Project Profiles

Big Saver Foods Shopping Center

402-430 West 17th Street
Santa Ana, California 92706

Census Tract:		0750.01
Minority %:		87.01%
Poverty %:		23.00%

Project Description
Uka's Big Saver Food, Inc. purchased a shopping center located at 402-430 West 17th in the city of Santa Ana, California. Currently, Big Saver Foods, Inc. occupies 23,000 square feet or 58% of the leasable space in the shopping center. Big Saver Foods, Santa Ana has operated at this location since 1995 after acquiring this location from Alpha Beta as a result of the divesture of stores that occurred from the merger of Ralph's and Food 4 Less.

Neighborhood Description
The subject property is located in a mixed-use neighborhood with retail, commercial office, and some residential uses along the major streets (17th St., Main St., Bristol St.). The interior and secondary streets in the area are lined with apartment projects, residential duplex units, and conforming older detached single family residences which reflect average to fair upkeep, maintenance, and appeal. The neighborhood is located within 1 mile of the freeway on/off ramps. Community services and amenities are within easy access of the subject site. Current zoning of the property is "C-5" Arterial Commercial.

Community Development Impact
This loan allowed Uka's Big Saver Foods, Inc. to acquire the property that Big Saver Foods, Santa Ana has occupied for the past 6 years. Currently, Big Saver Foods, Santa Ana occupies approximately 58% of the leasable space. This store serves the minority population of the area. This is an area where large chain supermarkets have formerly rebuffed from opening stores. By assisting in the acquisition of the shopping center, Uka's Big Saver Foods, Inc. will make significant financial contribution that will further cement it's relationship in the community. Futhermore, Big Saver Foods, Santa Ana will continue to offer the services to an area that historically has had lack of access to larger size markets.

Borrower/Sponsor
The vision of Uka's Big Saver Foods, Inc. is to grow to a mid sized independent chain of urban community oriented stores that emphasize high quality customer service at reasonable prices that will compete with larger superstore chains and serve the needs of communities of color, which are often overlooked by Lucky's, Vons and Ralphs. Mr. Solanki has built a solid reputation as a successful businessman/grocer and currently operates nine retail supermarkets under the trade name of Big Saver Foods. Over the years he has expanded through acquisition of stores in areas that have been owned by other independent operators and chain stores in areas deemed undesirable by the sellers. In most cases these stores have been located in low-income neighborhoods with growing ethnic populations.

Community Development Finance Effect
The participation of the LDC in this transaction allowed Uka's Big Saver Foods, Inc. to acquire the subject property. The structure of the loan included a commercial bank with a senior lien, the LDC with a junior lien, and the equity infusion from buyer:

Bank which provided the business real estate loan:

Orange Community Bank
1045 W. Katella Avenue
Orange, CA 92867
Phone: (714) 532-0700