Assistance from the Harrisburg Regional Chamber and Capital Region Economic Development Corp. have helped a Dauphin County countertop maker to rock on in two locations.
Classic Rock Fabrication, a wholesale stone fabrication business located in Lower Paxton Township, partnered with The Chamber & CREDC this fall on a project to obtain financing for the purchase of the company’s leased space at 931 Dana Drive. The company had been looking to buy for years.
And that effort led to an expansion project across the state.
“The opportunity freed up cash that allowed Classic Rock to invest in a sister facility in Pittsburgh that will double the company’s capacity, create new jobs and allow faster service to customers in the region,” CEO Alex Bazdar said.
The company’s Pittsburgh-area location is in Cranberry Township, Butler County.
Founded in 2006, Classic Rock creates each piece of countertop under one roof, from slab to finished products. Company offerings include counters, sinks, backwalls and tile. It also produces custom-cut natural stone countertops for customers such as Just Cabinets, Fine Line Cabinets and Charter Homes.
CREDC is the economic development arm of the Harrisburg Regional Chamber. It helped Classic Rock secure a $1.1 million loan from the Pennsylvania Industrial Development Authority. The 15-year loan is at a 3 percent fixed interest rate.
The loan, combined with financing from People’s Bank and an equity contribution, supported the company’s purchase of the 55,000-square-foot Dana Drive facility.
The total project cost is estimated to be $2.28 million, PIDA officials said.
“CREDC allowed us to access unique financing that offered low fixed interest rates with less out of pocket for the purchase of the building,” Bazdar said.
With the transaction, Classic Rock has committed to retain all 69 existing full-time jobs, and expects new jobs will be created over time.
“The chamber & CREDC is excited to be a part of Classic Rock’s story. Financing opportunities such as this give borrowers the capacity and potential to make a larger impact within the region,” an agency statement said.