MINNEAPOLIS, MN / ACCESS Newswire / March 25, 2025 / Mill City Ventures III, Ltd. (NASDAQ:MCVT), a non-bank lender and specialty finance company, announced today the funding of a $1.75 million short-term loan to Coventry Holdings of Minnesota, LLC, to support its acquisition of a senior-living facility located in Anoka, Minnesota.
The loan was made under an agreement dated March 21, 2025, and is designed to provide bridge capital as Coventry expands its footprint across the Twin Cities metropolitan area. The financing carries a 24% annual interest rate, a maturity of nine months, and is secured by certain personal guarantees and pledges of equity.
"We are excited to continue our lending relationship with Coventry Holdings and support their latest acquisition in Anoka," said Mill City Chief Executive Officer Douglas M. Polinsky. "This funding enables Coventry to move swiftly in executing their strategic growth initiatives in the senior care market."
Polinsky continued, "With a robust liquidity position and an effective annual yield over 24% on this deal, we continue to find attractive opportunities that generate strong returns for our shareholders. This transaction underscores our focus on short-term, secured loans that meet disciplined credit standards."
Mill City has experienced strong deal flow in 2025 and continues to evaluate financing opportunities across adjudicated settlements, secured lending, and real estate-backed deals, alongside potential equity investments.
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 18 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.
