CRI FourOne Ventures LLC division formed to purchase performing and non-performing residential and commercial mortgage notes
MIAMI, Fla., Oct. 12, 2021 (GLOBE NEWSWIRE) — Community Redevelopment (OTC: CRDV) (“the Company”), a developer and owner of community oriented real estate in urban and suburban markets with a focus on all aspects of the real estate development cycle, announced today the launch of its Performing and Non-Performing Note Management Program. CRI FourOne Ventures LLC, which is majority owned by Community Redevelopment will purchase performing and non-performing residential and commercial mortgage notes and engage in negotiations and workouts with the mortgage holders.
The Performing and Non-Performing Note Management Program complements Community Redevelopment’s existing real estate development and brokerage plans. CRI FourOne Ventures LLC intends to purchase mortgage notes at a discount from the remaining debt owed on the mortgage note and provide the workout of these assets.
CRI FourOne Ventures LLC will focus primarily on real estate obligations secured by a mortgage and a promissory note, which are held by financial institutions and institutional funds. These deep discounts will be the first step in creating the overall profit margins. CRI FourOne Ventures LLC will provide numerous strategies to get these assets reperforming, or proceed with foreclosure when there are no other options to liquidate the asset at a profit. CRI FourOne Ventures LLC will maintain strong relationships with industry leaders in a variety of fields to purchase note portfolios at deeply discounted rates. Ultimately, as financial institutions sell distressed notes, this provides an opportunity to invest in real estate without having to actually manage the property secured by the debt.
“We are excited to partner with Community Redevelopment as it branches off into the performing and non-performing asset market,” said Brent Collier, Investor Relations Partner at FourOne Capital Partners. “With our years of experience and knowledge in this niche asset class, we are positioned to launch this platform to a profitable position and continue making an impact in communities across the nation.”
Garfield Antonio, President of Community Redevelopment, said, “The purchase of performing and non-performing residential and commercial mortgage notes can be a highly lucrative asset class; however, it requires the same level of due diligence as any real estate transaction. The team we have assembled at CRI FourOne Ventures LLC has the knowledge and experience to evaluate the note on the merits of both the note and the property on which it is secured. I believe CRI FourOne Ventures LLC has the potential to be a tremendous part of Community Redevelopment’s overall growth moving forward.”
About Community Redevelopment
Community Redevelopment affords potential investors a significant opportunity to participate in the process of identifying and redeveloping entire communities and regional areas, via a publicly traded company. Community Redevelopment Inc. is a full-service real estate company with a management team that has extensive experience in acquiring, developing, constructing, and managing high-quality multifamily, and retail properties in attractive markets throughout the Mid-Atlantic and Southeastern United States, as well as capital markets. The Company is focused on all aspects of the real estate development cycle including land development, design build, property operations, and site redevelopment. In addition to the ownership of our operating property portfolio, Community Redevelopment plans to develop and build desirable properties for its own account and through joint ventures with affiliated and unaffiliated partners.
Community Redevelopment, Inc. is focused on community development in urban and suburban markets and our mission is to integrate our proprietary business model by providing sustainable, long-term value to investors as we strive to provide opportunities to improve neighborhoods with residential, commercial, and industrial development projects while designing architecturally pleasing, clean, energy efficient communities and commercial structures. For more information on Community Redevelopment Inc., please visit www.comredev.com.
This announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “projects” and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our latest 10-Q Report filed on August 16th, 2021. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about Community Redevelopment Inc. which are condoned by the Company must emanate from the Company itself and bear our name as its Source.
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