Goldberg Kohn recently represented CIT Northbridge Credit in its role as sole arranger for a $45 million senior secured credit facility for MVP Payroll Financing LLC. MVP is an Arizona-based services firm that provides staffing and administrative solutions for payroll, HR and worker's compensation, etc. The financing is meant to support MVP's continuing operations and growth.
The Goldberg Kohn team that advised CIT Northbridge consisted of Commercial Finance partners David Dranoff and Jenna Ward, and associate Petar Radujkovich, along with partners Jeremy Downs and Zach Garrett of the Bankruptcy and Creditor's Rights practice.
CIT Northbridge Credit provides senior secured asset-based financing solutions to clients as an alternative to traditional banks. Its revolving- and term-loan commitments to middle-market companies across various industries and business cycles may range from $15 million to $150 million. CIT Northbridge is a joint venture between CIT Bank and Allstate and was launched in July 2017.