Stonebriar Commercial Finance has provided $35 million lease financing to fund the purchase of 237 new rail cars to an unidentified lessee. The lessee refines and supplies unbranded gasoline, ultra-low sulfur diesel, heating oil, jet fuel, asphalt, petrochemical feedstocks, lubricants and other petroleum products.
“With Stonebriar managements’ extensive knowledge in the rail asset class, we were pleased to be able to execute quickly to meet the customer’s short time frame,” said Stonebriar senior managing director Steve White.
Stonebriar has made rather large strides in its short existence. Since its inception in April, the company has committed more than $160 million in financings with over $110 million funded to date. Additionally, it made one of the larger personnel additions of the past few weeks when aircraft industry veteran Michael Amalfitano was hired as a vice president and senior managing director last week.