PONTE VEDRA, Fla., Jan. 25, 2017 /PRNewswire/ -- North Avenue Capital (NAC), a specialized commercial lender, announced today the closing of a $5 million senior line of credit from a nationally chartered commercial bank headquartered in Texas. According to Ben Chatraw, NAC's Chief Executive, NAC is pleased to have the support of a $3 billion bank with more than a decade of operating history. "This line of credit is a significant enhancement to NAC's capital stack and offers us the flexibility to move faster and deeper into the market as we continue our growth," said Chatraw.
NAC is headquartered in Ponte Vedra, FL, and has branch offices in Dallas, TX, Hahira, GA, Reno, NV, and Williamsburg, VA. NAC is one of the only firms in the country focused exclusively on underwriting U.S. Department of Agriculture Rural Development (USDA RD) loans.
Founded in 2014, NAC works with borrowers across the U.S. as traditional banks typically draw back from projects ideally suited for NAC, most often attributed to a lack of familiarity or comfort with the borrower's industry, location, loan amount, business model, technology, and or operating history. NAC has a far-reaching background in private equity with commercial real estate, financial planning, and investment management, among others. NAC works with start-up ventures and established companies across most market segments, including light industrial, manufacturing, hospitality, commercial real estate, biofuel production, wind and solar, health and senior care, private education, to name a few.
"The U.S. economy is at a tipping point, particularly in rural communities," said Chatraw. "Businesses need capital and NAC's unique offering of long-term debt at terms competitive with traditional senior financing create a unique opportunity for companies to fund growth without dilution," he said. "This line of credit is a major step toward our expansion and fulfilling our goal to support economic development and the people of rural America."
About North Avenue Capital
North Avenue Capital is ranked as the sixth largest USDA Rural Development lender in the country and is a specialized commercial lender exclusively originating, underwriting, and funding USDA RD loans nationwide. Utilizing its expertise, capital, and relationships, NAC is committed to building businesses, growing economies, and creating jobs in rural America. Visit the website at www.northavenuecap.com.
Contact: Joseph Rowell
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SOURCE North Avenue Capital