GSBDC Finances Building Purchase for Dental Practice

GSBDC Finances Building Purchase for Dental Practice

Dr. Michael Mattiacio first joined the existing Quest Dental Group as a general dentist in 2004. In 2006, the opportunity to purchase the practice presented itself. With the assistance of an SBA 7a loan from M&T Bank, Dr. Mattiacio not only purchased the practice, but also moved it to a new location across the street which he fully renovated to provide state-of-the-art services to his patients.

As the practice experienced continued growth, Mattiacio determined that he should make further long term improvements to the building he was leasing at 2946 Erie Blvd East, Syracuse. In November 2007, a purchase agreement was executed with the building owner. With the assistance of M&T Bank and Greater Syracuse Business Development Corporation (GSBDC), financing was put in place to include the building purchase, roof and HVAC replacement, and improvements to the parking.

Mattiacio attributes the growth and success that he has achieved to quality service and a comfortable environment for the patient. Their doors are always open to new patients who are ready to receive the best in dental care. The professionals at Quest Dental are skilled at treating patients with a variety of dental needs and make every effort to ensure the appointment is as comfortable as possible. Superior care is provided to every patient to enhance their dental health.

GSBDC provided a $236,000 SBA 504 loan to purchase the facility. According to Dr. Mattiacio, "Working with GSBDC and M&T Bank on this project was a pleasure. Their professionalism and courtesies, coupled with the expertise of my attorney, Edwina C. Schleider of Meggesto, Crossett & Valerino, LLP, and my accountant, Sara S. Alexander of Kruth Stein Squadrito Liberman & Silverman, made what could have been a very stressful business venture seem effortless and afforded me the opportunity to focus on the primary business of the day ? GSBDC Finances Building Purchase for Dental Practice giving quality care to the patients of Quest Dental. I now look forward to continuing to meet the needs of all of our patients in our facility at 2946 Erie Blvd. East."

The SBA 504 program provided a 20-year fixed rate second mortgage on 40 percent of the project cost while minimizing the company?s equity injection. M&T Bank provided 50 percent of the project financing in a first mortgage position. According to Edward Slank, vice president and team leader, Business and Professional Banking, "It is a pleasure to have established a professional relationship with Dr. Mattiacio over the past several years. M&T Bank was fortunate to have been able to support both the acquisition of the practice and subsequent SBA 504 financing to purchase his new building. Dr. Mattiacio has done an excellent job growing his practice and maintains a high quality staff to support him. The SBA 504 provided Dr. Mattiacio with an avenue to purchase and renovate his new building while maintaining a liquid cash position to facilitate growth. M&T Bank looks forward to continued support of his practice and its growth in the future."

Since the building purchase, an additional dentist has already been added. The office staff currently consists of four dentists, three dental assistants, three hygienists and three receptionists. They expect to create four more positions over the next three years. The building will easily accommodate additional growth given the seven operatories now available for treatment.