Cuentas Closes on Lakewood Equity Transaction
Cuentas (NASDAQ:CUEN, CUENW) has successfully completed its acquisition of an equity position in Lakewood Village, the first sustainable rental housing project in the US utilizing patented MCFR technology approved for hurricane-prone areas. The project consists of 96 affordable multi-family apartments located in Palm Beach County, with an independent appraisal valuing it at approximately $25M upon completion. Cuentas plans to enable renters to use its mobile app for payments related to rent and utilities, aligning with its vision to support affordable housing amidst rising property values in Florida.
- Acquisition of a $25M equity stake in Lakewood Village enhances Cuentas' investment portfolio.
- Cuentas aims to integrate its mobile app for rent and utility payments, driving app usage and potential revenue.
- Focus on affordable housing addresses market demand due to increasing rental rates in Florida.
- None.
MIAMI BEACH, FL / ACCESSWIRE / March 7, 2023 / Cuentas, Inc. (NASDAQ:CUEN) (NASDAQ:CUENW) ("Cuentas"), a leading fintech provider of mobile financial app and payment solutions has closed on the previously announced transaction to acquire an equity position in Lakewood Village, the first sustainable rental housing project developed in the US using a patented MCFR Mineral Composite Fiber Reinforced Construction Technology that has been approved for hurricane-prone areas as such in Florida.
Cuentas took an equity stake in the Lakewood Village project, which is an affordable multi-family real estate development located in Lake Worth, Palm Beach County, Florida, consisting of 96 apartments that are 2 and 3 bedrooms. An independent appraisal has valued the project, once completed, at approx.
"Now that Cuentas has taken an equity position in Lakewood Village, we will strive to allow renters in this project and other projects to pay their rent, maintenance, utilities, etc. via the Cuentas Mobile App," stated Arik Maimon, Co-founder and CEO of Cuentas. "This is a continuation of the mega vision that the Cuentas Group has been working to develop and continues to expand." added Maimon.
"Cuentas management is extremely pleased to have taken this major step to invest in our first affordable housing projects", stated Co-founder and President, Michael De Prado. "Affordable rental projects will be more necessary as property values increase dramatically in many areas of Florida and working class employees are forced to leave due to skyrocketing rental rates", added De Prado.
About Cuentas
Cuentas, Inc. (Nasdaq:CUEN & CUENW) is a fintech e-finance and e-commerce service provider with proprietary technology that delivers digital financial services to the underbanked and un-banked Hispanic, Latino and immigrant populations including mobile and financial services, prepaid debit card, ACH and mobile deposits, cash remittance, peer to peer money transferring, and other services. The Cuentas General Purpose Reloadable (GPR) Card includes a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. For more information, visit https://cuentas.com.
Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as "believe," "plan," or "expect" or similar statements are forward-looking statements.
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SOURCE: Cuentas, Inc.
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FAQ
What is the recent acquisition by Cuentas regarding Lakewood Village?
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