Pennyville Station Serves Local Frontline Healthcare Workers Fighting COVID-19
Coined after the town’s original “Pennyville†name, Pennyville Station is a farm-to-table New American restaurant located in downtown Park Ridge. They source quality ingredients from the region to provide from-scratch fare that changes with the season.
The owner, Tony Antonacci, is a Park Ridge native who grew up in the restaurant business. Pennyville Station is his first endeavor as a restaurant owner and he teamed up with SomerCor for a financing option that best fit his needs for property renovation.
Pennyville Station utilized the SBA 504 refinance with expansion option which:
- allowed the owner maintain more equity in the property;
- lowered the existing monthly mortgage payment;
- and provided the necessary capital to complete construction.
The refinance program cut his monthly mortgage payment in half – saving him nearly $14,000 a year!
Plus, Antonacci was able to transform a property that used to house a sandwich shop with an attached garage into Pennyville Station. The venue now features a modern bar, restaurant, and private event space with an eclectic design flare.
Opened in June of 2019, Pennyville Station quickly fit into the growing commercial corridor across from the Metra station – even increasing service to offer brunch. Unfortunately, the COVID-19 crisis shut down in-person dining, leaving only local delivery and carryout.
In addition to continuing to serve the residents in the Park Ridge area, Pennyville Station participated in an effort to provide meals to the medical staff at Lutheran General & Resurrection Hospital.
Until further notice, Pennyville Station will be safely serving via curbside carryout, direct delivery, and delivery via GrubHub – available to order daily from 3 to 8 p.m.
The SBA 504 loan program assists America’s small businesses for the acquisition of commercial real estate and heavy machinery/equipment, as well as refinancing certain qualifying fixed-asset debt. SomerCor helps you obtain the SBA 504 loan, which provides long-term, fixed-rate financing or refinancing for up to $5.5 million of your overall loan. Click here to learn more about this program.
