CRDC Creates Financing Package for Local Business Owners to Purchase Building Reducing Overall Occupancy Costs
CRDC is pleased to announce a recent loan closed with business owners, Walter and Chris Chapin that allowed them to purchase the building they were leasing resulting in reducing their overall
CRDC is pleased to announce a recent loan closed with business owners, Walter and Chris Chapin that allowed them to purchase the building they were leasing resulting in reducing their overall occupancy costs.
CRDC is non-profit development corporation that provides a variety of economic development services and small business loans to businesses and local governments throughout New Hampshire. Company C is a top manufacturer of distinctive rugs, bedding, furniture and decorative accessories with over 1,000 dealers worldwide, three exclusive retail stores including the company’s headquarters in Concord. With a ten-year lease coming to an end, combined with the need to expand, Company C co-owners, Walter and Chris Chapin began to explore their options for managing the future growth of their premier design studio. They knew it was time to not only own their own building, but increase the existing footprint of the corporate office. Since its inception 20 years ago, Company C has always had its corporate office in Concord. While the both are loyal to their hometown, Walter and Chris knew they had to expand their search and look outside the Capitol City.
After several months of searching for a new building, they decided to explore the option of purchasing the building they were leasing in Concord. It wasn’t for sale, and it was far from being energy efficient but they had an idea.
“It made sense not to move,” said Walter Chapin, Company C co-owner. “By not moving it would be less disruptive to the corporate office, plus we have a retail store at this location. The only problem is that this building was not energy efficient. But we had a plan. As part of our financing package with CRDC we rolled in an entire renovation project focused on installing energy efficient lighting, adding a generator, plus building renovations to increase the size of our workspace.”
“This really was a great project that once we crafted the deal, it actually reduced their overall occupancy costs,” said Liz Sweeney, CRDC Loan Officer. “The upgrades to the building plus the installation of the energy efficient lighting really provided them with the building they always wanted without the need to move.”
“CRDC worked creatively with the bank to really come up with a great financing package,” said Chapin. “They are very organized and overall it was a great transaction. We are really happy with the choices we made during this process.”
CRDC collaborates with multiple banks to facilitate the lending process for companies looking to expand their business by purchasing real estate, new equipment or for those purchasing a new business.
Walter Chapin, Company C co-owner with Liz Sweeney, CRDC Loan Officer at Company C’s Concord, N.H., corporate office and retail store.