WATERBURY, Conn., April 21, 2015 /PRNewswire/ -- Webster Bank, a leading northeast regional bank, announced today that it is providing a $13.49 million senior secured credit facility to The City of Newark. The loan will finance four capital grants to support redevelopment initiatives underway in Newark, as well as pay for costs of issuance of the loan.
"This transaction is an example of Webster Bank's ability to execute a unique financing structure," said John Ciulla, executive vice president, Commercial Banking at Webster Bank. "Newark is entering its renaissance years as it looks to attract new businesses and residents to the city, and we are very pleased to provide this level of financial support to fund some important redevelopment initiatives."
The City of Newark is dedicated to redeveloping the city with several major residential and business real estate initiatives to help revive the city. Some of these projects include high-rise luxury apartments and residential units, office space, hotels, as well as the 500,000-square-foot redevelopment of the former Hahne & Co. department-store site.
The deal was structured by Thomas Randazzo, senior vice president, government, institutional, and not-for-profit banking in Webster's metro New York City commercial banking office. This transaction represents Webster's first loan to The City of Newark.
Webster Financial Corporation is the holding company for Webster Bank, N.A. With $23 billion in assets, Webster provides business and consumer banking, mortgages, private banking, trust and investment services through 164 banking offices; 313 ATMs; telephone banking; mobile banking; and the Internet. Webster Bank owns the asset based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com or follow us on LinkedIn http://linkedin.com/company/webster-bank and Twitter https://twitter.com/WebsterBank.
SOURCE Webster Bank