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Sterling National Bank’s Asset Based Lending and C&I Groups joined forces to provide a Commercial Mortgage loan in the amount of $4,650,000 and an ABL Revolving Line of Credit totaling $30,000,000 to Reliance Communications, LLC and Orbic North America, LLC (“Reliance” “Orbic” or the “Company”). The Commercial Mortgage loan will be used to aid in the purchase of the new Reliance headquarters in Bay Shore, NY and the ABL facility will provide working capital and support for the company’s future growth.
Reliance manufactures wireless devices, accessories and more via their Orbic branding, and is one of only three authorized Verizon Wireless distributors in the U.S. The company functions as a one-stop solution provider for the world’s leading wireless carriers and device manufacturers.
This transaction was a great collaboration between ABL Managing Director, Sharon Bender and C & I group Senior Managing Directors, Munesh Verma and Ellen Weber.
*now known as Webster Bank as successor by merger.
Commercial Mortgage & Revolving LOC
$34,650,000
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