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CWB Franchise Finance partners with Mercatto Hospitality Group on development line facility

MISSISSAUGA, July 12, 2018 – CWB Franchise Finance (CWB), a division of CWB Financial Group, has provided a debt consolidation term loan, a relocation financing term loan and a development line facility to Mercatto Hospitality Group (Mercatto). 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 development of new locations, as well as renovations and updates of existing units as required.

“We’re excited to have put together an all-inclusive financing package tailored to Mercatto’s short- and long-term needs” explained 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,” noted 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.”

About Mercatto Hospitality Group Mercatto Hospitality Group is a privately-owned, Toronto-based company offering a premium-casual feel and a fresh, regional, Italian menu with a heavy focus on pizza and pasta. Mercatto opened their first location on Toronto Street and their second, named “Locale Mercatto”, on Bay Street. Mercatto then opened a location on College Street, followed by “Trattoria Mercatto” inside the Toronto Eaton Centre. “Taverna Mercatto” was their fifth restaurant, located on Bremner Boulevard. The group also owns the restaurant Constantine located within the newly opened boutique hotel “The Anndore House”, and the high-profile “La Palma”. Visit them online at www.mercatto.ca.