Thursday, Louisville learned that Lynn’s Paradise Cafe was sold to a Nashville-based company after three long years on the market.
Today, Insider Louisville learned that the previously unnamed company is Fresh Capital Acquisitions based out of Madison, Tenn., a suburb of Nashville.
The company paid Lynn’s Paradise Cafe owner Lynn Winter $1.5 million for the property and the building, according to documents filed with Jefferson County.
The property transfer agreement was signed by Dale Wasem, who is listed as a manager of the company. Wasem also is a Taziki’s Mediterranean Café franchisee in Tennessee, according to several news articles.
But that’s not all. The address for Fresh Capital Acquisitions’ headquarters matched the primary address for The Fresh Capital Group, a real estate transaction, consultation and advisory services firm. It also provides financial services such as raising capital for its clients.
The group has developed or owns properties valued at more than $200 million, according to The Fresh Capital Group’s website.
Matt Bodnar, a partner and managing member at The Fresh Capital Group, confirmed that his company bought Lynn’s Paradise Cafe, but he declined to disclose what will open there or when an announcement will be made.
It’s a “strong possibility” that the restaurant will be one already in the company portfolio, he said. There is no timeline set for opening the new concept, Bodnar said, noting open dates are “notoriously hard to predict.”
The Fresh Capital Group has worked with a mix of small and large chains, including El Pollo Loco, 5 Bar, Little Donkey, Trader Joe’s and Tellini’s Italiano, as well as Wendy’s and Papa John’s, the website states.
The company already owns the Taziki’s in Middletown Commons and the three I Love Juice Bar stores in Louisville. Bodnar said The Fresh Capital Group is excited to grow their business here.
“We love the Highlands neighborhood, and we love the Louisville market,” he said. “We are excited to bring something back to the neighborhood.”
Bodnar said the company plans to redevelop the Lynn’s Paradise Cafe building rather than demolish it.
“We like to keep the character of the old building and integrate that,” he said, “rather than scraping it and building something that doesn’t have as much feel and character.”