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Thanks to Local Microbrewery, It Will Soon Be 5:04 o'clock in Lakeland

Aug 2013

Although it sounds like the makings of a Jimmy Buffet song, the concept of combining a beer microbrewery and a restaurant has taken the hospitality industry by storm.

Usman Faruq and his partners hope to leverage that growing trend with the opening of the Lakeland Brewing Company, the first microbrewery in Polk County, and one of only a few in Central Florida.

With the help of the 504 Loan Program, Faruq and his partners secured funding through Florida First Capital and third party lending partner Florida Traditions Bank for the $1.475 million dollar project, which is located on the northern shore of Lake Mirror in downtown Lakeland.

The 504 loan proceeds are being used to purchase land and a historic 12,000 square foot warehouse, an adjacent lot for parking and for extensive renovations to the property as well as to purchase and install kitchen and brewing equipment and furniture for the taproom and restaurant.

Additionally, the microbrewery and Florida Traditions Bank (which is also providing the interim financing for the entire project) are utilizing the innovative 504 Bridge Loan Program offered through Florida First Capital.

Through a Participation Agreement with Enterprise Florida, Inc., the 504 Bridge Loan Program is providing loan proceeds (SSBCI funds) to Florida Traditions Bank for the interim project financing until the permanent SBA 35% second mortgage takeout occurs, thus reducing the short-term risk to the bank.

504 Bridge Loan Program Details

“This demonstrates again how Florida First Capital is uniquely positioned to address not only the needs of our borrowers, but also of our lending partners whose concerns regarding over exposure during the build-out phase of a project is understandable,” said Vincent “Vinny” Muratore, Regional Marketing Director and Vice President for Florida First Capital. “By offering a bridge loan option, we can ensure that the 504 project progresses as smoothly and efficiently as possible with the least amount of interim risk to our third party lending partners,” he said.

So enough about the financing details, let's talk about the beer!

The Lakeland Brewing Company will open with a small family of flagship beers suitable for the region: beers proven to be in sync with local tastes and preferences (Pilsner, Cream or Pale Ale, Hefeweizen) and quickly add an easy-to-drink India Pale Ale that is light on hops (they call it a gateway IPA) and an equally palatable Brown Ale or Stout.

Rumor has it the microbrewery will also be naming a beer after the 504 in appreciation for the project financing. We're sure it will be a top customer choice!

The taproom will include a series of guest taps featuring a revolving selection of microbrews from Florida as well as other states with successful microbreweries (limited only by state and local distribution laws).

For guests who don't have the time to hang around in the taproom or who simply prefer to enjoy their beer in the privacy and comfort of their own home, the microbrewery will offer a Growler Program which enables visitors to purchase beers for carry-out in 32 ounce and gallon-sized glass containers.

While the brewing area will be off limits to the public, that doesn't mean the beer-making magic will be hidden from view. Four oversized sliding bay doors will remain open during daytime hours (weather permitting), allowing a glimpse of the brewing operations located just inside. Guided tours will be offered on certain weekends each month.

The restaurant (called the Old School Annex) will offer a menu of beer-friendly dishes made from the freshest ingredients available - sourced locally whenever possible - and will also evolve and change along with the beers brewed in house.

“With the support of our friends, family and community, we worked hard to develop an idea into a reality. However, all of our hard work and well wishes could not have made our project a reality without the outstanding help, support and mentorship of Mr. Muratore,” said Faruq. “We are truly grateful for him and everyone at Florida First Capital Finance Corporation. Thank you again for everything your team has done for us,” he said.

By creating exceptional beer and providing a welcoming place for patrons to gather, the Lakeland Brewing Company hopes to increase tourism in the central Florida region as well as become a source of pride for the city.

The microbrewery plans to open in January 2014 barring any delays in the renovations to the property.

For more information about SBA 504 loans in Florida,contact a Florida First Capital Loan Officer here.