Briar Capital Real Estate Fund has provided a $4.785MM real estate term loan to a fashion products wholesaler located in Tampa, FL.
The loan is secured by the company’s owner-occupied office/warehouse facility.
Shortly after constructing a new, state of the art warehouse, this company’s sales fell in excess of 30% due to unforeseen changes in the marketplace coupled with customer consolidation. Unable to reduce expenses fast enough the business posted significant losses prompting its bank to request its move its line of credit and real estate loan.
The company’s new ABL lender referred it to BCREF, which stepped in to accommodate the bank’s wish to exit the relationship. With a collateral based approach, BCREF was able to overlook the company’s recent poor financial performance and provide a covenant-free real estate term loan solution to pair with the new ABL L/C.
