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Pennsylvania

The Upper Crust

About Documents
62%
$31,185 Funded
$50,000 Target
12 days Time Left
46 Investors
$50,000 Min. Raise
$75,000 Max. Raise
60 mo. Term Length
9.75% Interest Rate
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Overview

The Upper Crust is an authentic Italian culinary expression. We are a scratch kitchen that prides itself in quality and flavor. Located in the center of the city, our customers are the downtown business district, especially for the lunch crowd, and our dinner features will service not just local residents but will pull guests in from the surrounding area as we are a one of a kind establishment that is known to be worth the drive. Given the current business climate, our menu will also be very takeout forward with family-style options for those diners looking to take our freshly prepared meals home to enjoy.

In addition to the kitchen, The Upper Crust will feature a local/import market to compliment the dining experience. We will have goods produced within our county for sale along with some specialty Italian import items to bring our local and authentic theme full circle. The market will include wine, beer, and spirits all produced in Pennsylvania that can be purchased for onsite consumption or that can be taken home to enjoy.

"True pizza is woodfired - that's where we came from and that's where we are going!" ~Mark Kennison

 

The Project

Much of what is needed to open this business has already been purchased and in place for operation and the kitchen has been inspected and licensed. The funds we are requesting will get us over the final hurdle for a truly grand opening. The items requested for purchase will give the business the ability to open with its full potential. We only get one chance at a first impression and we want to make it truly special for our guests! 

$10,000 - Brick Oven. The original Upper Crust was highlighted around a wood-fired brick oven that I built by hand. This operation will be no different as I need the materials to build another one-of-a-kind true Italian wood-fired oven.

$10,000 - Remaining kitchen build-out. We need a few more specific items to complete our kitchens such as a mixer, sandwich toaster, and small wares.

$10,000 - Marketing and building out signage as well as displays, which will include our beverage program, gelato bar, and local / import goods as well as grab-and-go items for those in a hurry. Shelving, lighting, and refrigeration are included in this.

$7,500 - Décor, Ambiance, and Seating. Tables, chairs, art, music, accent lighting.

$7,500 - POS and Security. Point of Sale and security system.

$5,000 - Exterior Signage with LED lighting.

 

Outfitting the Upper Crust is key to creating an intimate, authentic experience. 
 

Business

History

I opened The Upper Crust on June 4, 2010. There was a line around the corner from day 1 as we were the first locally opened and operated business to come to the downtown for quite some time. Our Main Street was in decline for many years, with businesses closing or moving away. Since then several other businesses have opened up in downtown and we are again becoming a destination city. Many attribute The Upper Crust as the spark that ignited the revitalization movement of the downtown business district. I sold the business in 2014 so I could push forward my development efforts. The business was relocated away from Main Street and did not remain open for long. It was unfortunate to hear, but it gave me the opportunity to bring it back one day. To this day, locals say how much they miss it and wish it could come back. This will be an epic return, front-page news, and social media headline. The new location is a more central location and back on Main Street in a bigger and better space. I have partnered with an excellent, local chef that specializes in Italian. All the major pieces are set in place for a successful launch.

Locals gathered and lauded the nostalgic touches of Upper Crust (Photo circa 2010).

 

The Future

Being that we own the property, we are in a position to really grow the business for years to come. Future plans include adding a wine cellar to the basement with a tasting room. We will have acquired our winery license by the time we open. With cider in production and ready to sell will have the ability to offer PA sourced spirits at our location. The business will also grow into the host of specialized catered events such as wine dinners and private functions.

We have a beautiful venue on the top floor of the building that overlooks the city and adjacent college. Our high-quality food will keep us in demand as premier caterers in our area. In my experience, people will travel for the level of service and top tier food we will consistently provide and the allure of a true wood-fired oven is a major draw from all directions. Word of mouth will go a long way to keep finding more and more loyal customers.

The Upper Crust will feed directly back into the local economy in historic downtown Washington, PA.

 

About the Owner

Mark Kennison is a serial entrepreneur/restaurateur that has been developing downtown Washington, Pa for over 10 years. He has opened 6 businesses on Main Street beginning with the original Upper Crust in 2010. Since then he has opened the Italian Market (now Deli on Main), Rachel Rose's coffee shop and bakery (now Chicco Baccello), The Presidents Pub and Grille, and Nineteen North (an entertainment venue). He sold his first businesses to create a development company that purchases downtown real estate to create residential opportunities and bring new businesses to Washington. In addition to the businesses and real estate, Mark Kennison is a founding member of The Dreamers Company, a local non-profit centered around community development with a focus on making renaissance a reality in the city of Washington. Being born and raised in this city, his heart, soul, and tireless effort goes into everything he does to bring about a true restoration to the place he's proud to call home.

Owner Mark Kennison is leading the cause to ensure Washington, PA becomes a living city again.

Deal Summary

Deal Summary

Issuer

 The Upper Crust 15301 LLC

Doing Business As 

 The Upper Crust

Security Type

 Secured Loan

Loan Purpose

 Re-opening of restaurant + equipment

Offering Amount

 $50,000 - $75,000

Interest Rate

 9.75% annually

Payments

 Monthly, disbursed to investors quarterly 

Maturity

 60 months

Personal Guaranty

 Monica Kennison

Security Interest

 Blanket lien in assets of the company

Offered Portal

 Honeycomb Portal LLC

Offering Type

 Reg CF

 

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 The Upper Crust 15301 LLC.

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

 Investment Amount   One-Time Fee   

 Potential Quarterly

 Return: Amortization Period* 

 Potential Total Repayment* 
 $100  $2.85    $6.33  $126.74
 $500  $14.25    $31.68  $633.72
 $1,000  $28.50    $63.37  $1,267.45
 $5,000  $37.25    $316.86  $6,337.27

Your ongoing responsibilities from investing are very limited. Over the life of the loan, you will receive a yearly 1099-INT, which is a simple tax document similar to what you receive for most savings accounts.*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. These amounts are calculated as a hybrid interest-only + amortizing loan, which means that there is a specified interest-only period followed by an amortization period. There are no prepayment penalties and The Upper Crust 15301 LLC 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.

The Upper Crust 15301 LLC 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 the investors' behalf.

 

How Honeycomb is Compensated

Honeycomb charges The Upper Crust 15301 LLC a $250 posting fee and a 7.0% - 8.0% loan origination fee on the total amount funded.

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

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