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KKR Real Estate Finance Trust Inc. Closes Two Senior Loans Totaling $602.5 Million
NEW YORK–(BUSINESS WIRE)–KKR Real Estate Finance Trust Inc. (the “Company” or “KREF”) (NYSE:KREF)
today announced the Company closed two floating-rate senior loans
totaling $602.5 million since the May 1st earnings release,
resulting in current second quarter 2019 originations of $785.1 million
across three senior loans. Year-to-date, KREF has originated five senior
loans totaling $999.1 million. As of today, the outstanding funded
portfolio is $4.3 billion.
Recent Investment Activity
In May 2019, KREF closed a $386.0 million floating-rate senior loan
secured by 857-units, across two luxury multifamily properties located
in Brooklyn, NY. The loan has a three-year initial term with two
one-year extension options, carries a coupon of LIBOR+2.7% and has an
appraised loan-to-value (“LTV”) of approximately 52%.
In addition, in May 2019, KREF closed a $216.5 million floating-rate
senior loan secured by a 1,070-unit, three property class-A multifamily
portfolio located in Atlanta, GA, Birmingham, AL and Fort Worth, TX. The
loan has a three-year initial term with two one-year extension options,
carries a coupon of LIBOR+3.5% and has an appraised LTV of approximately
74%.
The following table summarizes key features of the two recently closed
floating-rate senior loan transactions ($ in thousands):
|
|||||||||||||||||||||||||
Month | Maximum | Initial Face | Interest | ||||||||||||||||||||||
Description/Location | Property Type | Originated | Face Amount | Amount Funded | Rate(A) | Maturity Date(B) | LTV | ||||||||||||||||||
Senior Loan, Brooklyn, NY | Multifamily | May 2019 | $ | 386,000 | $ | 324,400 | L + 2.7% | June 2024 | 52 | % | |||||||||||||||
Senior Loan, Various | Multifamily | May 2019 | 216,500 | 171,850 | L + 3.5 | June 2024 | 74 | ||||||||||||||||||
Total/Weighted Average | $ | 602,500 | $ | 496,250 | L + 3.0% | 60 | % | ||||||||||||||||||
(A) Floating rate based on one-month USD LIBOR
(B) Maturity date
assumes all extension options are exercised.
About KREF
KKR Real Estate Finance Trust Inc. (NYSE:KREF) is a real estate finance
company that focuses primarily on originating and acquiring senior loans
secured by commercial real estate properties. KREF is externally managed
and advised by an affiliate of KKR & Co. Inc. For additional information
about KREF, please visit its website at www.kkrreit.com.
Forward-Looking Statements
This release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, which
reflect the Company’s current views with respect to, among other things,
its future operations and financial performance. The forward-looking
statements are based on the Company’s beliefs, assumptions and
expectations, taking into account all information currently available to
it. These beliefs, assumptions and expectations can change as a result
of many possible events or factors, not all of which are known to the
Company or are within its control, including those described under Part
I—Item 1A. “Risk Factors” of the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2018, filed with the Securities
and Exchange Commission (“SEC”), as such factors may be updated from
time to time in the Company’s periodic filings with the SEC.
Accordingly, actual outcomes or results may differ materially from those
indicated in this release. All forward looking statements in this
release speak only as of the date of this release. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future developments or otherwise, except as required by law.
Definitions
“Loan-to-value ratio”: Generally based on the initial loan amount
divided by the as-is appraised value as of the date the loan was
originated.
Contacts
Media
Kristi Huller or Cara Major
(212) 750-8300
[email protected]
Investor
Relations
Michael Shapiro
(646) 901-5920
[email protected]
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transfer
IMC to transfer its Oranim Pharmacy shares back to the seller
TORONTO and GLIL YAM, Israel, April 16, 2024 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company” or “IMC“), a leading medical cannabis company with operations in Israel and Germany, is announcing that, further to the news release dated January 12, 2024, the Company has decided not to make remaining installment payments installments (i.e. NIS 5,873K including interest or 2,154K CAD) by IMC Holdings Ltd., and as such will transfer the 51% shares held by IMC Holdings Ltd back to the seller.
“With the April 1st cannabis legalization in Germany, we are focusing our resources on the German market, where we expect to see the biggest growth potential,” said Oren Shuster, CEO of IMC. “With both of our core markets, Germany and Israel, currently undergoing rapid evolution, we need to assure that we allocate our resources to the growth opportunities where we expect the best return on investment.”
