CWB Franchise Finance, a division of CWB Financial Group, provided a debt consolidation term loan, a relocation financing term loan and a development line facility to Mercatto Hospitality Group. The Canadian restaurant brand, open since 1998, operates five restaurants in downtown Toronto and is run by Jack Scarangella, Domenic Scarangella and Steve Christian. The funds will be used to assist with the development of new locations, as well as renovations and updates of existing units.
“We’re excited to have put together an all-inclusive financing package tailored to Mercatto’s short- and long-term needs,” said Dimitri Mazur, senior manager at CWB Franchise Finance’s restaurant division. “This financing supports the relocation of their original restaurant on Toronto Street to Wellington Street and provides immediate access to funds for future projects over a two-year period, with approval and document completed upfront. We appreciate the opportunity to work with Mercatto’s highly-successful team and look forward to assisting them with their upcoming projects.”
“Mercatto Restaurants is always looking for opportunities to expand and refresh existing locations,” said Jack Scarangella, Mercatto Hospitality Group’s co-founder and partner. “This development line allows us to be nimble when it comes to bidding on new sites or projects. CWB’s domain expertise is second to none in the restaurant industry and their connections are a true testament of their knowledge in the space. It has been a pleasant and rewarding experience so far and we look forward to many years of collaboration.”
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