Modern Banking Group (MBG) announced the successful closing of an $8 million term loan for a warehouse occupied by GMA Accessories and Capelli Sports, located in Pittston, Pa. GMA and Capelli are designers and distributors of fashion accessories and sportswear, respectively, and continue to expand their footprint in retail and digital channels.
This transaction highlights the bank’s commitment to providing strategic capital to key players in the commercial real estate and consumer goods sector and demonstrates MBG’s ability to support the growth of its clients, the firm said.
“This transaction reflects MBG’s laser focus on unlocking value for clients across business and asset categories, showing the bank’s capabilities to cross industries and products to meet our clients where they operate. We are proud to support the broader GMA group as it continues to expand its market presence and awareness,” said Steven Caligor, chief lending Officer.
“We are pleased with the speed and execution of the MBG team in helping us leverage existing assets to support our business growth,” said George Altirs, founder and CEO of GMA. “The bank was able to quickly digest our needs and provide a solution that helps us meet our broader business goals.”
The transaction was facilitated by MBG Managing Directors, Max Furman and Joe Petrelli, Director Kevin Dalton, Associate Vice Presidents Alex Jeffrey and Dean Hrozenchik and Caligor.
