IMBI - GreenLake Funds $28500000 First Mortgage Loan for iMedia Brands Inc.

PR Newswire

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

SOURCE GreenLake Asset Management LLC