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Famous Dave's of America, Inc. (Nasdaq: DAVE) announced February 21 the completion of a $3.8 million mortgage financing with Franchise Finance Corporation of America, a national real estate investment trust. This financing supplements the Company's existing line of credit with BNC Financial and a previous transaction with FFCA in 1999. These arrangements provide for continued development of Company-owned restaurants including the six new locations that will open in 2000 as previously announced.
Martin O'Dowd, President and CEO of Famous Dave's said, "Concluding this financing is a major step toward completing our 2000 financing plan. We are very excited about our development prospects including the new Vernon Hills restaurant which opens today."
The new restaurant opens in on February 21 in Vernon Hills, a northern suburb of Chicago. Vernon Hills is now home to the 31st Famous Dave's restaurant. An additional five restaurants are planned to open in 2000.
Famous Dave's of America operates or franchises 31 full-service and counter-style restaurants in Minnesota, Wisconsin, Iowa, Illinois, Nebraska, Maryland and Virginia. Its menu features award-winning barbecued and grilled meats, as well as salads, side items, sandwiches and unique desserts. The Company plans to expand into additional states as well as continuing development in its home markets.