Equipment financing alternative funding provider 36th Street Capital Partners expanded its three-year, senior secured revolving credit facility to $125million, an increase of $25 million.
People’s United Bank joined the existing syndicate for the amount of the increase, which will be used to fund portfolio growth.
“We are excited to partner with the 36th Street Capital team and look forward to fostering this relationship to support their long-term strategy and growth objectives,” said Kate Lepak, head of Asset-Based Lending, People’s United Bank. “Our goal is to provide our customers with specialized financial flexibility and industry expertise to facilitate sustainable growth.”
“We are pleased to continue the expansion of our credit facility with the addition of People’s United Bank,” said Kiran Kapur, 36th Street co-founder and CEO. “As we grow, finding bank partners like People’s United who understand the attributes unique to our business and that of our clients, is an important part of our ability to deliver creative solutions to our origination partners.”
Founded in 2014, 36th Street Capital is an independent finance company specialized in structuring customized equipment financing solutions for middle market companies seeking alternative funding sources. It has offices in New Jersey, Utah and California and is a joint venture affiliate of BlackRock TCP Capital.
Founded in 1842 and headquartered in the Northeast, People’s United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management and insurance solutions. The company also provides specialized commercial services to customers nationwide.
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