Stonebriar Commercial Finance closed a $35 million vessel-secured mortgage to a limited recourse special purpose entity majority owned by a provider of marine transportation services.

The vessel collateral securing the loan is a U.S. flagged, Jones Act compliant new-build 83,000-barrel articulated tug and barge (ATB). The proceeds of the loan were used to construct and term finance the ATB. This transaction represents the second ATB financing closed by Stonebriar with a commonly owned borrower and under similar terms and conditions.

Kyle Parks, Stonebriar’s head of Direct Originations, stated, “We have great confidence in the operator’s management team, the essentiality of this long-lived and desirable asset, and in the quality time charter the ATB will support.” Kyle added, “Our team, led by Brian Daley and Harrison Smith, worked closely with the client to provide an interim to permanent debt facility that addressed the borrower’s specific strategic objectives.”