Briar Capital Real Estate Fund closed a new $5,500,000 real estate term loan to a 4th generation family-owned distributor of educational and recreational products.

The transaction was referred to Briar Capital by a bank-owned asset-based lender seeking to exit the lending relationship after a covenant breach. Briar replaced the lender’s real estate term debt while a separate ABL lender provided the company with a working capital facility. To complete the transaction, Briar worked closely with the second lien holder on the real estate to extend its maturity and amend a portion of its existing facility, enabling a smooth and collaborative capital structure.

“We are proud to have been called in by a trusted ABL partner to deliver a real estate financing solution for this long-standing family-owned business in the Northeast,” said Jill Kirshenbaum, Briar Capital’s Senior Vice President of Business Development.

“This deal underscores the importance of collaboration across the capital stack. Coordinating with a new ABL lender and negotiating with the existing second lien holder required patience and precision, but resulted in a solution that positions the company for long-term success,” said Leah Goldberg, Briar Capital’s CFO, who managed the closing.