Mill City Ventures Advances Additional $1M to Senior Care Provider
Rhea-AI Summary
Mill City Ventures III (NASDAQ:MCVT) has provided an additional $1 million advance to Coventry Holdings of Minnesota, under their short-term credit and security agreement. The funding will support startup and construction costs for a new senior care project while Coventry seeks long-term financing.
The loan demonstrates Mill City's ongoing partnership with Coventry, which operates 17 senior care facilities in the Minneapolis-St. Paul area. CEO Douglas M. Polinsky highlighted that these short-duration loans are generating gross returns exceeding 25% for Mill City shareholders.
The company reports increased funding demand since early 2025 and continues to pursue various opportunities including asset-backed loans, working capital funding, and real estate-based loans.
Positive
- Loan portfolio generates high gross returns exceeding 25% on short-duration loans
- Increasing demand for funding opportunities in 2025
- Secured lending with asset backing reduces risk
Negative
- None.
News Market Reaction – MCVT
On the day this news was published, MCVT declined 5.76%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
"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
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
FAQ
What is the size of Mill City Ventures' (MCVT) latest loan to Coventry Holdings?
How many senior care facilities does Coventry Holdings operate in Minneapolis-St. Paul?
What types of funding opportunities is MCVT currently pursuing in 2025?
What is the purpose of MCVT's latest $1M advance to Coventry Holdings?
