Schenectady, N.Y., October 8, 2008 – Metroplex today announced that Cyclics, a high-tech company headquartered in Schenectady which develops, test and manufactures specialty resins, polymers as well as a line of tooling products, has made the final payment on its $1.25 million loan.
The company borrowed $1.25 million from Metroplex in 2001. The company has repaid the full $1.25 million as well as interest payments totaling over $553,786.
Cyclics moved to Schenectady County in 2001. The company occupies a 22,000 square foot building on Technology Drive that serves as corporate headquarters. Cyclics also operates a manufacturing plant in Germany.
Metroplex has a loan portfolio worth almost $17 million. Over $5 million in principal and interest payments has been repaid on these loans to date. The only loan that is more than 90 days overdue is owed by Electric City Brew Pubs, Inc. (Van Dyck). The Van Dyck was auctioned today to retire debt owed to Metroplex and other creditors. The original Metroplex loan to the Van Dyck was for $275,000. In addition to holding second position on the real estate assets of Electric City Brew Pubs, the Metroplex loan is also secured by a first position on equipment and a personal guarantee from the owner.