TORONTO, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Peninsula Capital Corp. ("PCC" or "Peninsula"), a private Canadian corporation, is pleased to announce that it has closed its latest accretive financing, a brokered and concurrent private placement of approximately $13.3 million on the same terms. The brokered capital raise was led by Echelon Capital Markets, who also provided advisory services. The concurrent financing was co-led by Capital Canada and LaurelCrest Partners as part of the total financing. These funds, coupled with our existing aggregation line of credit and long-term financing, are sufficient to facilitate our 2022 strategy of acquiring 500 additional single-family rentals ("SFR").
Peninsula CEO Mike Appelton said, "We are pleased to have raised this capital, which is expected to meaningfully accelerate PCC's accretive growth throughout 2022." He adds, "Our direct to seller, off-market acquisition program is exceptionally robust and together with our reputation, which is becoming better known in the marketplace, are expected to drive significant acquisition opportunities."
This transaction is the first capital raise completed by PCC in 2022 and when added to our two previous successful raises in 2021, the total equity raised in the past 14 months exceeds $20,000,000. Miller Thomson LLP provides corporate and capital markets counsel to PCC and DickinsonWright LLP acted as counsel to Echelon.
About Peninsula Capital Corporation.
Peninsula Capital Corp. owns, acquires, and manages Single Family Rental ("SFR") housing presently focused in upstate New York. PCC was formed to provide a differentiated investment opportunity by investing in affordable residential properties that provide stabilized high cash flow in markets with a high proportion of renters. We provide affordable, quality, safe and secure housing to our tenants. PCC is focused on growth and specializes in identifying and acquiring stabilized and near stabilized houses with a strong tenant base. Approximately 95% of houses are acquired off-market via private sale and sourced using PCC's deep market knowledge and experience. Fully vertically integrated, with the internalization of property management in 2019, PCC has significant "boots on the ground" and a back office firmly in place, to manage both local and regional growth from a central location. PCC chose to initially invest in Buffalo, NY and is considering other similar markets that are attractively priced and cash flow rich. Our investments are underwritten solely based on the merits of cashflow ? house value appreciation is pure upside. PCC's existing portfolio consists of 340 houses (550 rental units in total), which along with an additional 210 houses (270 rental units) under contract will bring our current portfolio to more than 550 SFRs (820 rental units).
For further information on Peninsula:
|Mike Appelton||Robert Macdonald|
|President and CEO||Director|
|Peninsula Capital Corp||Peninsula Capital Corp|
|(226) 668-6670||(289) 217-1203|
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