Star Mountain Capital closed a $225 million asset-based leverage facility led by ING Capital. The lending group consists of ING, CIT, TIAA Bank, Axos Bank, East West Bank, Georgia Banking Company and Customers Bank.
CIT’s power and energy business served as lead arranger for $68.4 million in financing for the acquisition of Crane Solar, a 150-megawatt solar farm located in Crane County, TX, and an adjacent 25-megawatt battery development.
CIT’s maritime finance business is providing $42 million in financing for a portfolio of seven dry bulk vessels. Dynamic Bulk Holdings, a dry bulk shipping operator, will use the loan to refinance existing debt on its fleet of seven Handymax vessels.
CIT’s asset-based lending business served as agent and sole lender on a $20 million loan and revolving credit facility for GEE Group, a provider of professional staffing services and human resources solutions.
CIT’s power and energy business served as coordinating lead arranger for approximately $200 million in financing for the 149-megawatt Big River solar power project in White County, IL.
CIT hired Blake Goddard as a business development officer for its asset-based lending business. Goddard will be based in Atlanta and focus on asset-based lending business development across the Southeast.
CIT named Christopher DeRosa a business development officer in the West Coast office of its commercial services business. DeRosa will focus on business development across a range of verticals supported by CIT’s commercial services business.
Wayne Wagner, Mark Johnson and JP DeStefano joined CIT’s equipment finance division as vice presidents for business development on the industrial team. They will be responsible for developing relationships throughout the Northeast, West and Southwest regions, respectively.
FinTech Breakthrough selected CIT Group’s small business solutions group as the winner of the Business Lending Innovation Award for its point-of-sale lending platform in the fifth annual FinTech Breakthrough Awards program.
ING Capital acted as sole bookrunner and coordinating lead arranger on debt financing consisting of a term loan facility totaling $490 million and a $60 million revolving credit facility for Lighthouse Infrastructure, a wholly-owned subsidiary of Third Coast Midstream.