MN Investments gets $5M financing from Parliament Capital to grow in Puerto Rico
MN Investments, LLC, a real estate company dedicated to the acquisition, renovation and management of multifamily properties, announced that it closed a $5 million financing facility with Parliament Capital Management, LLC that will allow the acceleration of its growth and expansion in the market.
Currently, the company has a portfolio of 220 apartment units throughout the San Juan metropolitan area, serving more than 150 families through the Section 8 program, executives said.
MN Investments offers “modern, safe and well-maintained” dwellings to families that are beneficiaries of several housing assistance programs such as Section 8, attending a shortage in the supply of this type of property in Puerto Rico.
Additionally, its buys and renovates properties that are in disuse, abandoned or in deteriorated conditions, “positively impacting the communities in which they invest and the island’s real estate market.”
MN Investments generates nine direct and more than 60 indirect jobs, which it hopes to continue increasing as their operations continue to grow and expand.
“There’s a large number of multifamily properties that we can buy and renovate. However, the typical process for obtaining financing can take several months, which prevents us from moving as quickly as we would like to,” said Mauricio Noguera, partner of MN Investments.
“With Parliament Capital, we were able to work a financing structure that will allow us to take advantage of the opportunities in an agile and efficient manner, and which supports our efforts to achieve our goal of 1,000 apartments in three years” he added.
MN Investments is mainly focused on picking up multifamily properties that are abandoned or in bad physical conditions. Then, they follow a renovation process to bring the properties to excellent livable conditions and to comply with Section 8 requirements.
“We monitor the renovation process very closely to make sure the properties are in optimal conditions and that our tenants feel comfortable in it,” said Cesar Candia, another company partner.
“We’re very proud that our tenants have shared with us that our apartments are the best option when compared to the other units available under Section 8 program,” he said.
Parliament Capital is a private fund manager based in San Juan, Puerto Rico, focused on commercial financing for small and medium businesses that seek loans in the range of $1 million to $25 million.
“We’re very happy to have been able to develop this financing structure for MN Investments and to help them in their growth plans” said Rodolfo Sanchez-Colberg, managing partner of Parliament Capital.
“Our greatest satisfaction is to be able to offer Puerto Rico entrepreneurs financing alternatives that fulfill their needs, and that serve to continue injecting capital into the island’s economy,” he added.