GE Capital to Sell Franchise Finance Portfolio to Sterling
Sterling National Bank has entered into an agreement with GE Capital to acquire a portfolio with $190 million of performing restaurant franchise financing loans.
Sterling National Bank has entered into an agreement with GE Capital to acquire a portfolio with $190 million of performing restaurant franchise financing loans.
GE completed the sale of GE Capital’s Franchise Finance U.S. hotel business to Western Alliance Bank. The sale includes $1.3 billion in ENI and the majority of the hotel business employees.
Condor Hospitality Trust completed its previously announced acquisition of three premium-branded hotels for $42.5 million. GE Capital Franchise Finance provided debt financing to support the transaction.
GE Capital’s Franchise Finance business announced it provided financing to Dufficy Enterprises, a Domino’s Pizza franchisee that operates 16 units in the greater Boston area.
GE Capital’s Franchise Finance provided an $11 million term loan and $2 million development credit line to restaurant operator RJC to support its recent acquisition of 26 Denny’s restaurants.
J & B Restaurant Partners, a Friendly’s franchisee, filed voluntary petitions for relief under Chapter 11. GE Capital will provide a debtor-in-possession financing facility.
GE Capital’s Franchise Finance business provided $35 million in two separate term loans to Romulus.
GE Capital’s Franchise Finance business led a $37.5 million senior credit facility for Specialty’s Café & Bakery to refinance existing debt and provide funds for additional growth.
GE Capital Franchise Finance announced it expanded its team of account executives to focus on developing relationships with the next generation of restaurant operators nationwide with the hiring of Allen Johnson.
GE Capital Franchise Finance announced its first financing of a $5.6 million loan to MX Restaurants and Bakeries for its Corner Bakery Café concept.