GSBDC Assists with New Building Construction

Posted 11.23.11

Loan: SBA 504

Hal Romans, 100% owner of Ianuzi & Romans Land Surveying P.C. (IR), recently built a new 5,000 sq. ft. facility at 5251 Witz Drive in North Syracuse. The new building provides 3,800 sq. ft. for offices and 1,200 sq. ft. for an attached three bay garage to house their commercial vehicles.  They formerly leased space at 636 Old Liverpool Road in Liverpool, NY.

IR was formed in 2000 by the merger of Ianuzi Land Surveying and Romans Land Surveying.    Romans has owned and operated the business since 2003 offering a wide array of surveying services. They have three field crews with over 20 years of experience in surveying while using the latest equipment.

The project financing was structured using the SBA 504 program.  Solvay Bank provided 59% in a first mortgage position with GSBDC providing 26% in a second mortgage position.  Planning ahead, Romans purchased the lot in 2008 which represented the company’s required equity contribution.  According to Mark Kay, Vice President & Senior Lending Officer at Solvay Bank, “It was a great experience to work with Hal and make suggestions as to how to properly structure a construction to permanent loan. With a great general contractor in Parsons-McKenna and a very informative and helpful group of people from the GSBDC, this successful project was simply a pleasure.  We wish Hal and Ianuzi & Romans much success in their new home!

IR currently employs 10, but Romans optimistically looks forward to increasing staffing to 14 or 15 over the next several years as he continues to grow the business.

According to Romans “The realization of a building that meets our needs today and in the future has been a goal of ours for the last ten years.  The building design by J.S. Hagan Architects reflects this goal and Parsons-McKenna’s ability to meet or exceed a client’s expectations and deadline was instrumental in keeping within budget and on time.  However, it takes financing to finally realize this goal and actually construct a building.  The guidance and assistance from GSBDC and Mark Kay of Solvay Bank made the SBA 504 process possible.  They made it so I could focus the majority of my time and energy on our surveying business – which is critical for the continued success of any small business.  As we move forward as a company, we will always remember and appreciate everyone’s effort in helping us reach this goal.  Thank you.”