CMCT News & Events

Creative Media and Community Trust Corporation completed development of 1915 Park Ave., a 36-unit modern apartment community located in Echo Park, one of the most desirable neighborhoods in Los Angeles. The six-story building was constructed on a former surface parking lot of 1910 W. Sunset, an adjacent office tower. Both assets are owned by a joint venture consisting of CMCT and an international pension fund. 1915 Park provides studio, one- and two-bedroom floorplans designed with contemporary fixtures and finishes that are most in demand in today's rental market. Residents can enjoy the rooftop deck for gathering and lounging while gazing at the exceptional city views. The building provides on-site underground parking along with bicycle parking.

Creative Media & Community Trust announced it has entered into a definitive agreement to sell its lending division to PG FR Holding, an affiliate of Atlanta-based Peachtree Group. The company estimates that, pursuant to the definitive agreement and based on information related to its lending division's assets and other matters as of September 30, the purchase price will be approximately $44M, subject to adjustment and updated information through the closing of the transactions. Upon the closing and giving effect to the payment of other debt, transaction expenses and other matters, the transactions are expected to yield net cash proceeds to the company of approximately $31M. The closing is subject to the receipt of the U.S. Small Business Administration's consent to the acquisition by the buyer as well as certain other closing conditions.

Creative Media & Community Trust announced that its board of directors and stockholders have approved a reverse stock split of CMCT's common stock by a ratio of one-for-twenty-five. The reverse stock split is expected to become effective at 12:01 a.m. Eastern Time on April 15 and CMCT's common stock is expected to begin trading on the Nasdaq Global Market on a split-adjusted basis at market open that same day.