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Recent Press Releases

GreenLake Funds $28,500,000 First Mortgage Loan for iMedia Brands, Inc.

EDEN PRAIRIE, Minn., Aug. 24, 2021 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $28,500,000 first mortgage loan for iMedia Brands, Inc. (“iMedia” or the “Company”) (Nasdaq: IMBI). iMedia is a leading interactive media company that owns a growing portfolio of television networks, consumer brands and digital services that together position the Company as a leading single-source partner to television advertisers and consumer brands seeking to entertain and transact with customers using interactive video.

The GreenLake term loan secures iMedia’s real estate assets, which include its headquarters, filming and production studios, and fulfillment centers in Eden Prairie, MN and Bowling Green, KY. A separate lender concurrently completed a revolving credit facility secured by inventory and AR. These two loans refinanced an existing facility that secured all of iMedia’s assets, and provided the company with more liquidity and flexibility to execute on its growth plans.

Peter Chang, Managing Principal at GreenLake stated, “This was a complex transaction that required extensive coordination between iMedia and two lenders, and was closed under a tight deadline driven by a pending acquisition. Tim Peterman’s leadership was pivotal to completing the transaction. GreenLake is excited to work with iMedia as we have great confidence in their team and vision.”

About iMedia Brands, Inc.
iMedia Brands, Inc. (Nasdaq: IMBI) is a leading interactive media company that owns a growing portfolio of television networks, consumer brands and digital services that together position the Company as a leading single-source partner to television advertisers and consumer brands seeking to entertain and transact with customers using interactive video.

About GreenLake
Founded in 2008, GreenLake Asset Management LLC and its affiliates (“GreenLake”) provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage and retail.

Contact:
Kamau Coleman
Director, Originations
626.529.1084
kcoleman@greenlakefund.com
www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

GreenLake Funds $15,900,000 Construction Loan for SpringHill Suites by Marriott in Columbia, SC

COLUMBIA, S.C., Aug. 10, 2021 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) announced it has funded a $15,900,000 construction loan in Columbia, SC. The property will be a SpringHill Suites by Marriott hotel on Garners Ferry Road, due to open in late 2022.

GreenLake provided funds that will enable the borrower to build a 104 all-suite hotel and serve the local market as well as business from the University of South Carolina and Fort Jackson, one of the largest army training bases in the United States.

Peter Chang, Managing Principal at GreenLake stated, “We are excited to back a proven team with strong roots in the region, where they own and manage eight successful hotels. While traditional lenders remain hesitant to make new hospitality loans, GreenLake sees the opportunity to position a great product in a growing market.”

Founded in 2008, GreenLake Asset Management LLC and its affiliates (“GreenLake”) provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage and retail.

Contact:
Kamau Coleman
Director, Originations
626.529.1084
kcoleman@greenlakefund.com
www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

GreenLake Funds $14,275,000 for Portfolio of 8 Gas Stations Located in New Jersey and Pennsylvania

PHILADELPHIA, July 7, 2021 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) announces it has closed a $14,275,000 loan on eight gas stations located in New Jersey and Pennsylvania. GreenLake’s funding allows the borrower to re-acquire a key location lost to foreclosure and will facilitate a major re-brand and significant upgrades.

An experienced real estate investor approached GreenLake to refinance a portfolio of distressed gas stations due to an absentee tenant and complicated title issues. The borrower was in default with their existing lender and the bank had already foreclosed on one location. GreenLake provided funds enabling the borrower to re-acquire that key location, as well as to refinance and move away from a challenging lender relationship. Additionally, the funds will allow the borrower to re-brand with a major international brand, and rehabilitate and upgrade the properties.

Peter Chang, Managing Principal at GreenLake stated, “While distressed properties pose complex challenges that lenders often shy away from, special situations are what GreenLake excels at. Our underwriting hinges on the underlying real estate asset and the sponsor’s ability to execute. Our view across multiple sectors gives us the insight, experience and resources necessary to navigate and execute on these types of loans.”

Founded in 2008, GreenLake Asset Management LLC and its affiliates (“GreenLake”) provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self storage and retail.

Contact:
Kamau Coleman
Director, Originations
626.529.1084
kcoleman@greenlakefund.com
www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

GreenLake Funds $24,400,000 for Dual Branded Marriott Hotel Development in Barstow, California

BARSTOW, Calif., June 3, 2021 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) announced it has funded a $24,400,000 development project to build a 181 room Marriott hotel on 3.3 acres of land in Barstow, CA. The property will be a dual branded hotel: Townplace Suites by Marriott and Fairfield Inn & Suites by Marriott, due to open in early 2023.

San Diego based Hotel Investment Group (“HIG”) saw the opportunity to bring the Marriott brand into the Barstow market, where Marriott has no presence. GreenLake provided funds that will enable HIG to develop the project and capitalize on contract business from the US government and large utility operators in a largely untapped market.

“Hotel Investment Group is excited to partner with a lender like GreenLake who has the vision to see beyond the short-term economic climate and realize the future value of this project,” said Darshan Patel, CEO of Hotel Investment Group.

Peter Chang, Managing Principal at GreenLake stated, “After the pandemic devastated the hospitality market, so many lenders pulled back or stopped lending in the space altogether. Our background in hospitality and view across multiple sectors gives us the insight and comfort in the future of the hospitality sector and the economy overall. We believe in both the opportunity in the Barstow market and in the management team at Hotel Investment Group, and we expect strong performance from these two amazing brands by Marriott.”

Founded in 2008, GreenLake Asset Management LLC and its affiliates (“GreenLake”) provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self storage and retail.

Contact:
Kamau Coleman
Director, Originations
626.529.1084
kcoleman@greenlakefund.com
www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

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