Saks OFF 5TH closed on a syndicated, five-year $125 million asset-based revolving credit facility jointly arranged by Citibank and Citizens and a $20 million term loan arranged by Callodine Commercial Finance.
Callodine Commercial Finance hired Kathy Dimock as managing director focused on originations and Michael Watson as principal focused on underwriting.
The Callodine Group became one of the newest entrants to the asset-based lending and private credit sector when it acquired Gordon Brothers Finance Company and rebranded it as Callodine Commercial Finance. With an experienced team in place, the new entity is looking to attack a market rife with opportunities.
Callodine Commercial Finance provided $20 million of financing to support Los Angeles-based private equity firm Kingswood Capital Management’s acquisition of MEC, a Canadian outdoor wear retailer.
Callodine Group agreed to acquire Gordon Brothers Finance Company. As a result, Gordon Brothers Finance Company changed its name to Callodine Commercial Finance. The acquisition is being funded in part by financing from KKR, East Asset Management and Axar Capital Management.