Capitalizing Change: Dreams to Reality

Capitalizing Change: Dreams to Reality

Marx Cafe is a restaurant in Northwest Washington, DC, known for its Mediterranean-style cuisine and vibrant atmosphere. It has operated in the Mount Pleasant neighborhood for over 20 years. About five years ago, a friendship sprang up there: regular patron Daniel Quiroz met Normando Giorgio, who played in a rock band that frequently performed at the cafe. The friends bonded on their shared history as immigrants, their common experience in the hospitality industry, and their big dreams of opening their own restaurant.

Pictured: Normando Giorgio, Co-Owner and Restaurant Supervisor

Normando eventually joined the Marx Cafe staff as a supervisor, and then one day, he learned that the owner planned to sell the business. Immediately, Normando alerted Daniel, and they leaped into action, using their dream as the catalyst to acquire the business themselves. Instead of closing or going to new owners who might not have maintained it as a community gathering spot, Daniel and Normando’s Marx Café is still right there as the neighborhood’s go-to for live music, open mic nights, karaoke, and game days.

When the opportunity to purchase their storefront presented itself, the new owners recognized the potential to strengthen their operations. With financial support from CFE, they were able to secure their location, providing stability and enabling them to concentrate on long-term planning and growth.

CFE’s Secret Sauce: Maximizing Resources for Success

When Daniel and Normando brought this potential deal to CFE, our lending team recognized it as an opportunity to go above and beyond. We provided the Marx Cafe with a $1.1 million acquisition loan and leveraged a range of District resources, including the Commercial Property Acquisition Fund (a $4 million initiative offering down payment assistance grants to DC small business owners for commercial real estate) and support from the Nourish DC Collaborative through technical assistance and low-cost capital. This blend of resources maximized the support for the project, enabling them to secure the funding needed to fuel their business and continue offering a beloved community hub.

While Marx Cafe would have been eligible for these DC programs even without our loan, our proactive approach ensures that businesses are well-informed about the resources available to them across our entire network of partners. This commitment to comprehensive support is a cornerstone of our operation, helping businesses like Marx Cafe thrive and contribute to the community.

From Challenge to Victory: Marx Cafe’s Path Forward

With over $1.4 million in lending capital and grant funding, the combination of financial support and efforts of CFE, CPAF, and Nourish DC has helped Marx Cafe permanently secure its place within the Mount Pleasant community while supporting other local businesses. Through this purchase, Daniel has also become the landlord for the neighboring pizzeria, which is also owned by a longtime community member. Together, these neighborhood landmarks will keep serving – and employing – local folks for years to come.

To learn more about our commercial real estate financing, visit here.

The Commercial Property Acquisition Fund is partially or fully funded through the District of Columbia Executive Office of the Mayor—Office of the Deputy Mayor for Planning and Economic Development.

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About City First Enterprises:

City First Enterprises is a certified CDFI (Community Development Financial Institution) specializing in flexible lending for affordable housing, commercial real estate, small businesses, non-profits, and clean energy projects. With a mission to create equitable financial solutions to support people and communities in achieving their economic aspirations, we envision a future where all people and communities transform their futures through equitable access to capital.