45 S. Division
Grand Rapids, MI 49503
Lender: Bank of America
EDF collaborated with Bank of America and Rockwell Republic in the funding of a SBA 504 loan! Jeff Lobdell owner of several popular restaurants had an opportunity to expand his restaurant repertoire and decided to purchase Rockwell Republic. Jeff has been in the restaurant industry for 27 years. He owns a collection of restaurants including Bagel Beanery, Beltline Bar, Grand Coney, The Omelette Shoppe, Red Geranium, Sundance Grill & Bar, Boone’s Prime Time Pub and Flap Jack Shack. Rockwell Republic is located in the heart of downtown Grand Rapids’ growing restaurant and entertainment district. The existing restaurant/bar has been in business for 10 years and is a lively gastropub with made-from-scratch, seasonal cuisine served in an eclectic environment.
Jeff’s lender, Jason Sorokin of Bank of America, worked with Bradd Pierce of EDF to finance the purchase of the building, which allowed Jeff to finance his building at a low rate, for 20 years with only a 15% down payment. Jeff said, “The 504 program(s) worked very well for me as a businessperson. Much of my companies growth and growth opportunities, in the past, have come with the acquisition of restaurant businesses, but because of either the capital required or the specific situation, I have not had many opportunities to acquire the real estate on which those restaurants operate. The Economic Development Foundation’s program assisted me with the financing necessary in order acquire both Rockwell’s Republic restaurant business and the real estate in which the business resides in downtown Grand Rapids. The ownership of the land and buildings will allow my company to diversify our assets, which makes us stronger, while still focusing on our core business in the hospitality industry.”