DALLAS, April 26, 2017 /PRNewswire/ -- North Avenue Capital (NAC), a specialized commercial lender, announced today a $1.84 million loan for JPN Ventures & JPN Realty, co-borrowers based in rural Minnesota. Sr. Loan Architect, Clint Justice, led NAC's lending activities. According to Justice, "NAC is excited to serve JPN Ventures & JPN Realty in providing the debt-financing needed to launch their real estate and automotive export businesses. With this loan in place, JPN's founder is on his way to realizing the American Dream all the while creating jobs and economic opportunity in his community." NAC originated, underwrote, and funded the loan through the USDA Rural Development Business & Industry program.
Martin Elute-Penda was born in Cameroon, immigrated to the United States in 2000, and has studied at Oxford University and Southern Illinois University. Having worked as a consultant with Arthur Anderson and Ernst & Young and as a risk management executive at Wells Fargo and BMO Financial, Elute-Penda set out to create his own company, culminating in the formation of JPN Ventures ("JPNV") in 2015. Headquartered in Lake City, MN, JPNV exports used luxury vehicles and operates full-service auto dealerships in nations that are part of the Economic Communities of Central and West African States. JPN Realty ("JPNR") manages multiple commercial real estate assets in rural Minnesota, leased to long-standing tenants, including Edward Jones and WS Packaging. Elute-Penda commented, "I have been blessed on the journey to where I am now. With years of hard work behind and ahead, NAC and the USDA have given me the opportunity to pursue my goal of owning a business that contributes to people's quality of life here in America and abroad."
NAC Chief Executive, Ben Chatraw, commented, "Martin is a true success story, creating value for his family, America, and West Africa through JPN. He and his wife are wonderful examples of the opportunities afforded to hard-working, passionate people. JPN is writing a compelling story and NAC is proud to be involved, and proud to help generate meaningful growth where it's needed most, in rural America."
About North Avenue Capital
North Avenue Capital, ranked as the 6th largest USDA Rural Development lender in the country, is a specialized commercial lender exclusively originating, underwriting, and funding USDA RD loans nationwide. Using its expertise, capital, and relationships, NAC is committed to building businesses, growing economies, and creating jobs in rural America. Visit the website at www.northavenuecap.com.
About JPN Ventures, Inc. & JPN Realty, LLC
JPN Ventures, Inc. is an operating company that purchases used-luxury vehicles in the U.S. and exports them to West African markets for sale. JPN Realty, LLC is a real estate holding company owning U.S. real estate assets leased to among others, Edward Jones, WS Packaging, and JPN Ventures. Both entities are wholly-owned by Martin Elute-Penda.
Contact: Joseph Rowell
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SOURCE North Avenue Capital