Briar Capital Real Estate Fund closed a $6.75 million real estate term loan with a toy manufacturer and distribution company located in the Northeast.
The COVID-19 pandemic created challenges with the company’s retail distribution network, as many of the stores supplying its products experienced closures, some permanently. The store closings resulted in declining orders, which substantially affected the company’s bottom line. Its existing bank decided the company no longer fit its customer profile and asked the toy manufacturer to move the relationship. A national, bank-owned asset-based lender stepped in to provide the revolving line of credit, while Briar Capital Real Estate Fund was brought in to finance the company’s real estate assets.
Briar Capital Real Estate Fund and the new working capital lender closed their respective facilities simultaneously to pay off the incumbent bank, which had a lien on all assets.
