BciCapital Expands Leadership Team Following Historic Q1
AUG 16, 2022 - 6:51 am
BciCapital, the commercial finance subsidiary of City National Bank of Florida, added five new senior executives on the heels of the most active first quarter in the firm’s history.
The $1.3 billion commercial finance firm specializes in originating direct financing for borrowers across the United States, with a focus on franchise businesses, corporate aviation, equipment finance and renewable energy initiatives. In Q1/22, BciCapital funded a total of $180 million in new loans, marking the highest loan volume ever originated by the firm in the first quarter of any year.
A sampling of transactions completed by BciCapital in Q1/22 included:
$18 million in loans to a global provider of air, ground and managed medical transportation services. The loans provided by BciCapital funded several medical helicopters.
$20 million in loans for a privately-owned marine transportation and dredging business. Last year, BciCapital refinanced 14 of the company’s vessels.
$25 million in franchise financing for a national owner and operator of franchises. BciCapital provided $25 million in financing for the acquisition of 22 Sonic Drive-In franchises located across Tennessee.
$27 million in financing to support the development of a commercial offshore wind development located off the New England coastline. BciCapital’s loan will fund the construction and post-delivery operation of three transport vessels that will shuttle technicians to and from the wind farm project.
“Few direct lenders in the U.S. can compete with BciCapital when it comes to our depth of expertise and relationship-based approach, the strength of our parent company at City National Bank and our commitment to tailored solutions that meet our clients’ specific needs,” Eric Miller, CEO of BciCapital, said. “Our platform offers clients the industry knowledge, access to capital and the technology of a large national lender, along with the size and personalized approach of a middle-market lender.”
In recent months, Miller unveiled a business reorganization plan to grow and strengthen the firm’s position among the United States’ sources of commercial financing. In 2021, BciCapital was ranked No. 50 in the Monitor 100. The following executives have joined to help strengthen BciCapital in multiple areas, including investment and asset management, underwriting and legal affairs:
Robert Seltzer, chief commercial officer. Seltzer brings more than two decades of experience leading national sales teams, cultivating relationships with C-suite executives and developing and executing business plans.
Kelly Lane, head of asset management. Lane has 25 years of asset management experience and has overseen equipment portfolios in excess of $2 billion. He has valuation experience across an array of equipment and will primarily focus on large-ticket equipment and aircraft transactions and become a resource for other business units. Lane is a member of the American Society of Appraisers and serves on the equipment committee of the Equipment Leasing and Finance Association.
Craig Goldstein, underwriting leader. Bringing more than a decade of experience overseeing investments valued in the tens of billions, Goldstein oversees underwriting and portfolio management for BciCapital’s large-ticket asset-backed verticals. At BciCapital, he will oversee a portfolio initially valued in excess of $700 million.
Stephanie Zschokke, general counsel. Zschokke brings more than two decades of legal experience in commercial and equipment finance, banking and corporate and commercial law. As a corporate counsel and commercial attorney, Zschokke is adept in the complexities of commercial business transactions and corporate law and specializes in commercial lending and equipment finance. Zschokke will serve as BciCapital’s general counsel and top in-house legal advisor.
The new team members will join existing BciCapital leadership, including Mark Trollinger, chief investment officer and head of capital markets and ESG, and Joe Serio, CFO and COO.
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