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CIT Northbridge Arranges $17MM Credit Facility for Walker Zanger

July 20, 2018, 07:12 AM
Filed Under: Building Supplies

CIT Group Inc. announced that CIT Northbridge Credit, its joint venture financing unit, served as sole lead arranger on a $17 million senior secured revolving and term loan credit facility for Walker Zanger.

Walker Zanger, headquartered in Los Angeles, is a retailer and wholesale distributor of ceramic, marble, granite and limestone tiles and slabs throughout the United States. The company provides a broad range of products for residential and commercial uses, particularly those involving high-quality applications in homes, boutiques, resorts, museums and restaurants worldwide.

“This financing from CIT Northbridge Credit is a key element in our strategy to build our business and serve our customers,” said Jonathan Zanger, president of Walker Zanger. “The expertise and insights of the CIT Northbridge team were critical in driving a smooth and efficient closing of this credit facility.”

“Recognizing the expertise of the owners and managers of this well-established brand, CIT Northbridge was pleased to provide the additional liquidity and operating flexibility necessary to enable the company to execute on its business plan,” said Neal Legan, who leads CIT Northbridge.

“It was a pleasure to work with this family-owned business and management team to structure a revolving credit facility that will meet the needs of Walker Zanger for years to come,” Legan added.

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