Press Release
Mortgage Equicap arranges $18 million loan facility for a middle-market company based in Long Island, NY
NEW YORK, NY - Third Quarter, 2009 - Mortgage Equicap announced that the company has arranged an $18 million mortgage and line of credit facility to a middle-market company based in Long Island, NY.
The company used the proceeds to pay off an existing mortgage at a discount to par and replace an asset-based line of credit facility.
Mortgage Equicap placed the loan with a major regional bank. The lender's head of commercial banking highlighted the deal as "commercial banking deal of the month". "Mortgage Equicap worked tirelessly on the transaction and stayed on top of all aspects, including but not limited to negotiating a discounted payoff with the existing lender," said the middle market relationship manager.
