Daily News: July 20, 2018

CIT Northbridge Arranges $17MM Walker Zanger Facility


CIT Northbridge Credit, the joint venture financing unit of CIT Group, served as sole lead arranger on a $17 million senior secured revolving and term loan credit facility for Walker Zanger.

Los Angeles-based Walker Zanger is a retailer and wholesale distributor of ceramic, marble, granite and limestone tiles and slabs throughout the United States. The company provides a broad range of products for residential and commercial uses, particularly those involving high-quality applications in homes, boutiques, resorts, museums and restaurants worldwide.

“This financing from CIT Northbridge Credit is a key element in our strategy to build our business and serve our customers,” said Jonathan Zanger, president of Walker Zanger. “The expertise and insights of the CIT Northbridge team were critical in driving a smooth and efficient closing of this credit facility.”

“Recognizing the expertise of the owners and managers of this well-established brand, CIT Northbridge was pleased to provide the additional liquidity and operating flexibility necessary to enable the company to execute on its business plan,” said Neal Legan, CIT Northbridge leader.