Halloran & Sage represented a regional bank in connection with the making of a $2,500,000 mortgage loan and $1,500,000 revolving line of credit to a Connecticut manufacturing company engaged in designing and building test equipment for the aerospace, power generation and industrial industries. The proceeds of the mortgage loan were used to finance the acquisition of the company and the real estate serving as its principal place of business by a group of investors and a prominent venture capital firm.
The revolving line of credit loans will be used to provide working capital to the company going forward. The venture capital firm also provided financing for the acquisition, which was subordinate to the banks financing. The Halloran & Sage team, led by business law partner Robert Cox and attorney Matthew Teich, documented, negotiated and closed the transactions in fewer than two weeks in order to accommodate a required year-end closing. Completion of the transactions ensures that the company will continue operations in Connecticut and provide jobs to Connecticut residents for the foreseeable future.