LIDC finances over 44,400 s/f in Nassau and Suffolk Counties

The Long Island Development Corp (LIDC) financed over 44,400 s/f of commercial real estate as part of total funding for qualified small business projects in Nassau and Suffolk Counties. Steve Molfetta, VP lending financed Neuro Data, Inc. and Recovery Specialist, Inc. - two companies operating under the same roof now relocated to a new larger 10,000 s/f location located on 1.2 acres. The total project cost of $1.25 million. TD Bank in first position with 50%, LIDC in second position with 40% and borrower's equity contribution amounting to 10%. Their new location is 761 Middle Country Rd., Selden, N.Y.. Carmine Fabio Sr. VP lending financed Forsythe Cosmetic Group, Ltd. They received a $740,000 SBA 504 loan as part of a $1.8 million financing package to purchase a 13,500 s/f building to accommodate their growing business. Their new location is at 10 Niagra Ave., Freeport, N.Y. Steve Goad, VP lending financed Mahoney Associates, Inc. a landscape development management company servicing both commercial and residential properties on Eastern Long Island. They received a $1.199 million SBA 504 loan as part of a $2.9 million financial package. LIDC partnered with Suffolk County National Bank. They are located at 321 County Rd. 39 A, Southampton, N.Y.. Ken Kowalczyk, VP lending financed Brothers Waste Service, Inc., They received a $763,000 SBA 504 loan as part of a $1.85 million financing package to purchase a 12,900 s/f building on 2.45 acres located at 330 Ellsworth Ave., Holbrook, N.Y.