1533 Wealthy St., SE
Grand Rapids, MI 49506
Jobs Expected To Be Created: 5
Bradd Pierce of EDF collaborated with Bill Seniura of My Personal Credit Union to help Southtown Guitar, LLC purchase of a new building. Dean Wiers-Windemuller used the SBA 504 program to purchase the building that he was previously leasing. In doing so, Dean was able to fulfill a dream of owning his own building for his business and also capture the income generated by a long term National Franchise tenant. As mentioned, Dean was leasing the space in Grand Rapids, and continued to make improvements as his business grew and more space had to be finished for lessons and retail displays. Dean believed that purchasing the property would be the best alternative as it is a great location with excellent visibility for his customers.
Southtown Guitar, LLC was started by Dean in 2012 and is located on Wealthy St. in Eastown, a thriving retail and residential neighborhood in Grand Rapids. The company offers private and group guitar, bass, ukulele, violin, voice, and piano lessons to students of all ages and abilities as well as sales and repair of guitars, amps, and accessories.
Dean was able to finance the building with a SBA 504 loan that allowed Dean to only invest 10% equity, with a low fixed interest rate for 20 years. Dean said, “I am extremely grateful for the help of the EDF in securing the funds necessary to purchase the building where my business resides. It was a once in a lifetime opportunity to purchase a building in a fabulous location that will afford me the opportunity to grow my business as well as my personal wealth. This definitely would not have been possible without the help of the EDF. Thank you!”