SBA 504 Loan Helps Splitz Score a Strike
The ever evolving concept of a “family fun center” can have many interpretations in today’s multi-billion dollar entertainment industry. The recently inaugurated Splitz bowling and amusement center in Orange Park is no exception.
The venue offers something for every member of the family, including the latest video games, laser tag, a sports bar and grill and, of course, 28 lanes of the latest innovations in bowling tech. From an automatic scoring system that allows for dual mode play to multi-player Space Invader arcades, Splitz has it all.
The brainchild of Lester and Patricia Burkett, the 39,616 square-foot indoor amusement center really shines. In order to finance the transformation that would take place in an existing retail building, the Burkett’s worked with Florida First Capital and the Small Business Administration (SBA).
The financing challenges of a project like this require innovative structures that allow for “companion” tools to be used. In this case, an SBA 504 Loan for $5,440,000 was used for the purchase and renovation of the existing real estate and an SBA 7(a) commercial loan was used to purchase all interior furniture and fixtures.
“This project shows the ability of the SBA 504 Loan Program to work together with other financing tools to provide a complete solution for our borrowers,” said Kristen Tackett, Florida First Capital Vice President and Business Development Officer for Northeast Florida. “While the acquisition and renovation of the real estate was the major part of the transaction, we were able to accommodate all remaining expenses with the help of our commercial lending partners.”
Visit Splitz online at www.bowlsplitz.com/orange-park.
For more information about SBA 504 loans in Alabama, Florida or South Georgia, contact a Florida First Capital Loan Officer or email us at info@FloridaFirst.com. Phone: 850.681.3601 or toll-free at 800.504.LOAN.