North Avenue Capital Announces $15 Million Project for Maryland Bellwether Moon Group
Ponte Vedra, FL – July 9, 2018 – North Avenue Capital (NAC), specialized commercial lender headquartered in Ponte Vedra, FL announced today the closing a $15 Million USDA Rural Development loan to The Moon Group, Inc. (“Moon”). Moon encompasses three well-known commercial brands operating along the East Coast and in the Midwest. Moon Nurseries produces over 500 varieties of trees and shrubs for wholesale; Moon Landscaping provides commercial and residential landscape design, installation, and management; and Moon Site Management offers ground management services for commercial, institutional, and industrial sites. As reported by the Maryland Department of Commerce, Moon is one of the largest employers in Cecil County, where they have been headquartered for over 30 years.
Moon’s good name and strong reputation date back to 1767, affording them the opportunity to have served customers ranging from Arlington National Cemetery to The City of New York to Amazon. With this fresh injection of capital, the Moon legacy is well-positioned for 250 more years of success. The financing provided by NAC will be used to consolidate long-term debt, expand Lines of Credit, and provide valuable working capital. Just as important, the loan preserves more than 400 full-time and seasonal jobs throughout Maryland and the surrounding states.
Jason Hoerr, NAC’s lead Loan Officer on the USDA Rural Development deal, worked tirelessly with Moon President and CEO, John Pursell, for nearly ten months to finalize a solution that, like Moon itself, would stand the test of time. “Each business brings its own set of needs and opportunities to the table. NAC never lost sight of its commitment to navigate the nuances and develop a framework for success.”
NAC President, Eric Johnson, provided executive oversight for the project and acknowledged the challenges encountered in closing this loan. “Like many rural businesses, Moon had been run through the ringer by traditional lenders and needed a fresh start with a new approach. NAC came alongside John and his team to understand their unique history and develop a loan structure that equipped them to execute.”
With the combination of a USDA business loan and SBA financing, Moon is pressing into a new era of service and success.