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
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SOURCE GreenLake Asset Management LLC