IDB Bank Arranges $100 Million in Dynamic Financing to Benefit For-Hire Vehicle and Black Car Livery Enterprise
The deal represents the successful execution of a dual-solution financing package, signaling growing momentum across the Bank's national lending platform.
NEW YORK , March 25, 2025 /PRNewswire/ -- IDB Bank ("IDB"), a New York-based private and commercial bank, has served as the Administrative Agent to provide a $100 million dual-solution financing package to benefit a New York-based for-hire vehicle and black car livery enterprise. The deal equally represents two loan components, including an asset-based line of credit and Employee Stock Ownership Plan (ESOP) financing to meet the business' aggressive modernization, enterprise transformation and growth horizons.
"We credit the success of our most recent deal to both our commitment to end-to-end client service, as well as our pervasive culture of delivering unique solutions to scale evolving commercial segments," said Chris Dowd, SVP, Head of IDB Specialty Finance. "This financing activity is a milestone in our continued relationship with our client, who we have proudly supported throughout their business lifecycle to date."
Under Dowd's leadership, the deal was additionally executed by Richard Miller, SVP, Asset-Based Lending, Steven Moran, SVP, Asset-Based Lending and John Bertolozzi, SVP, Loan Syndications.
The successful deal closure signals the robust position of IDB's Specialty Finance business, as well at the Bank's strengthening presence across high-opportunity markets.
Contact our Team:
Chris Dowd, SVP, Head of Specialty Finance
(212) 551-8731
CDowd@idbny.com
Richard Miller, SVP, Asset-Based Lending
(212) 551-8545
RMiller@idbny.com
Steve Moran, FVP, Asset-Based Lending
(212) 551-8808
SMoran@idbny.com
John Bertolozzi, SVP, Loan Syndications
(212) 551-8743
jbertolozzi@idbny.com
About Israel Discount Bank of New York ("IDBNY" or "IDB Bank")
IDB Bank is a New-York State-chartered commercial bank, a member of the FDIC, and a wholly owned subsidiary of Israel Discount Bank LTD., one of Israel's leading Banks. In addition to its Manhattan headquarters, IDB Bank operates full-service offices in California, Florida and the tristate area, including branch locations in Brooklyn, N.Y, Staten Island, N.Y and Short Hills, N.J. The Bank provides a complete range of private banking and commercial banking services to U.S and international clients.
For more than 75 years, IDB Bank has built its business by fostering deep relationships with its clients, rapid decision-making, and the ability to develop custom-tailored solutions for both its domestic and international clientele.
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SOURCE IDB Bank