GRAND RAPIDS, MI — The financing and ownership of a mixed-use building on Grand Rapids’ West Side that is home to New Holland Brewing Company has been restructured in response to the brewery’s financial challenges.
Bridge and Turner LLC, which owns the building, has cut New Holland Brewing’s base rent by 47% for five years, though the brewery will now pay a percentage of its revenue on top of the base rent, according to a memo from the Michigan Strategic Fund.
“Like many craft beverage operators, New Holland has navigated several challenging years in the industry,” according to a statement from Mike VanGessel, the former CEO of Rockford Construction and one of the building’s principal owners. “The lease and capital structure adjustments position the building — and its anchor tenant — for long-term stability and success.”…