Investors Bank Asset-Based Lending Group said it recently provided a $6.5 million loan facility to New York-based Ice Air. The financing will be used by Ice Air for working capital and to help grow their business.
Ice Air is a developer, importer, distributor and wholesaler of environmentally sound, innovative and durable HVAC units. The firm supplies heating and cooling systems to new construction and retrofit/replacement applications for high profile, commercial properties in New York City, Boston, California and locations across the U.S.
When structuring the financing, Investors Bank’s ABL team leveraged Ice Air’s assets to maximize the revolving facility that was available to the company. The transaction was completed in a timely manner, and the client received an attractive interest rate.
In announcing the loan origination, Investors Bank’s ABL senior vice president Joseph DeVito said, “We are relationship bankers, and we build alliances with our clients to help them achieve their financing objectives. Our successful efforts on behalf of Ice Air were led by business development executive Sam Cirelli, senior account manager/underwriter Michael McIntrye and SVP and senior credit officer, Joseph Costanza. They are true professionals who developed a financing solution that exceeded our client’s expectations.”