17 Mar WAC Closes Bridge Loan for 64 Year Old Connecticut Based Company
March 17, 2014
Worth Avenue Capital, LLC is pleased to announce that it successfully closed a $125,000 commercial loan to Buck’s Ice Cream, Inc. and it’s affiliate, Buck’s Spumoni, Inc. The loan proceeds were used by the companies for working capital purposes and the loan is secured by real property. The loan was funded by one of WAC’s private commercial lenders.
Buck’s Ice Cream was founded in 1950 in Milford, Connecticut and is considered to be the premier manufacturer and distributor of ice cream in Connecticut. The company is currently working on a long term debt restructuring with a local community bank and needed some short term bridge financing for working capital purposes. The community bank referred Buck’s Ice Cream to WAC and WAC was able to close the bridge financing in just a matter of a few weeks.