About IM Cannabis Corp.
IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has recently exited operations in Canada to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IMC’s products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients. Until recently, the Company also actively operated in Canada through Trichome Financial Corp and its wholly owned subsidiaries, where it cultivated, processed, packaged, and sold premium and ultra-premium cannabis at its own facilities under the WAGNERS and Highland Grow brands for the adult-use market in Canada. The Company has exited operations in Canada and considers these operations discontinued.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, “forward-looking statements”). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, the occurrence of growth opportunities and the likelihood of growth potential.
Forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to: the development and introduction of new products; continuing demand for medical and adult-use recreational cannabis in the markets in which the Company operates; the Company’s ability to reach patients through both e-commerce and brick and mortar retail operations; the Company’s ability to maintain and renew or obtain required licenses; the effectiveness of its products for medical cannabis patients and recreational consumers; and the Company’s ability to market its brands and services successfully to its anticipated customers and medical cannabis patients.
The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward looking statements due to a number of factors and risks. These include: any failure of the Company to maintain “de facto” control over Focus Medical in accordance with IFRS 10; the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the effect of the reform on the Company; the Company’s ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical (collectively, the “Group”) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt and war, conflict and civil unrest in Eastern Europe and the Middle East
Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made.
The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Company Contacts:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
[email protected]
Oren Shuster, Chief Executive Officer
IM Cannabis Corp.
[email protected]
Logo – https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/imc-to-transfer-its-oranim-pharmacy-shares-back-to-the-seller-302117984.html
Cannabis
Right on Brands Announces Major Product Line Expansion via HONEY® Brands
CCELL®
CCELL Launches Environmentally Conscious Eco Star AIO Vaporizer
SHENZHEN, China, April 15, 2024 /PRNewswire/ — CCELL®, the world’s leading technology brand focused on creating trendsetting vape hardware products and advanced vaporization technology, today announced the launch of the Eco Star, the company’s all-in-one vaporizer focused on sustainability, wide-ranging oil compatibility, and ease of use.
The Eco Star’s casing material is made of biodegradable and plant-based PLA, a material that can be decomposed by bacteria or other living organisms. By adopting this type of eco-friendly casing, CCELL seeks to provide an option that can reduce the cannabis industry’s overall environmental impact and build a more sustainable society.
Built within the casing is a removable and recyclable lithium-ion battery. This thoughtful pull-apart design allows consumers to easily remove the battery before disposing of the casing, empowering them to contribute towards a greener Earth.
The Eco Star also features complete compatibility with all types of cannabis oils, clog-free dual air vents, and an isolated airway that ensures the cleanest possible vapor.
With increasing environmental challenges worldwide and tightening regulations on vape products, the Eco Star was introduced with the intention of raising environmental awareness across the industry.
The company has also implemented other measures to align its practices with its long-standing sustainability-focused values. These include offering biodegradable and plant-based PLA mouthpieces among its customization options. Additionally, the company uses energy-efficient aqueous processing in producing its patented ceramic heating cores to reduce greenhouse gas emissions.
Before the product’s official launch, CCELL provided their customers and consumers with an early look at the Eco Star at TPE24 and Hall of Flowers Ventura in the US, and Spannabis Barcelona in Spain.
Disclaimer for battery disposal: CCELL does not recycle lithium-ion batteries. Battery recycling requirements may vary by country, city, etc. Please contact your local recycling center for more details before disposal.
About CCELL®
CCELL® is a technology brand and global innovator in the portable vaporizer space that revolutionized the industry by introducing the ceramic heating component. CCELL® was born in the headquarters of Shenzhen Smoore Technology Limited, which has more than 10 years of expertise in the vaporization industry. With advanced R&D resources, patented technologies, strong production capabilities, and reliable quality control systems, CCELL® is recognized around the world for its exceptional vaporization technology and top-quality devices.
Learn more about CCELL® at www.ccell.com as well as on LinkedIn, Instagram, Facebook, Twitter, and YouTube.
Photo – https://mma.prnewswire.com/media/2386481/CCELL_Launches_Environmentally_Conscious_Eco_Star_AIO_Vaporizer.jpg
Logo – https://mma.prnewswire.com/media/2265752/CCELL_Logo_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/ccell-launches-environmentally-conscious-eco-star-aio-vaporizer-302116454.html
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