Modern Banking Group (MBG) announced the successful closing of a $5 million revolving line of credit for Douglas Development Corporation, a nationwide real estate development and management firm.
This transaction underscores the bank’s commitment to providing flexible and strategic capital to influential players in the commercial real estate sector and illustrating the true partnership between MBG and its clients, said Steven Caligor, chief lending officer.
“This funding opportunity reflects MBG’s focus on relationship banking and our ability to execute complex transactions that support the unique financing needs of top tier and well-established CRE players. Most of all, we welcome the opportunity be a funding partner and create value to Norman [Jemal, principal of Douglas Development] and his family,” Caligor said.
Credit was given to MBG Managing Directors Max Furman and Joe Petrelli, Director Kevin Dalton, Assistant Vice Presidents Alex Jeffrey & Dean Hrozenchik and Caligor.
“It’s great to work with longtime trusted partners like Steven and MBG, who are creative and truly understand our business and the need for certainty of execution,” Jemal said.
