MEDC loans include Culvers project
The owner of two Culver’s restaurants will receive financing from the Milwaukee Economic Development Corp. (MEDC) to open a Culver’s in the new Midtown Center shopping area in Milwaukee.
The loan, for $233,200, was approved April 17 by MEDC Loan Committee. Legacy Bank is providing and additional $349,800 toward the restaurant development.
Culver’s franchise owner Gregory P. Howe will use the money to develop a restaurant at 5501 N. Fond du Lac Ave. in the Midtown Center. The center was developed on the site of the former Capitol Court mall.
Howe, who operates Culver’s in Pewaukee and Middleton, expects to hire 11 full-time and 20 part-time employees for the Milwaukee restaurant, which is incorporated at GH Midtown.
In other action April 17, the MEDC Loan Committee authorized a $750,000 loan for MWM LLC, which will use the proceeds for a new building being constructed for the V. Marchese produce distribution company.
Salvatore Marchese, Jack E. Marchese and Jack R. Wertz are the officers of MWM and of V. Marchese Inc. They are building a 37,200-square-foot distribution facility on a 5.9-acre site at 300 E. National Ave., in the Florida Yards Industrial Park in Milwaukee.
The facility will replace the rented space the company now occupies at 613 S. 2nd St., just west of the site of the new building.
V. Marchese employs 62 people full time and expects to hire an additional 20 full-time employees based on business development related to the new building. That will include the addition of prepared and packaged produce items.
Park Bank is also participating in financing of the $3.5 million project via a loan of $2,750,000.
The MEDC Loan Committee also approved a $240,000 loan for New Paradise Realty Corp. for the Paradise Memorial Funeral Home at 7625 W. Appleton Ave. in Milwaukee. The funds would be used to buy equipment and the real estate at the property, including the three-story, 14,560-square-foot building.
North Milwaukee State Bank is providing an additional $510,000 of financing for the project.
New Paradise Realty is co-owned by William R. Stark, Maddie Turner, Camelia L. Jones, Ava N. Carter and Harold D. Turner, while the funeral home is owned by Jones and Carter.
May 2, 2003 Small Business Times, Milwaukee