Great American owner given loan to purchase store's land
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GTAM | Quote | Chart | News | PowerRating -- Great American Food Store's owner is buying the Watertown property where the grocery store sits.
Lynn R. Lockwood bought the business, equipment and inventory at the Watertown and Boonville stores in 1996, when the previous owner, Victory Markets Inc., Utica, sold 34 stores as part of bankruptcy proceedings.
The Watertown Local Development Corp., also known as Watertown Trust, approved a $149,000 loan to Mr. Lockwood's LKR Enterprises Inc. during its meeting Thursday morning.
"It will keep the business locally owned," Watertown Trust Chief Executive Officer Donald W. Rutherford said. "And they can make improvements as they go along. And it will retain the 25 employees at the business."
The property, at 672 State St., is owned by Victory Markets LLC, a real estate holding company run by the Bank of Australia, Watertown Trust board member Mark S. Bellinger said.
A mortgage through Watertown Savings Bank, where Mr. Bellinger is vice president of commercial lending, and Watertown Trust will take the place of rent and payments due on a cash-flow note from Victory Markets.
"The debt service on the mortgage will be considerably less than what he was paying," Mr. Bellinger said.
Mr. Bellinger did not vote on the 6-0 decision.
The bank's mortgage of $450,000 will be joined by the loan and a $150,000 note from the seller. Once the seller's note is paid down, Victory Markets will reduce the cash-flow note for the business.
Mr. Lockwood also is purchasing the Boonville property, but Watertown Trust has no involvement in that transaction.
Mr. Rutherford said it was a great deal for Mr. Lockwood and for Watertown.
"It's the only grocery store on the east side of town," he said. "It serves a low- to moderate-income area where people can walk to the store."
Mr. Lockwood was not available for comment Thursday.
In other business, Watertown Trust approved a $40,000 loan for the Spindle, a specialty gift store that Christine Haga plans to open at 132 Court St.
"She's worked all over the world in different capacities," Mr. Rutherford said. "She will bring that to owning her own business."
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