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Minneapolis-based alternative investment firm, Hunter Street Partners, proudly announces that it has partnered with Rice Park Capital Management to acquire Asset-Based Lending, LLC. (ABL) building on a residential loan investment platform launched by two firms last year.
ABL provides real estate investors with access to cash through real estate investor loan programs. Borrowers use these loans to finance business activities, including fix-and-flip projects, new construction, and term-lending products for non-owner occupied properties. Hunter Street and Rice Park will support the growth of ABL, while integrating ABL’s existing loan portfolio and origination capabilities into its broader residential loan investment program.
"We are seeing positive secular tailwinds for single family housing and look forward to working with Rice Park and ABL's management team to further scale origination efforts," said Neal Johnson, CEO and chief information officer at Hunter Street.
"ABL is a perfect extension to our residential loan investment platform, and we see tremendous synergistic opportunities as we develop a leading platform in this sector. We look forward to working with the ABL team alongside Hunter Street as they continue to grow their business," said Nicholas Smith, Rice Park founder, CEO, and co-chief information officer.
"The investment from Hunter Street and Rice Park enables us to attract new borrowers by offering lower-cost and more efficient financing. We were looking for long-term partners that could not only provide the capital we need to grow, but ones with significant experience in our market niche so we could benefit from their expertise for additional added value," said Kevin Rodman, CEO at ABL.
ABL will continue to operate under the same name and its core leadership will remain in place with Kevin Rodman serving as CEO and Daniel Leyden as chief operating officer. Piper Sandler & Co. was the exclusive financial advisor to ABL for this transaction.