NEW YORK, March 14, 2016 /PRNewswire/ -- Gorilla Capital ("Gorilla"), headquartered in Eugene, OR, announced that it has secured a debt facility from Arena Investors, LP ("Arena").
Gorilla, one of the largest fix and flip real estate companies in the nation, will utilize the proceeds from the facility to continue expanding its business operations and acquisition strategy. Terms of the transaction have not been disclosed.
"Our ability to expand and enter new markets has been limited by the amount of capital available," said Gorilla CEO John Helmick. "With this investment and the financial backing of Arena, Gorilla has the ability to expand its business nationwide and to increase the number of homes it buys in current markets."
Every day, Gorilla purchases distressed, abandoned, run-down homes, remodels those homes bringing them up to the neighborhood standards, and then sells those homes to buyers who move into to the home and become part of the neighborhood. "Watching the process as a rundown, abandoned home is transformed into an amazing home is incredibly satisfying," Helmick continued. "We want to expand to every real estate market where there are distressed, vacant homes, homes that we refer to as zombie homes. Our objective is to renovate those zombie homes and make them into wonderful homes that are attractive to today's home buyers."
Gorilla will expand its operations in the 23 states where it currently operates, and also expand into additional markets. "Our goal is to grow to $400 million of sales in three years," Helmick said.
Castle Placement LLC ("Castle"), a leading provider of private equity and debt capital placement services, was the exclusive placement agent on the transaction.
Gorilla Capital (www.gorillacapital.com) is one of the nation's leading purchasers of distressed real estate and one of the largest fix and flip real estate companies in the nation. Through its own initiatives, and by providing select real estate investors throughout the United States with the resources necessary to buy, remodel and sell distressed properties, Gorilla Capital is actively engaged in the revitalization of neighborhoods, and increasing neighborhood property values.
Arena Investors, LP (www.arenaco.com) is a global investment firm and merchant capital provider that seeks to generate attractive, risk-adjusted, stable, and uncorrelated returns by opportunistically investing across the entire credit spectrum in areas where conventional sources of capital are scarce.
Castle Placement (www.castleplacement.com), helps great companies grow by providing cutting edge private equity and debt capital placement services. Castle has experienced investment bankers with significant personal relationships using the latest technology to deliver effective results in raising capital.
SOURCE Gorilla Capital