Mill City Ventures III, Ltd. Advances $3.4 Million To Developer For Glendale, AZ Townhome Project; Anticipated 53% Annualized Return

MINNEAPOLIS, March 7, 2022 /PRNewswire/ -- Mill City Ventures III, Ltd. MCVT, a non-bank lender and specialty finance company, announced today its funding of a $3.4 million short-term loan to facilitate the acquisition of a parcel of land located in Glendale, AZ, where 139 townhouse units are expected to be developed. The short-term note is expected to generate an annualized return of approximately 53% to Mill City.

"This investment represents our first foray into the red hot greater Phoenix multi-unit housing market," stated Mill City CEO Douglas M. Polinsky. He added, "Our streamlined underwriting process allowed us to get involved in this transaction late in the game and still meet the closing deadline for this promising townhome development project."

Mill City has seen an increase in demand of funding opportunities since the beginning of 2022, and continues to pursue transactions in adjudicated insurance settlements, asset-based loans, real estate backed loans, and equity investment opportunities.

Mill City continues to work diligently with NASDAQ to meet applicable listing requirements.

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 short-term non-bank lending and specialty finance company. More information about the company can be obtained at www.sec.gov.

SOURCE Mill City Ventures III, Ltd.