WAYZATA, MN / ACCESS Newswire / February 13, 2025 / Mill City Ventures III, Ltd. ("Mill City") (NASDAQ:MCVT), a non-bank lender and specialty finance company, announced today its funding of an additional $1 million advance pursuant to its short-term credit and security agreement with Coventry Holdings of Minnesota, LLC. The purpose of the short-term loan is to facilitate the startup and construction/development cost of an additional senior care project while the borrower seeks alternative long-term financing.
"The additional advance represents the continuance of our strong relationship and belief in the premier, award-winning operator of senior care facilities in Minneapolis and St. Paul area," stated Mill City CEO Douglas M. Polinsky.
He added, "The funding allows Coventry to finance growth while providing Mill City shareholders with gross returns on our capital in excess of 25% on our short-duration loans."
Mill City has seen an increase in demand of funding opportunities since the beginning of 2025 and continues to pursue transactions in various funding opportunities including asset-backed loans, short-term funding for working capital and real estate-based loans.
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 specialty finance company focused on short-term lending and structured finance solutions. The company provides capital to businesses through secured loan agreements, offering investors attractive returns with a focus on security and risk mitigation. More information about the company can be obtained at www.sec.gov or www.millcityventures3.com.
About Coventry Holdings of Minnesota, LLC
Coventry operates 17 senior care facilities in the Minneapolis-St. Paul are. The company offers services including: memory care; hospice care; respite care; and spiritual care. More information can be found at www.suitelivingseniorcare.com.
Investor Relations Contact:
Joseph A. Geraci
Chief Financial Officer
Mill City Ventures III, Ltd.
612-868-5815
jg@millcityventures3.com
SOURCE: Mill City Ventures III Ltd.
View the original press release on ACCESS Newswire
