Alex Khan opened Shipwrecked restaurant just a few short months ago, but he has already turned the oceanfront property into Falmouth’s family-friendly hot-spot, and the site of the Falmouth Road Race’s official after-party for runners and the media. Formerly the British Beer Company, Khan has revamped the space with a crushed-shell patio, sushi bar and all-new tap lines for beers on draft. With South Shore Bank as his lender, Khan also purchased the companion 23-room Seaside Inn, now renamed “The Heights Hotel.” The restaurant and inn occupy a premier spot directly across the street from Falmouth Heights Beach, complete with a picturesque view of Martha’s Vineyard. Shipwrecked has been packed all season, as Khan has successfully merged upscale food and ambiance with the casual “step off the beach and grab a bite” vibe.
Khan says, “Growing up, I spent my summers in Falmouth Heights, and running in the Falmouth Road Race is a family tradition. It has always been a dream of mine to own a restaurant, and I can’t think of a better location. When I approached South Shore Bank about it, they were familiar with the spot, and their lending team even drove down to the property to talk with me about my vision. They could see the potential, and also understood the importance of building a business that focuses on relationships and community."
“I’d never taken out a commercial loan before, and South Shore Bank made it the best experience I’ve ever had with a bank. Their senior commercial officer, Mike Healy, really led the charge. Transacting the purchase of three buildings in a pandemic with no reliable 2020 numbers to go by was no easy feat, but Mike was amazing. He was instrumental in communicating with the Small Business Administration and gathering information from the CPAs, surveyors and appraisers. Mike proactively kept me informed along the way, so I didn’t need to keep checking in to learn how the process was going; he took that burden completely off my plate. The whole closing went smoothly—and the lending team even attended my opening. I can’t imagine receiving that kind of personalized encouragement from a national bank.”