Partner brief · 60 seconds

GFS has two Chase Business Banking facilities secured for the company. One is the building; one is working capital. Here’s the whole picture without bank jargon.

Two products · two entitiesBuilding note on 159 Adams LLC (~$5.03M); GFS revolving LOC ($1.25M limit, $890k drawn). You’re partners in both.
Cash leaving every monthBuilding: fixed ~$41.5k auto-pay (~$498k/year). LOC: interest-only (~$7k due Sep 19 this cycle).
What “pay down” meansExtra dollars on the building cut years of ~7% interest. Paying the LOC frees headroom and cuts ~9% carrying cost right away.
How to use this pageRead the pulse → glance the two charts → try the sliders → ask Michael before any real money move.

Who owns what · partner view

You and your partner own this together across two entities. Chase shows the note; NetSuite on GFS shows how the company pays for it.

159 Adams LLC Holds the Chase building / commercial mortgage (~$5.03M principal). Partners in Adams see the real note on Chase.

Global Food Solutions, Inc. Pays the building support monthly from Chase operating cash. Books it as Rent to vendor 159 Adams Avenue (~$42k), not as a GFS mortgage liability.

GFS Line of Credit Chase BB-LOC sits on GFS. NetSuite liability 2210 Line of Credit: Chase. Draws and paydowns match Chase; monthly interest ACH is currently booked 100% to 2210 (not interest expense) — a books cleanup item.

1031 / HQ path: GFS put money down on the building (asset 1403 Down Payment - 131 Heartland · $417,500). Old HQ was sold with a 1031. Mortgage note lives on Adams; GFS funds the payment.

NetSuite chart of accounts (GFS)

Account	Name	Role
`2210`	Line of Credit: Chase	LOC liability (active)
`1102`	Chase Business/Payroll	Operating bank — pays Adams rent & LOC ACH
`6330`	Rent	Where ~$42k Adams building support is expensed
`1403`	Down Payment - 131 Heartland Blvd	Fixed asset $417,500
`2203`	Loan: From 159 Adams Avenue	Exists but unused (0 lines)
`6173`	Interest Expense: Mortgage	Exists but unused
—	Long-term mortgage liability	None on GFS — note is on Adams

This month (Sep 2026): both facilities show amounts due Sep 19 — building payment $41,517.50 (principal + interest) and LOC interest $7,017.06. Auto-debit is set on both. This page is read-only; nothing here sends money.

Building loan · on 159 Adams LLC

BB-COMMERCIAL LOAN (…8002) · paid by GFS as rent to Adams

What it is: Long-term Chase note on 159 Adams LLC — GFS partners also partner in Adams
Owed now: ~$5.03M principal (current balance ~$5.20M incl. accruals)
Monthly cash: $41,517.50 auto-debit (~$498k / year)
Rate (implied): ~7.14% APR from Chase history
If unchanged: Modeled payoff ~Jul 2044 · ~$3.89M more interest from today

Principal paid since Aug 2024~$272k of path

Still early in the remaining ~18-year modeled runway — most of each payment is still interest.

Line of credit · like a business credit line

BB-LINE OF CREDIT (…1005) · $1.25M facility

What it is: Revolving working capital — draw when needed, pay interest while drawn
Drawn now: $890,000 · $360,000 still available (71% used)
Monthly cash: Interest-only (varies with balance & rate)
Rate (approx): ~9.3% APR band from recent charges
Recent move: Jul 20, 2026: $300k advance ($590k → $890k)

Facility utilization71%

Paying this down does not “end” the loan — it frees the line to draw again later.

Where each building dollar goes

Latest payment (Aug 19, 2026): $41,517.50 split.

About 72% interest · 28% principal on that payment. As the balance falls, principal’s share rises.

Plain-English glossary

Quick definitions so the charts make sense.

Principal — the amount still owed on the loan itself

Interest — the cost of borrowing for that period

Auto debit — Chase pulls the payment automatically

LOC / line of credit — reusable credit up to a limit

Advance / draw — taking more from the LOC

Curtailment / paydown — sending extra to reduce what you owe

Utilization — drawn ÷ limit (how full the line is)

Implied APR — rate reverse-engineered from Chase charges (estimate)

Owner pulse

The three numbers a GFS partner should feel in their bones: cash locked into the building, how much operating credit is left, and the combined carry of both.

As of — · next payments Sep 19, 2026

1 · Building = predictable bill

$498k/year is committed to the building loan. Most of each payment is still interest, so the balance falls slowly.

2 · LOC = operating flexibility

$890k in use, $360k left on a $1.25M line. Interest-only — the balance only drops when we choose to pay it down.

3 · Extra cash decision

Try the sliders together: building paydown saves years of interest; LOC paydown lowers the monthly carry and frees the line for ops.

Quarterly balances hero

Building loan principal vs LOC drawn. Facility line at $1.25M.

Quarterly interest hero

Interest paid each quarter. 2026-Q3 partial (Jul–Aug).

Building loan — what-if

Extra principal now and/or higher monthly payment. Modeled at your assumed APR.

Extra principal now$0

Monthly payment$41,518

Assumed APR7.14%

LOC — what-if

Slide drawn balance and paydown to see monthly/annual interest and utilization.

Drawn principal$890,000

Assumed LOC APR9.33%

One-time paydown now$0

Rate recap — building loan

Implied from Chase interest ÷ principal (not a bank quote).

Recent implied APR

7.14%

Rate recap — LOC

Noisier (floating + mid-month advances). Use as a band.

Approx implied APR

~9.3%

Building loan (…8002)

Line of credit (…1005)

More charts & quarterly table

Combined debt

Stacked building loan + LOC.

LOC draws vs paydowns

Advances up, curtailments down.

LOC drawn history

Quarterly data

Chase Finance