HIGH END CABINETRY COMPANY EXPANDS

        Manufacturer of high end cabinetry for the hotel industry- Woodmotif Inc. has purchased an 8,400 square foot building in Hempstead for its growing operations. Coming from Brooklyn, where it has been located since inception, the company is known for its custom work on office interiors, medical clinics and high end home theater cabinetry. It has recently grown significantly with contracts building cabinetry for hotel installations and has an international reputation for its excellent work. Started by George Dimitriadis and two partners ten years ago, the company (now owned solely by Dimitriadis) needed room to grow, including adequate parking and skilled workers. Same was found at the Hempstead location. Like many small businesses, Woodmotif was challenged by the decision of whether to continue renting or to buy business premises. HSBC brought in the Long Island Development Corporation/Greater New York Development Co. to provide an SBA 504 second mortgage loan behind HSBC’s first mortgage. This creative financing package made buying and owning its business home a real practical solution for Woodmotif. The bank/504 financing enabled Woodmotif to put down just 10% of the project cost and borrow on long term, low fixed rate conditions. SBA 504 loans can go up to 40% of a project cost and are self amortizing for 20 years at a low fixed rate (based on 10 year treasury rates). Long Island Development Corporation/Greater New York Development Co. lender Ken Kowalczyk worked with Dimitriadis and HSBC to expedite the project and make this business expansion as easy as possible. Says principal George Dimitriadis, “it was a pleasure to work with LIDC/GNYDC. They made it all so easy. And the financing package lets me realize my dream of owning my own building for the business. Now I can concentrate on growing the business instead of worrying about rising rents. And it helps me build equity for my family.”