Former Vice President of Asset Management at Harbor Group International Brings 15 Years of Commercial Real Estate Experience to the Cannabis’ Value-Add Bridge Commercial Real Estate Loan Lender
NEWPORT BEACH, Calif., Nov. 18, 2021 (GLOBE NEWSWIRE) — Pelorus Equity Group (“Pelorus” or “the Company”), the leading provider of value-add bridge commercial real estate loans to cannabis businesses and owners with cannabis-related real estate, announced the appointment of Lee Scholtz as the director — head of Asset Management of the Pelorus Fund, a privately held mortgage real estate investment trust (“mREIT”) for cannabis-related properties.
In his new role, Scholtz will work directly with Dan Leimel, chief executive officer (“CEO”) of Pelorus Equity Group and managing director of Pelorus Fund, and be responsible for managing the Pelorus Fund’s assets according to the Company’s investment goals and objectives.
Scholtz brings more than 15 years of commercial real estate and asset management experience to Pelorus. Most recently, he served as the vice president of asset management at Harbor Group International, a global real estate investment and management firm with $16.3B in real estate investment properties. There, he grew $200M in assets to more than $2B and managed more than $800M worth of loans, including whole loans, B-notes, mezzanine debt, preferred equity and equity. Scholtz was also responsible for managing a portfolio of 40 bond securitizations with an aggregate of $1.2B assets under management. Prior to joining Harbor Group International, Scholtz served as the assistant vice president at Hanover Street Capital, and asset manager at the Arbor Realty Trust.
“We look forward to leveraging Lee’s proven track record working at some of the top commercial real estate lending companies in the world,” said Dan Leimel, CEO of Pelorus Equity Group and manager of the Pelorus Fund. “We are fully confident he will be an invaluable asset to our Company at a time when we are not only experiencing record growth, but are also bringing the cannabis sector the most innovative lending solutions available on the market.”
“The growth that Pelorus has seen over the past two years has been just incredible, and I couldn’t be joining the team at a more exciting time,” said Scholtz. “I look forward to helping Dan and the entire Pelorus team execute on their vision to bring some of the lowest commercial real estate lending rates available to entrepreneurs as they continue to scale their businesses.”
Recently, Pelorus announced several cannabis industry firsts, including: securing up to a $20M line of credit with a FDIC–insured bank at 4.75% and no non-usage fees; the closing of a private placement of $42,250,000 aggregate principal amount of its 7% Senior Unsecured Notes; and increasing the Company’s fund offering to $1B from the previous $250M offering. For more information, visit https://pelorusequitygroup.com/.
About Pelorus Equity Group
Pelorus Equity Group is the leading provider of value-add bridge commercial real estate loans in the multi-billion-dollar cannabis industry. The Company’s Pelorus Fund, a private mortgage real estate investment trust (“mREIT”), offers a range of innovative transactional solutions addressing the diverse needs of real estate investors and portfolio managers, and its flexible acquisition and bridge lending programs are the direct result of our involvement in more than 5,000 transactions of varying size and complexity. Since 1991, our principals have participated in more than $1B of real estate investment transactions using both debt and equity solutions. We draw on our extensive experience to rapidly understand an opportunity, structure a logical solution and execute a timely close. For more information, visit https://www.pelorusequitygroup.com/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/13871235-9809-41f7-8a40-ea288b9da2df.
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