STAMFORD, Conn. – MC Credit Partners LP, an institutional manager of middle market direct lending funds, is relocating from New York City to Stamford, Gov. Dannel P. Malloy announced Thursday.
The move will bring 16 employees to Connecticut with plans to create five new positions over the next two years. The new office is at 2200 Atlantic St.
“This is great news – another step forward for our state. We fight aggressively to recruit and attract companies. That we attracted this company to Stamford is evidence of that,” Malloy said.
“The state is home to some of the world’s most sophisticated institutional investors, and today’s announcement only bolsters that reputation and our competitive advantage in the industry. Each and every day we are moving Connecticut forward, and we’re thrilled to have attracted yet another company that will soon call Connecticut home.”
Michael Zimmerman, senior managing director of MC Credit Partners, said the company is pleased with the move.
“While only one of our 16 employees is currently a Connecticut resident, we considered the move to be a key part our long-term growth strategy and anticipate many investment professionals becoming Connecticut residents over time,” Zimmerman said.
The state, through the Department of Economic and Community Development, will support the up to $4.6 million project with a $1 million, 10-year loan at 2 percent interest.
Funding, which was approved earlier this week by the State Bond Commission, will be used for, among other things, design, construction and equipment in MC Credit Partners’ Stamford offices. Loan forgiveness can be earned if MC Credit Partners meets certain job milestones.
If the company has 21 employees by 2018 and maintains them for two years, $250,000 of the loan will be forgiven. An additional $250,000 will be forgiven if the company maintains 26 employees for the two years.
“The decision made by MC Credit Partners, LP to relocate to Stamford highlights the fact we have a thriving workforce and quality of life that makes us a destination for business growth,” said state Sen. Carlo Leone, D-Stamford-Darien.
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