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GE to finance Long's Jewelers real estate foray

11 Aug '05

4 min read

With the July opening of a new location in Peabody, Massachusetts, retailer Long's Jewelers now operates seven stores in Massachusetts and New Hampshire, including two newly launched stand-alone locations in the past year.

The new 12,500-square-foot Peabody location offers a substantial increase over the previous space inside the Peabody mall. In November 2004, the company reopened its location on Summer Street in downtown Boston after closing seven years ago because of the Big Dig.

"They are going through quite a growth spurt," says Bob Rottenberg, CEO, Long's Jewelers, who bought the 127-year-old company in 1991. "They anticipate continuing to explore opportunities for new locations, especially for stand-alone locations that provide the shopper with a destination experience."

When it came to securing the real estate and financing for the new location, Rottenberg wanted a reliable company to finance the project without sacrificing flexibility for their long-term growth.

Fortunately, the relationship was already in place. Long's Jewelers used GE for a line-of-credit for its inventory, so when it came to financing the new property, the company did not have to look far.

GE Commercial Finance, Business Property orchestrated an SBA 504 loan with a fixed rate and a 25-year term. Such long-term stability allows Long's Jewelers to maintain the financial flexibility it needs to pursue other projects.

"They want to provide to customers with the ultimate shopping experience, and these larger locations like they just opened in Peabody give us the opportunity to do that in a whole new way," says Rottenberg. "As they continue to seek future opportunities to grow and serve to customers, they expect GE to remain an important part of out team."

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