BciCapital expands its management team after a historic first quarter
BciCapital, the trade finance arm of City National Bank of Florida, added five new senior executives on the heels of the busiest first quarter in company history.
The $1.3 billion commercial finance company specializes in direct financing to borrowers across the United States, with a focus on franchise businesses, business aviation, equipment financing and renewable energy initiatives. In Q1/22, BciCapital funded a total of $180 million in new loans, marking the highest loan volume ever issued by the company in the first quarter of any year.
A sample of transactions carried out by BciCapital in Q1/22 included:
- $18 million in loans to a global provider of air, ground and managed medical transportation services. The loans granted by BciCapital have financed several medical helicopters.
- $20 million in loans for a private shipping and dredging company. Last year, BciCapital refinanced 14 of the company’s ships.
- $25 million in franchise financing for a national franchise owner and operator. BciCapital provided $25 million in financing for the acquisition of 22 Sonic Drive-In franchises located throughout Tennessee.
- Funding of $27 million to support the development of a commercial offshore wind farm located off the coast of New England. The BciCapital loan will finance the construction and post-delivery operation of three transport vessels that will shuttle technicians to the wind farm project.
“Few direct lenders in the United States can match BciCapital for our deep expertise and relationship-based approach, the strength of our parent company at City National Bank, and our commitment to providing tailored solutions that meet the specific needs of our clients”, Eric Miller, CEO of BciCapital, said. “Our platform offers clients the industry knowledge, access to capital and technology of a large national lender, and the size and personalized approach of a middle-market lender.”
In recent months, Miller has unveiled a business reorganization plan to grow and strengthen the company’s position among sources of US trade finance. In 2021, BciCapital was ranked #50 in the Monitor 100. The following executives joined to help strengthen BciCapital in several areas, including investment and asset management, underwriting and legal affairs:
- Robert Seltzer, Commercial Director. Seltzer brings more than two decades of experience leading national sales teams, nurturing relationships with senior executives, and developing and executing business plans.
- Kelly Lane, Head of Asset Management. Lane has 25 years of asset management experience and has overseen equipment portfolios in excess of $2 billion. He has experience evaluating a range of equipment and will primarily focus on high cost equipment and aircraft transactions and become a resource for other business units. Lane is a Fellow of the American Society of Appraisers and serves on the Equipment Committee of the Equipment Leasing and Finance Association.
- Craig Goldstein, Head of Underwriting. With more than a decade of experience overseeing investments valued in the tens of billions of dollars, Goldstein oversees underwriting and portfolio management for vertical markets backed by BciCapital’s major assets. At BciCapital, he will oversee a portfolio initially valued at over $700 million.
- Stephanie Zschokke, General Counsel. Zschokke brings over two decades of legal experience in commercial and equipment finance, banking and corporate law, and commercial law. As a corporate counsel and commercial lawyer, Zschokke is adept at dealing with the complexity of commercial transactions and corporate law and specializes in commercial lending and equipment financing. Zschokke will be BciCapital’s general counsel and lead in-house legal counsel.
The new team members will join existing BciCapital management, including Mark Trollinger, Chief Investment Officer and Head of Capital Markets and ESG, and Joe Serio, Chief Financial Officer and Chief Operating Officer.