Lending for Laughs: Our Partnership with Comix Comedy Club

Marc Wiesenthal and Michael Brauth previously had independent business careers. In 2010, they were approached about starting a comedy club at Foxwoods. Comix Comedy Club opened in 2011, and was successful in attracting well-known comedians to perform and in developing a following in the marketplace. When the five-year lease matured at Foxwoods, Marc and Michael had to decide if they should continue to stay with Foxwoods, where they found initial success, or if they should move to Mohegan Sun, which would allow for a larger, more visible business operation. In 2016, Comix opened up shop at Mohegan. Since the move, business has continued to grow, and they've been able to attract new, high caliber talent to perform.

Last year, operators of Mohegan Sun were looking to turn the slot machine area adjacent to Comix into a new bar or club. Due to the current layout of Comix, there were limitations in being able to capitalize on serving food and drinks to the crowd before a show. Marc and Michael felt it could be the right time to expand.

Marc and Michael asked around for which bank to contact to help fund this unique hospitality project. Rich Balestracci, VP, Commercial Loan Officer, and the Chelsea Groton team were recommended. Marc gave Rich a call, and the partnership was born.

The Comix team met with Rich to discuss their current business and the expansion they were hoping to undertake.

"When I met with Marc and Michael, I was immediately excited about their plans and was committed to finding a financing solution for their project. Based on their past success and Mohegan's commitment to the endeavor, we felt confident in what we were able to put forward, and were pleased that we found a funding plan that worked for all of us," shared Rich.

"The process has been excellent from the start," shared Marc. "We were in need of a creative package, nothing very standard. Rich talked us through some options, and took the tentative plans back to his committee to review. He came back with a final package that worked for all of us."

In order to complete the expansion, Comix needed a C&I Working Capital Line of Credit for short term working capital. A C&I Interest to Permanent Term Loan was also needed to refinance an existing debt and provide additional funds towards the fit-out of the new concept restaurant Comix Roadhouse, adjacent to the existing Club.

"Based on their needs, I also decided to connect them with Alexis Kahn from our business banking team to discuss our treasury management offerings," continued Rich.

"I've been impressed with everyone we've worked with at Chelsea Groton. Their collaboration, transparency and flexibility have been appreciated throughout the process," shared Marc. "Alexis also had to think outside the box for what we were looking for. After learning about our business plan and needs, she came to us with a pricing and interest rate structure that worked for all parties involved."

Comix is currently utilizing a Business Sweep checking account linked to an Investment Sweep account, the online Wire Origination Service, and the ACH Origination Service.

"We are committed to getting to know a customer's business activity and banking needs, in order to find a customized, creative and flexible solution that makes their operations easier and more efficient," explained Alexis. "For Comix, we created a specific banking setup and suite of services that Marc and Michael were happy with, and we provided training and support services. It seems to have been a very smooth transition for them."

The new Comix Roadhouse, a country-themed restaurant and bar which will be known for Texas-style food and a great local and regional craft beer selection, is slated to have its grand opening in early March. It will occupy approximately 8,000 square feet of space and add upwards of 150 seats to the previous 60-seat bar area which will enable Comix to serve quality sit-down meals and drinks to guests before and after shows.

Comix Roadhouse will have a large open entrance directly next to the entrance of the Mohegan Sun Arena, which is one of the most highly-trafficked areas at the casino. The country theme is sure to draw the country-concert crowd, which has gained in popularity in this market in recent years.

While the Comedy Club will continue to focus on hosting comedy shows, the adjacent Roadhouse will be offering other types of entertainment. "We're working on a full schedule of entertainment. Mondays will be line-dancing. On Thursdays, we'll have karaoke. And we'll feature live music, both country and rock, on Friday, Saturday and Sunday nights," explained Michael. "We're also thrilled to be open 7 nights a week now, as well as for the brunch and lunch crowds on the weekend, which we used to miss out on."

Additional country-themed entertainment will include dance routines in between music sets, as well as the opportunity to ride a mechanical bull. Patrons can pay per bull ride, or larger parties can rent it out for an hour at a time.

Chelsea Groton Bank is proud to be a lending and treasury management partner for Comix Roadhouse. To learn more about Chelsea Groton's business banking capabilities, click here.

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