GSBDC Finances Hair Salon Facility

Miracles Hair Studio, Inc. (MHS) recently purchased, renovated and outfitted their new 7,100 sq. ft. salon at 200 Brooklea Drive in Fayetteville, NY with the support of Alliance Bank and Greater Syracuse Business Development Corporation (GSBDC).  The new location is approximately ½ mile from their former space at 511 East Genesee Street, providing an easy transition for clients and staff.

The new facility increased their space by almost 3,500 sq. ft. and has allowed them to expand their existing services and add several areas for the delivery of new services.  New services include laser aesthetic treatments, massage therapy and full body/spa treatments.  Expanded areas include the cutting room with 20 stations, and the color bar which accommodates 16 clients at a time.  There are four pedicure stations, three manicure stations, two massage treatment rooms including a couple’s massage area, two facial rooms, a laser room, a room for specialty makeup and hair services, a complete children’s salon, and a facial waxing room that can accommodate up to three clients.

According to Kendalia & Eric Edelman, “The response to the move has been overwhelmingly positive and beyond our expectations for the expansion of the business.  With the help of GSBDC, Alliance Bank, Pyramid Realty, Artesion Construction, James Hagan Architects, and Hadley’s Landscaping, we have turned a less desirable property into a showplace in the heart of Fayetteville.”

MHS was formed in 2004 and is owned 50% each by Kendalia and Eric Edelman (husband & wife).  The salon is open seven days a week.

Greater Syracuse Business Development Corp. (GSBDC) provided a 20 year fixed-rate second mortgage for 40% of the project cost to purchase and renovate the building and equip the expanded facility while Alliance Bank provided 50% of the project financing   in a first mortgage position.  According to Bob Markowski, Vice President of Alliance Bank, “In utilizing GSBDC and the SBA 504 program, we were able to put together a loan package that allowed the Edelmans to purchase and renovate a local property that was near their previous location.  If not for the 504 program, it would have been extremely difficult to put the deal together.”

Miracles currently employ 26, creating six new jobs in the past five months.  The new positions include a laser expert, a receptionist, two additional hair dressers, and two massage therapists.