Kiin (formerly Bangkok Balcony)

5846 Forbes Ave 2nd FL Pittsburgh United States, PA 15217 Pittsburgh

Introduction

Selective Dining, soon to be branded as Kiin, is a Thai-Laos eatery and revived concept for the long-running space known as Bangkok Balcony, a second-floor restaurant located in the heart of Squirrel Hill on Forbes Ave. The space’s décor will be updated with new seating, bar, a live papaya salad station, where Thai and Laos tangy and spicy salads are made to order.

I am looking to borrow between $30,000 and $53,300 at 10.00% over 60 months, with the first six months paying interest only. Anyone who is 18 years old can invest.

 


About Kiin

Kiin, a Thai-Laos eatery, is pairing two closely related cuisines and combining them for the first time in the Pittsburgh market in the heart of Squirrel Hill. Keeping a limited Thai menu, Kiin will introduce Laos dishes to the East End market. Kiin’s new minimalistic approach will have a seasonal menu that will introduce Pittsburgh diners to the Laos dishes that Thais love and have reflected in their cuisine for decades. Formerly the Bangkok Balcony space, this revitalization celebrates the Laos flavors and dishes popularized on the streets of Bangkok and in the Esan region of Thailand, where Laos and Thailand share a 1090-mile border and eight friendship bridges.

The uniqueness of the Pittsburgh restaurant market and its neighborhood-feel is why we have had such longevity here. A Pittsburgher’s commitment to the neighborhood he/she lives and works in is a unique bond between small restauranteurs and the restaurants they run. I can’t tell you how many times I have had Squirrel Hill neighbors thank me for being there and remaining there. The workforce diners are loyal and frequent. Then the nature of a walking neighborhood in Pittsburgh will draw folks out who want to pick up food on the way home or would to stop by on a weeknight. Our financial model is rooted in industry facts and faith in the East Enders.

By rethinking Bangkok Balcony and adding a lesser-known Southeast Asian cuisine, which is also loved by Thais, I feel like I am deepening my commitment to Pittsburgh and to the East End area that I live and work in, and where I’m raising a family and sending my kids to school.


Fast Facts

  • Run by a 15-year industry veteran who has owned two long-running Thai restaurants
  • Kiin will introduce the Pittsburgh market to a lesser-known Southeast Asian cuisine and pairing it with a Thai menu.
  • Update and prepare the space to be profitable in the 2020s
  • Bridge the gap between cultures and generations by having an urban, minimalist feel
  • Appeal to the adventurous, Pittsburgh eater who discovers the world, in part, through authentic, individually owned restaurants
  • Introduce a live papaya and fruits bar station where fresh tangy and spicy salads are prepared
  • 10.00% interest rate

 


The Project

Rather than telling you about what we want to do, I want to show you here with our concept boards!

Beginning with the entrance, we want to revive the whole space: we’ll use local graffiti artists to give the stairwell a sense of place. 

 

 

When you enter the dining room you will see a mix of muted but fun lively colors with modern, inviting furnishings.

 

 

 

From the ceilings will hang traditional items from Laos that will be used to create light fixtures as well as decorations to fuse the Laotian culture with local vibes.

 

 

At the live papaya bar station, customers can order papaya salad and other favorites as the chefs create them to order – just like on a Thai or Laos street.

 

 

 


About the Owner

I began in the restaurant industry in 2004 when I took over an existing restaurant, Bangkok Balcony, located on Forbes Ave. in Squirrel Hill. After being in business eighteen months, in May of 2006, I opened my second concept, Silk Elephant, a Thai Tapas and Wine Bar, located in the Rite Aid building on the corner of Forbes Ave. and Murray Ave.

I came to the US from Thailand as a graduate student. I received an MBA and an MIS degree from Duquesne University. After working in the Pittsburgh IT industry for almost seven years, I decided to use what I learned from my heritage in Thailand to create a restaurant experience that made people feel like they were walking through a portal into Thailand and Thai culture. Pittsburghers are so receptive to authentic, individually owned restaurants.

 


The Location

From 2012 to early 2014, I briefly tried my hand at a pair of sister restaurants on the east coast of Florida. Due to unexpected legal troubles that the owner found herself in, the hand over was not successful. While I was there getting a feel for the small-town culture of eastern Florida, I learned something invaluable about Pittsburgh.

There’s no place like home: the uniqueness of the Pittsburgh restaurant market and its neighborhood feel is why we have had such longevity here. A Pittsburgher’s commitment to his living and working neighborhood is a unique bond between small restauranteurs and the restaurants they run. I can’t tell you how many times I have had Squirrel Hill neighbors thank me for being there and remaining there. The workforce diners are loyal and frequent. Then the nature of a walking neighborhood in Pittsburgh will draw folks out who want to pick up food on the way home or would to stop by on a weeknight. My commitment and investment are here. Leaving the East End of Pittsburgh once was enough.


Deal Summary

Issuer

Selective Dining Inc.

Security Type

Secured Loan

Loan Purpose

Renovation of Bangkok Balcony location to new restaurant concept. The proceeds shall be used for commercial purposes only.

Offering Amount

$30,000 - $53,300

Interest Rate

10.00%

Payments

Monthly, Disbursed to Investors Quarterly

Maturity

60 months

Personal Guaranty

 Yes, Norraset Nareedokmai (owner)

 


Your Earnings Potential

If you choose to invest, you will make a one-time investment via ACH that will be transferred to a secure escrow account. If the campaign successfully reaches its target, the funds will be distributed to Selective Dinning Inc.

For more information on the mechanics of Honeycomb’s crowd investing platform, please review our Education Materials.

Investment Amount One-Time Fee Potential Quarterly Returns* (Interest Only Period) Potential Quarterly Returns* (Amortizing Period) Potential Total Repayment*
$100 $2.85 $2.50 $6.92 $129.59
$500 $14.25 $12.50 $34.61 $647.95
$1,000 $28.50 $25.00 $69.22 $1,295.91
$5,000 $37.25 $125.00 $346.09 $6,479.55

*Individual payments may vary slightly based on rounding. Potential repayments include principal and interest, they do not include the one-time fee which is assessed when you make your investment. After the first 6 months paying interest-only, principal and interest will be made monthly for the remaining 54 months. There are no prepayment penalties and Selective Dinning Inc. may pay down their loan early which may impact your earnings potential. Please note, returns are not guaranteed and investors could lose some or all of their investment.

Your ongoing responsibilities from investing are very limited. Each year over the life of the loan you will receive a 1099-INT, this is a simple tax document similar to what you receive for most savings accounts.

When Selective Dinning Inc. pays as agreed, you will receive quarterly payments directly into your bank account. In the event of a default, you will be contacted by the Administrative Agent to manage the collections process on investors' behalf.

 


How Honeycomb is Compensated

Honeycomb charges Selective Dinning Inc. a $250 posting fee and a 6.0% - 7.0% loan origination fee on the total amount funded.

Total Amount Raised Origination Fee
$30,000 - $49,999 7.0%
$50,000 - $53,300 6.0%

Additionally, to cover expenses associated with each investment, Honeycomb charges a 2.85% investment fee capped at $37.25 per investor.

Like what you see?  Check out our other campaigns here!