GreenLake provides the first $ 28,500,000 mortgage loan to iMedia Brands, Inc.

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EDEN Prairie, Minnesota., August 24, 2021 / PRNewswire / – Los Angeles the established company GreenLake Asset Management LLC (“GreenLake”) financed USD 28,500,000 first mortgage loan for iMedia Brands, Inc. (“IMedia” or “Company”) (Nasdaq: IMBI). iMedia is a leading interactive media company with a growing portfolio of TV networks, consumer brands and digital services that collectively position the Company as the leading single partner for TV advertisers and consumer brands looking to entertain and transact with customers through interactive video.

GreenLake’s Term Loan secures iMedia’s real estate assets, including its headquarters, film and production studios, and performance centers in Eden Prairie, Minnesota and Bowling Green, Kentucky… A separate lender simultaneously completed a revolving credit line secured by inventory and AR. The two loans refinanced the existing facility to secure all of iMedia’s assets and provided the company with more liquidity and flexibility to meet its growth plans.

Peter ChangGreenLake’s Managing Director said: “It was a complex transaction that required careful coordination between iMedia and the two lenders, and was closed on a tight schedule due to an unfinished acquisition. Tim Peterman’s leadership was critical in completing the transaction. GreenLake is delighted to be working with iMedia because we have a lot of trust in their team and vision. ”

About iMedia Brands, Inc.
iMedia Brands, Inc. (Nasdaq: IMBI) is a leading interactive media company with a growing portfolio of TV networks, consumer brands and digital services that collectively position the Company as the leading single partner for TV advertisers and consumer brands looking to entertain and transact with customers through interactive video.

About GreenLake
Founded in 2008, GreenLake Asset Management LLC and its subsidiaries (“GreenLake”) provide short-term commercial bridging loans throughout the country. GreenLake offers creative, flexible and urgent capital solutions for a wide range of special real estate situations. GreenLake provides loans for a variety of asset classes including hospitality, industrial, multi-family, warehouse and retail.

Contact:
Kamau Coleman
Director, Originations
626.529.1084
[email protected]
www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

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http://www.greenlakefund.com

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