NEEDHAM, Mass. — Firestone Financial Corp., a direct lender that provides Laundromat financing, reports that it has relocated its headquarters to 117 Kendrick St. here in Needham.
Firestone says the move allows it to “double its size to accommodate the growth of the company,” which currently has 49 employees and $188 million of assets under management.
“Over the past few years we have grown very rapidly, and our new office and credit facility will provide us with the tools we need to accommodate our continued growth,” says David Cohen, president and CEO of Firestone Financial. “We are extremely optimistic about the future of our business and the industries we serve.”
The company also reports that it signed a $225 million, multi-year revolving credit facility late last year, an increase from its prior facility of $125 million.
RBS Citizens, N.A., leads the bank group, which includes lenders such as Wells Fargo Bank National Association; Bank of America, N.A.; People’s United Bank; Rockland Trust Co.; TD Bank, N.A.; Brookline Bank; Berkshire Bank; and Webster Bank.
Jerry Sargent, president of Citizen’s Bank, Massachusetts, says he is “proud” of the company’s partnership with Firestone. “Like us, Firestone has an unwavering commitment to its clients. Its unique ability to assist its customers stems from its deep knowledge of the industries it serves. We look forward to the firm’s future growth and our continued partnership.”