NEWPORT BEACH, Calif. — Pelorus Fund REIT LLC., a private mortgage real estate investment trust and significant owner of debt issued to StateHouse Holdings Inc., a California-focused, vertically integrated cannabis company, filed a complaint requesting the immediate appointment of a Receivership over the Company in the Superior Court of The State of California.
This action follows the Company’s default on four existing loans and seeks the immediate appointment of a Receivership to assume control of all StateHouse assets and operations. Pelorus is in active communication with StateHouse management and expects that they will support the appointment of a receiver.
“As the largest lender to StateHouse, we recognize the inherent value in the Company’s operations, employees and assets,” said Dan Leimel Jr., Chief Executive Officer of Pelorus. “We believe that a court-appointed Receivership will better position StateHouse to more effectively produce and deliver high-quality product for the benefit of its key constituents. Importantly, this action is intended to protect StateHouse employees, customers, business partners and vendors, enabling the business to continue to operate across its production and distribution footprint. With those goals in mind, we are respectfully requesting the Court to move quickly in appointing a receiver so that StateHouse can be directed towards a cleaner, more efficient and appropriate structure moving forward.”
About Pelorus Capital Group and Pelorus Fund REIT, LLC
Pelorus Capital Group offers a range of innovative transactional solutions addressing the diverse needs of real estate investors and portfolio managers. Our flexible acquisition and bridge lending programs are the direct result of our involvement in more than 4,700 transactions of varying size and complexity. Since 1991, our principals have participated in more than $1 billion 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.
