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FirstCity Crestone Purchases Senior Loan
January 19, 2009 -- FirstCity Crestone recently purchased an underperforming loan with an unpaid principal balance of over $8,000,000. The loan is secured by the assets of a regional flooring retailer with stores located throughout the Western United States. Crestone hopes to work with all of the borrower’s constituencies to successfully restructure the balance sheet and to support the continued operations of the business.
“The protracted Real Estate recession has created numerous opportunities to invest in housing related companies,” comment Rich Horrigan. “We hope this is the first of many investments in the building products industry. We are especially interested in add on investments in retail flooring companies.”
Crestone is well capitalized and is actively seeking new special situation investments and distressed loan acquisitions from $1 to $20 million dollars. Please give us a call to discuss a transaction or to find out more about our recent investment. (720) 470-4401.
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