In October 2018,
EDF's
Senior Loan officer, Bradd Pierce partnered with Mike Siminski, SVP-Commercial Lender at Mercantile Bank of Michigan on a 504 loan to GR Racquet and Fitness, LLC. This SBA 504 project assisted GR Racquet and Fitness (GRRF) in purchasing and making improvements to the existing Riverview Athletic Club in Northeast Grand Rapids. The project included making major improvements to the facility including adding a mezzanine for viewing of the tennis courts, installing pickleball courts, and other upgrades to the locker rooms, personal training space, and cardio rooms.
GR Racquet and Fitness, LLC is owned by Tom Walker who has been in the tennis instruction, player development, and management business for 35 years. He has built a reputation as the number one tennis teaching professional in West Michigan in the past 25 years working primarily in Kalamazoo and Lansing. It is Tom's intention to make GRRF the top tennis facility in West Michigan which will draw premier athletes from the Lakeshore, Kalamazoo, Lansing, Rockford, and the Grand Rapids area. While there are many fitness options in the Grand Rapids area, GRRF will concentrate on the specific niche of performance tennis and will integrate training and fitness programs into its tennis program. Also, the addition of pickleball courts which is the fastest growing sport in the U.S. will be another draw for the facility.
Tom was able to take advantage of a low-down payment of 10% since this was considered an existing business and lock in an excellent rate on the SBA portion of the project for the entire 20-year term. We congratulate Tom on this new venture and wish him and the athletes that will benefit from this facility great success!
To learn more about the benefits of the SBA 504 Loan Program, or how
EDF
can assist you, please visit our website at
www.growmichigan.com, or contact one of our Loan Officers by
clicking here!
