Briar Capital Real Estate Fund closed a new $5.5 million real estate term loan to a fourth-generation, family-owned distributor of educational and recreational products.
The transaction was referred to Briar Capital by a bank-owned asset-based lender seeking to exit the lending relationship after a covenant breach. Briar replaced the lender’s real estate term debt while a separate ABL lender provided the company with a working capital facility. To complete the transaction, Briar worked closely with the second lien holder on the real estate to extend its maturity and amend a portion of its existing facility.
“We are proud to have been called in by a trusted ABL partner to deliver a real estate financing solution for this long-standing family-owned business in the Northeast,” Jill Kirshenbaum, senior vice president of business development at Briar Capital, said.
“This deal underscores the importance of collaboration across the capital stack. Coordinating with a new ABL lender and negotiating with the existing second lien holder required patience and precision, but resulted in a solution that positions the company for long-term success,” Leah Goldberg, chief financial officer of Briar Capital, who managed the closing, said.
