Mill City Ventures III, Ltd. Advances $3.4 Million To Developer For Glendale, AZ Townhome Project; Anticipated 53% Annualized Return

Rhea-AI Summary

Mill City Ventures III, Ltd. (OTCQB:MCVT) has announced a $3.4 million short-term loan to support the acquisition of land in Glendale, AZ, aimed at developing 139 townhouse units. This investment marks Mill City's entry into the booming Phoenix multi-unit housing market, with an expected annual return of approximately 53%. The company has observed a surge in funding demand since early 2022 and is actively pursuing various financing opportunities. Mill City is also collaborating with NASDAQ to fulfill listing requirements.

Positive

• Funding of a $3.4 million loan expected to yield a 53% annualized return.
• Initial entry into the highly lucrative Phoenix multi-unit housing market.
• Increased demand for funding since early 2022 indicates business growth potential.

Negative

• Risks related to competition and market fluctuations affecting loan rates.
• Reliance on continued demand for specialty non-bank loans for sustained growth.

MINNEAPOLIS, March 7, 2022 /PRNewswire/ -- Mill City Ventures III, Ltd. (OTCQB:MCVT), a non-bank lender and specialty finance company, announced today its funding of a $3.4 million short-term loan to facilitate the acquisition of a parcel of land located in Glendale, AZ, where 139 townhouse units are expected to be developed. The short-term note is expected to generate an annualized return of approximately 53% to Mill City.

"This investment represents our first foray into the red hot greater Phoenix multi-unit housing market," stated Mill City CEO Douglas M. Polinsky. He added, "Our streamlined underwriting process allowed us to get involved in this transaction late in the game and still meet the closing deadline for this promising townhome development project."

Mill City has seen an increase in demand of funding opportunities since the beginning of 2022, and continues to pursue transactions in adjudicated insurance settlements, asset-based loans, real estate backed loans, and equity investment opportunities.

Mill City continues to work diligently with NASDAQ to meet applicable listing requirements.

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.

View original content:https://www.prnewswire.com/news-releases/mill-city-ventures-iii-ltd-advances-3-4-million-to-developer-for-glendale-az-townhome-project-anticipated-53-annualized-return-301496637.html

SOURCE Mill City Ventures III, Ltd.

FAQ

What is the recent loan Mill City Ventures III, Ltd. provided and what is its purpose?

Mill City Ventures III, Ltd. provided a $3.4 million short-term loan to facilitate the acquisition of land in Glendale, AZ, for the development of townhouse units.

What return can Mill City Ventures III, Ltd. expect from the new investment?

The investment is anticipated to generate an annualized return of approximately 53%.

How has demand for funding opportunities changed for Mill City Ventures III, Ltd. recently?

Since the beginning of 2022, Mill City has experienced an increase in demand for funding opportunities.

What market is Mill City Ventures III, Ltd. entering with this new investment?

Mill City is entering the growing Phoenix multi-unit housing market with this investment.

Is Mill City Ventures III, Ltd. working toward a NASDAQ listing?

Yes, Mill City Ventures III, Ltd. is actively working with NASDAQ to meet applicable listing requirements.