Peninsula Capital Corp. Raises $4 Million in Accretive Capital, Led by LaurelCrest Partners
TORONTO, June 23, 2021 (GLOBE NEWSWIRE) — Peninsula Capital Corp. (“PCC”) is pleased to announce that it has closed its latest accretive financing led by LaurelCrest Partners. Peninsula has raised $4 Million, to help finance the acquisition of up to 200 rental properties in 2021, which will bring total ownership to 450 rental properties. Peninsula CEO Mike Appelton said, “We are pleased to have raised this capital to help accelerate meaningful, accretive growth through 2021.” He adds, “Our pipeline is exceptionally robust and we expect a steady growth trajectory for the remainder of the year.” This transaction is the second capital raise completed by PCC in 2021 and brings the total capital raised in 2021 to $8 Million. Peninsula was advised by Miller Thomson who provides legal and securities counsel, alongside LaurelCrest Partners, who acted as financial advisor and co-investor on the transaction.
About Peninsula Capital Corporation
Peninsula Capital Corp. (“PCC”) acquires and manages Single Family Rental (SFR) housing in upstate New York. PCC was formed to provide a differentiated investment opportunity and invest in residential properties that provide stabilized high cash flow opportunities with targeted cap rates in excess of 10%. PCC’s growth is focused on and specialized 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. 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 rust belt 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. Existing portfolio consists of 216 houses (326 units in total), with plans to expand in Buffalo and elsewhere regionally.
About LaurelCrest Partners
LaurelCrest Partners (“LCP”) is a Merchant Capital Investment Firm founded by a group of entrepreneurs, capital market specialists, M&A, investment banking and venture capital professionals. LCP seeks to identify and invest in unique opportunities across all sectors and asset classes to systematically create value for all stakeholders. For more information, please contact Matthew Flynn, Managing Partner, [email protected].
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Peninsula Capital Corp
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Peninsula Capital Corp
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