirect permanent jobs.
About North Avenue Capital, LLC
North Avenue Capital is a specialized commercial lender exclusively focused on originating, underwriting, and funding USDA Rural Development loans nationwide, using its expertise, capital, and relationships to build businesses, grow economies, and create jobs in rural America. Visit the website at www.northavenuecap.com. Visit the Facebook page at https://www.facebook.com/northavenuecap/.
About Speedsportz Racing Park at Grand Texas, LLC
Speedsportz is a start-up venture led by real estate developer, Tim Crawford, and kart-racing veteran, Alan Rudolph. The project site is part of a larger entertainment development NW of Houston, TX, and will provide state-of-the-art tracks, storage and maintenance facilities, gaming attractions, and the racing school led by Mr. Rudolph. The park will be a destination for kart-racing enthusiasts, corporate clients, and recreational thrill-seekers. Visit www.speedsportzracingpark.com.
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