success story of the month

Referred By: Harry Shaw of the McSam Hotel Group

Owners: Parmod Kumar and Nitin Kumar
Economic Developer: Anthony Aloisio, Town of Huntington
Bank Partner: Synergy Bank ∙  Banker: Sriramulu Krishnamurthy
The 504 Company (Empire State CDC): $2,000,000 ∙ Total Financing: $5,600,000

For over 12 years, The Huntington Country Inn has been part of the historic Huntington, Long Island community.  The solid reputation of this independent hotel was one of the factors that drew brothers Parmod Kumar, President and Nitin Kumar, Vice President of the Roselyn Properties Group to this property situated in one of the largest commercial marketplaces on Long Island.

After having run successful telecommunications companies for the past few years, the brothers decided to take on the challenge of entering the hotel service market.  The Kumar brothers purchased the Huntington Country Inn in January 2007 with the help of Harry Shaw, a consultant with the McSam Hotel Group. 

Parmod and Nitan benefited from Harry's expertise.  Harry contacted Richard Amsterdam at our Long Island office to secure the 504 financing for this project.  "My experience with NYBDC/Empire State CDC has been excellent," stated Harry Shaw.  "NYBDC/Empire State CDC was very prompt, diligent and cooperative in getting the approval from SBA. When we needed amendments to the loan authorization they came through with flying colors. On top of it they saved our client the mortgage recording tax on the second lien."

Nitan Kumar said, "it was a great pleasure working with NYBDC.  It was a wonderful learning experience and NYBDC was very helpful throughout the entire transaction.  I was impressed with their work ethic and understanding of our financing needs.  They were very prompt on any issues related to the loan process.  They were also very courteous and paid attention to our special needs and fulfilled them in less than the expected time.  Once again, I was delighted to work with them.  We look forward to working with them again in the future."

In addition to the borrowers, the consultant and the banker, NYBDC loan officer, Rich Amsterdam, also worked closely with Anthony Aloisio, Director of Planning & Environment for the Town of Huntington, to establish that a community development policy goal was achieved by this project, allowing the borrowers to take maximum advantage of the 504 Loan Program.  According to Huntington Town Supervisor Frank P. Petrone, "The revitalization of the Huntington Country Inn will enhance our Town’s efforts to stimulate the local economy of the Huntington Station area.  The SBA 504 funding was a critical element of the financing package to make this project happen."

The Huntington Country Inn’s property covers 2.6 acres and the 40,000 sq. ft. structure contains 61 rooms, each equipped with cathedral ceilings, a living room with dining area, cordless phone, gourmet coffee and tea, refrigerator, microwave, whirlpool bath, and spacious bedroom.  Other amenities include a bridal suite, multi-purpose family room, exercise room, outside pool, and conference room that can accommodate up to 60 people.

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