SERJ Drive-Ins Washington, LLC, SERJ Drive-In Kansas, LLC and SERJ Drive-In Kansas Real Estate Holdings, LLC (collectively, "SERJ”), owned and operated by long-time quick-service restaurant industry veteran Jasmin Patel, has secured a total of $17.5 million of new loan commitments. The financing included an $8.8 million business term loan, a $7.7 million real estate term loan, and a $1.0 million development line of credit. The loans were used to refinance the Company’s existing debt, finance the acquisition of seven Sonic restaurants, the real estate underlying each restaurant and provide capital for remodels and new store development.
SERJ is an Orange, California-based restaurant operating company that owns and operates 16 Sonic restaurants in Seattle, Washington and Kansas City, Kansas. Auspex Capital advised on the structure of the credit facilities and acted as the debt placement agent to SERJ for this transaction.