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Recently Funded Deal: Banquet Facility

Recently Funded Deal: Banquet Facility

Situation:

The owners of a high-end catering business found an opportunity to expand their operations with a Tudor-style country manor in South Salem, NY on 24 acres of land. Having purchased and renovated their first catering venue in 1985, the owners had significant experience in acquiring and transforming real estate to serve as banquet facilities. The property for expansion required full renovations to update it as a wedding reception venue.

Solution:

  • Newtown Savings Bank recognized the fit for an SBA 504 loan to finance the purchase of the land and building, as well as renovations, fixtures and more.
  • The 504 Company funded $4,699,040 of an $11,747,600 project with a low interest rate and 20-year term.

Impact:

  • The owners plan to expand the total square footage of the venue from 10,500 to 27,600 as a result of construction and renovations.
  • Given the owners’ experience in renovating venues of this nature, the town will be able to preserve a historical site that’s been a fixture of the community for more than 100 years.  
  • The project will create 33 full-time equivalent jobs for the community.

 

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