LIVONIA, MI—GE Capital has provided a $74 million loan to Team Schostak Family Restaurants, an Applebee’s International, Inc. and Burger King franchisee located here.
Mark Schostak, executive chairman of the restaurant firm, said the financing will be used to fund the acquisition of 65 new Applebee’s units. His firm already operates 62 Burger King restaurants, 65 Applebee’s Neighborhood Bar and Grills, and three Del Taco restaurants. Schostak is a grandson of Schostak Bros. & Co. founder Louis Schostak. The Schostak real estate company is focused on shopping center, acquisitions, mixed-use, commercial and residential land development.
"We are thrilled to have the opportunity to work with Team Schostak Family Restaurants,” says Dave Alexander, vice president, GE Capital, Franchise. “With our industry expertise, we were able to underwrite and commit to the entire credit facility under tight deadlines, which allowed for a more streamlined process for Mark and his team.”