In the wake of a challenging economy, local entrepreneur Roger Freedman
sought to use the excess land at his
Broad Creek Marina property and proceeded to create an adventure park to capitalize on the Island's strength as a regional destination.
Freedman's Zipline Hilton Head quickly established itself as one of Hilton Head Island's hottest attractions with its breathtaking journey through massive oaks and pine trees, looking out on the glistening creek.
business success has led to the retention and creation of more than 50 jobs in the community.
"Tourism is the lifeblood of the Island," said Freedman, Owner of Broad Creek Marina Adventures and Zipline Hilton Head.
"I originally purchased the Marina back in 1993 and completed a huge expansion and renovation initiative that enabled us to add a number of both year-round and seasonal employees.
Like most small businesses, the economic recession hit us hard in 2008, and I had to refinance our commercial loan in order to keep both the property, and even more importantly, my employees."
As was the case for many business owners during the recession, getting a small business loan to capitalize on this opportunity was close to impossible; however, he
was fortunate enough to secure hedge fund financing, which afforded him the opportunity to keep the property and maintain jobs for the community.
As the economy started its slow recovery, Freedman
needed an exit strategy to refinance an expensive bridge loan, as well as obtain financing to continue the expansion of the zipline attraction.
What he found was local commercial lenders couldn't comprehend the success story of Zipline Hilton Head.
That coupled with a limited operating history, Zipline Hilton
Head was a risk that most lenders would shy away from having just emerged from the one of our nation's worst financial crisis.
"Fortunately, I found Park Place Equity
," said Freedman
"What I appreciate most about doing business with the Park Place Equity
team is that they recognized the business I was building; Park Place Equity
provided a commercial lending solution that refinanced a costly loan and provided expansion capital necessary to build on the Zipline's success."
explained, "Park Place Equity
helped uncover commercial lending solutions of which I wasn't even aware.
The challenges other commercial lenders couldn't understand were the challenges that Park Place
knew exactly how to mitigate because they understood what I was trying to accomplish.
They streamlined the lending process in order to position the Zipline
for success in a market that isn't very welcoming to new and unique businesses."
The solution provided by Park Place Equity
included refinancing the existing hedge fund loan, working capital and closing costs.
"The relationship with Roger Freedman and Broad Creek Marina Adventures is exactly the reason Place Equity is in business," stated Jason Bengert with Park Place Equity.