KeyBank Specialty Finance Lending closed a $35 million credit facility for Commercial Equipment Finance (CEFI), an independent commercial equipment finance company headquartered in Puerto Rico.

“CEFI is a leading equipment finance company that we look forward to helping meet its growth targets over time,” Rian Emmett, managing director and group head of KeyBank Specialty Finance Lending, said. “Based on the strength and experience of the management team, CEFI is an excellent addition to our lending portfolio.”

The credit facility is a non-recourse revolving line of credit to a wholly-owned special purpose entity established by CEFI and secured by equipment loans and leases meeting certain criteria. The credit facility has a three-year term, including a two-year revolving period with an accordion feature to increase aggregate commitments up to $150 million.

“This KeyBank credit facility supports our growth and expansion within and outside of our footprint in Puerto Rico, Florida and Texas,” Ricardo A. Rios, president and CEO of CEFI, said. “We are excited to begin a long-lasting relationship with KeyBank’s team and benefit from their expertise as we grow.”

Quadrant Financial Group acted as advisor to CEFI in arranging the transaction.

“CEFI’s excellent management team and stellar portfolio made it a great candidate for this type of facility,” Gregory Gac, managing director for Quadrant Financial Group, said. “The additional financing positions CEFI to build on its already substantial successes. Quadrant is proud to count CEFI as a valued client.”