Webster Provides $13.49MM Financing to City of Newark
Webster Bank provided a $13.49 million senior secured credit facility to The City of Newark. The loan will finance four capital grants to support redevelopment initiatives underway in Newark, as well as pay for costs of issuance of the loan.
“This transaction is an example of Webster Bank’s ability to execute a unique financing structure,” said John Ciulla, executive vice president, Commercial Banking at Webster Bank. “Newark is entering its renaissance years as it looks to attract new businesses and residents to the city, and we are very pleased to provide this level of financial support to fund some important redevelopment initiatives.”
The deal was structured by Thomas Randazzo, SVP, government, institutional, and not-for-profit banking in Webster’s metro New York City commercial banking office. This transaction represents Webster’s first loan to The City of Newark.