Briar Capital Real Estate Fund closed a new $4 million commercial real estate loan in New York to a business providing warehousing and transportation services in the Northeast.
During the COVID-19 pandemic, revenues for this transportation business materially declined, and business has yet to fully return to pre-pandemic levels. Expenses have increased significantly because of rising inflation, and those increases have outpaced the company’s new contracts and renewals, having a direct effect on its bottom line. With its P&L in the red, relations with the existing bank became strained, culminating with the bank freezing the company’s two lines of credit and formally requesting to move the relationship.
Facing a liquidity crunch, the business turned to a well-known, national turnaround consulting firm to help it to right the ship. Needing a new lender with patent capital, the turnaround firm immediately reached out to Jill Kirshenbaum, senior vice president at Briar Capital, to finance the company’s multiple commercial real estate holdings.
“We couldn’t be more pleased to have been called about this opportunity and to be part of the financing solution for this incredible company,” Kirshenbaum said. “Not only did our $4MM real estate loan refinance the bank, but we generated excess funds over and above the existing debt that were used to pay delinquent property taxes and for working capital within the borrower’s business.”
“We pride ourselves on providing customized real estate financing solutions to businesses coast to coast,” Leah Golberg, chief financial officer of Briar Capital, said. “Unlike most lenders, we are not a cookie cutter shop. Each deal is unique, and we believe so to should be our financing solution.”
