Briar Capital Real Estate Fund closed a new $12.023 million real estate loan facility for a company that provides oil country tubular goods (OCTG) services to support businesses in the oil and gas industry.
The loan facility consisted of two term loans, with one a $10.06 million first lien loan and the second a $1.963 million second lien loan, both secured by multiple owner-occupied properties in Houston and Odessa, TX. The loans were the main financing component of the Chapter 11 reorganization plan the client used to exit bankruptcy.
An investment banking team that had worked with Briar in the past brought it into the transaction. While providing most of the funds used for the client’s exit from bankruptcy, the loans from Briar were paired with loans from other lenders that financed the client’s accounts receivable and inventory assets. Working alongside these lenders and the investment banking firm, Briar met the client’s end of year deadline to close and satisfy the specific requirements of its secured creditors.