Cadence Business Finance Agents $73.5 Million Revolving Credit Facility for NuBridge Commercial Lending
DIAMOND BAR, Calif.--(BUSINESS WIRE)--Aug 24, 2021--
NuBridge Commercial Lending, a national commercial real estate bridge lender, entered a $73.5 million 36-month revolving credit facility with a syndicate of banks, with Cadence Business Finance serving as agent. The bank group also includes Sunflower Bank, Congressional Bank and Dominion Bank. Cadence originally committed $30 million to NuBridge and successfully increased the facility through syndication. The capital provided under the upsized facility, along with equity capital provided by Trive Capital (a Dallas-based private equity firm), will allow NuBridge to build upon the company’s early success and will promote the continued growth of the platform.
“The support of our financing partners is critical to NuBridge’s growth and to building our position in the national small-balance commercial lending market,” said Bill Komperda, CEO of NuBridge. “We are fortunate to work with Cadence and the rest of the bank group on the new credit facility, and we are grateful for their support,” added Ed Resendez, President of NuBridge.
“We are pleased to provide NuBridge with a customized lending solution that will support its growth and expansion plans,” said David Ellington, Director of Originations at Cadence Business Finance. “We’re excited to partner with Sunflower, Congressional and Dominion to increase the global credit facility to $73.5 million – $23.5 million more than we originally anticipated.”
About NuBridge Commercial Lending
Headquartered in Diamond Bar, California, NuBridge Commercial Lending is a real estate lending platform that offers short-term bridge loans to owners of commercial properties in 48 states and the District of Columbia. NuBridge focuses on first-lien, short-term bridge loans to owners of multifamily apartment buildings (residential units), mixed-use properties (typically office or retail space, combined with residential apartments), single- and multi-tenant office buildings, retail properties, light industrial buildings, warehouses, mobile home parks and self-storage facilities. NuBridge targets loans ranging from $1 million to $10 million with 12, 18 and 24-month terms. For more on NuBridge Commercial Lending, visit www.nubridge.com.
About Cadence Business Finance
Cadence Business Finance (CBF) provides creative asset-based lending and specialty finance solutions to meet the strategic and financial objectives of performing middle-market businesses. CBF also lends to specialty finance companies that make asset-based or asset-backed loans to U.S. businesses. Its experienced team of relationship-oriented advisors are experts at providing flexible financing structures and thoughtful in understanding the challenges of its clients, both now and throughout their lifecycle. To learn more about Cadence Business Finance, visit www.cadencebusinessfinance.com.
About Sunflower Bank
Headquartered in Denver, Sunflower Bank, N.A., is a regional bank founded 129 years ago. Operating as Sunflower Bank, First National 1870 and Guardian Mortgage, it is a relationship-focused full-service financial institution meeting the business, personal and wealth management needs of its clients. Sunflower Bank, N.A. has bank locations in five states, mortgage capabilities in more than 40 states, and a national reach for its commercial and specialty lending verticals. Member FDIC. Equal Housing Lender. First National 1870 and Guardian Mortgage are divisions of Sunflower Bank, N.A.
About Congressional Bank
Headquartered in Chevy Chase, MD, Congressional Bank’s Lender Finance Group provides creative, flexible loan solutions to growing middle market specialty finance lenders and investment funds across a wide variety of industry sectors. The Lender Finance Group seeks to cultivate long-term partnerships with lending platforms that are led by seasoned management teams. Congressional Bank targets loan sizes ranging from $15 million to $75 million and will syndicate facilities of $100 million or more through established banking partnerships. For more information on Congressional Bank’s Lender Finance Group, please visit ( https://www.congressionalbank.com/commercial-lending/lender-finance/ ).
About Dominion Bank
Dominion Bank has deep Texas roots. Established in 1911 in Grapeland, Texas, Dominion Bank began a new chapter in 2019 with the completion of a $50+ million capital raise - the 3rd largest bank capital raise in Texas banking history - along with a planned move of the headquarters to Dallas, Texas. Now, led by a seasoned management team with decades of collective experience in Texas banking, Dominion Bank is positioned to expand our presence in North Texas through direct access to decision makers and efficient execution. Dominion Bank seeks to establish loan and deposit relationship with well managed and profitable businesses. The Bank’s size, ownership and management structure allows it to underwrite and hold credit of a meaningful size, but also provide excellent customer service and responsiveness that values each client individually.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210824005139/en/
CONTACT: April Romeos
NuBridge Commercial Lending
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: FINANCE PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: NuBridge Commercial Lending
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PUB: 08/24/2021 01:35 PM/DISC: 08/24/2021 01:36 PM