Loeb announced it recently expanded its operations within the Midwest when it opened its Detroit office earlier this month. The office will house a team focused on used machinery and equipment sales as well as business development for related services such as term loan financing, appraisals, and auction services.
The establishment of the Detroit office comes at a time of substantial growth for Loeb Term Solutions, the industrial lending arm of Loeb and the recent appointment of Eric Grozenski as business development officer for the tri-state area: Michigan, Ohio and Indiana.
“In the past 18 months, Loeb Term Solutions experienced significant growth in our lending portfolio and we are expanding our operations to better serve the metro-Detroit financial sector, stated Jim Newman, Loeb Term Solutions managing partner. “We now have offices in Illinois, Florida, South Carolina and now Michigan.”
The Detroit office will also be home to Loeb account manager, Andres (Andy) Barriga who will be focusing on machinery sales and acquisitions.
“With all of the business we do in MI and OH it was a great opportunity to get someone local to continue our growth and with our customers,” stated Howard Newman, president of Loeb.