Upton, MA – August 12, 2024 – Local restaurant hot spot,
Red Rock Grill & Bar, transitioned to new ownership with the help of funding from Rockland Trust. Stela Kourkouliotis bought the restaurant and building from long-time owners Russ and Sherry Berger, who sought a buyer interested in continuing the business in 2023.
Kourkouliotis worked with Rockland Trust and real estate agent Jimmy Kalogeropoulos to finance a deal that closed earlier this year. Kalogeropoulos connected Kourkouliotis with Elyson dos Santos from Rockland Trust to facilitate a financing package for the purchase of both the business and property.
“I was born and raised in Upton and I have a restaurant background through my family, so this was a great opportunity to use my skills to keep a local business with loyal customers running in my close-knit community,” said Kourkouliotis. “The relationship I have with Rockland Trust and Elyson helped me secure financing and will continue to support my business as we move forward. My love for the restaurant business is as strong as ever, and I’m excited for the future of Red Rock Grill & Bar.”
Jimmy connected with Elyson dos Santos from Rockland Trust to facilitate a financing package for the purchase of both the business and property. Dos Santos worked closely with Heather Storme at Bay Colony, a local Certified Development Corporation (CDC) to secure Small Business Administration (SBA) funding for Kourkouliotis, to gain ownership of Red Rock Grill & Bar. The financing package included a dual SBA 504 loan with Bay Colony for the purchase of the restaurant property and an SBA 7(a) loan for the business acquisition.
“Stela was eager to keep a beloved hometown restaurant open and maintain the heart of what makes Red Rock a local gem,” said Elyson dos Santos, vice president and business community liaison at Rockland Trust. “We worked together to ensure her vision was achieved with the support of SBA loans. We’re excited for the Upton community to continue to enjoy Red Rock for its original charm under Stela’s wing.”
Since the transition of ownership was completed earlier this year, the business has run smoothly and retained all employees. Kourkouliotis, who has a background in finance and sales, comes from a family of restaurateurs. Her parents own several restaurants and local pizza shops, and her sister owns a diner on the North Shore.
Kourkouliotis plans to update the Red Rock Grill & Bar menu based on customer feedback, including adding gluten-free items. For more information about Red Rock Grill & Bar, visit
www.redrockgrillandbar.com.
About INDB and Rockland Trust
Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts and Worcester County as well as commercial banking and investment management offices in Massachusetts and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. The Bank also offers a full suite of mobile, online, and telephone banking services. Rockland Trust was named to The Boston Globe's "Top Places to Work" 2023 list, an honor earned for the 15th consecutive year. Rockland Trust has a longstanding commitment to equity and inclusion. This commitment is underscored by initiatives such as Diversity and Inclusion leadership training, a colleague Allyship mentoring program, and numerous Employee Resource Groups focused on providing colleague support and education, reinforcing a culture of mutual respect and advancing professional development, and Rockland Trust's sponsorship of diverse community organizations through charitable giving and employee-based volunteerism. In addition, Rockland Trust is deeply committed to the communities it serves, as reflected in the overall "Outstanding" rating in its most recent Community Reinvestment Act performance evaluation. Rockland Trust is an FDIC member and an Equal Housing Lender.
