MINNEAPOLIS, MN / ACCESSWIRE / January 6, 2025 / Mill City Ventures III, Ltd. (NASDAQ:MCVT), a non-bank lender and specialty finance company, announced today its partial funding commitment of a $3 million aggregate loan commitment with a fast-growing Twin Cities-based operator of senior care facilities. The use of proceeds is to fund a short-term capital need while the operator/borrower seeks to obtain one or more longer-term sources of expansion capital.
"We are pleased to continue our lending relationship with Coventry Holdings of Minnesota, LLC. The commitment is made to allow Coventry to continue working toward their expansion plans of an additional seven facilities over the next couple of years to bring Coventry's total locations to 25," commented Mill City Chief Executive Officer Douglas M. Polinsky. "We have a relationship with Coventry through a previous financing arrangement."
"With over $6M in cash liquidity, we continue to discover opportunities to increase shareholder value through our short-term loans," he continued. "The loan to Coventry has an effective annual rate over 24% with what we deem to be a low risk credit."
Mill City has seen a continued robust demand into 2025 for funding opportunities and continues to pursue potential transactions in adjudicated insurance settlements, asset-based loans, real estate backed loans, and equity investment opportunities.
Forward-looking statements in this release are made pursuant to the "safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements, including without limitation continued demand for short-term specialty non-bank loans, the company's ability to continue growing its investment portfolio while receiving attractive returns, increased levels of competition, new products or offerings introduced by competitors, changes in the market rates of loans, and other risks.
About Mill City Ventures III, Ltd.
Founded in 2007, Mill City Ventures III, Ltd., is a short-term non-bank lending and specialty finance company. More information about the company can be obtained at www.sec.gov or www.millcityventures3.com.
About Coventry Holdings of Minnesota, LLC
Coventry Holdings of Minnesota, LLC operates 17 senior care facilities in the Twin Cities. The company offers services including: memory care; hospice care; respite care and spiritual care. More information can be found at www.suitelivingseniorcare.com.
Contact:
Joseph A. Geraci
Chief Financial Officer
jg@millcityventures3.com
612-868-5815
SOURCE: Mill City Ventures III, Ltd.
View the original press release on accesswire.com
