Verdant Commercial Capital Obtains $75 Million Subordinated Debt Facility Provided by Värde Partners

CINCINNATI — Verdant Commercial Capital announced it recently closed on a $75 million subordinated debt facility provided by Värde Partners, a leading global alternative investment firm.

This capital will augment Verdant’s existing financing, allowing the company to further expand its balance sheet and help fuel Verdant’s rapid growth. Ultimately, this financing will help dealers sell more equipment by providing more access to equipment financing and make financing options more flexible for their customers.

“Additional capital helps support Verdant’s significant growth forecast these next few years as we continue our mission of helping our partners sell more equipment through flexible financing solutions,” said Mike Rooney, CEO of Verdant Commercial Capital. “Our new relationship with Värde is an important component to our long-term growth prospects.”

In under five years, Verdant has grown to be one of the top 10 independent equipment finance companies in the United States, with six divisions powering its growth: Industrials; Manufacturing; Specialty Vehicle; Golf, Sports & Entertainment; Renewables & Energy Efficiency; and Technology & Office Automation. Securing this additional capital is an endorsement of the Verdant platform that we believe efficiently originates exceptionally performing assets through its relationships with Tier I OEMs, dealers, distributors, and sellers of capital equipment.

“We found the flexibility of the Värde facility, including the ability to draw down on the line as we continue to expand, the most efficient vehicle for us,” said Robert Moskovitz, CFO of Verdant Commercial Capital. “This facility adds to our capital base fueling Verdant’s growth and building our balance sheet.”

“Verdant is increasingly establishing itself as a leader in equipment financing and we welcome the opportunity to support the company’s successful growth story,” said Aneek Mamik, Partner and Global Co-Head of Financial Services at Värde Partners. “Across the non-bank sector, lenders are increasingly able to provide faster and more flexible financing solutions that are better suited to individual customer and business needs. We see a significant and scalable investment opportunity to provide the alternative capital necessary to drive the continued growth of the non-bank sector.”

Värde Partners has more than 20 years of experience investing in consumer and commercial credit. The firm currently manages c.$2 billion of financial services debt and equity investments across a variety of underlying asset classes including secured and unsecured consumer loans, commercial equipment finance, billboards, residential housing and consumer and commercial credit cards.

About Verdant Commercial Capital

Verdant Commercial Capital is one of the top ten largest independent equipment finance companies in the United States. Verdant provides financing solutions for the acquisition of critical equipment and software in six industries: Industrials; Manufacturing; Specialty Vehicle; Golf, Sports & Entertainment; Renewables & Energy Efficiency; and Technology & Office Automation. Verdant brings partners the ability to fund business with transaction sizes from below $25,000 up to $100 million. The company is headquartered in Cincinnati and has offices in Dallas, Detroit, Los Angeles, and Minneapolis. Verdant was named a 2022 Top Workplace by The Enquirer Media. For more information, visit www.verdantcc.com.

About Värde Partners

Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $90 billion since inception and manages over $13 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde has offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com.

American Homes 4 Rent and Värde Partners Enter Into $500 Million Land Banking Facility Agreement

  • Partnership to support acquisition and development of land in American Homes 4 Rent’s markets

CALABASAS and MINNEAPOLIS – American Homes 4 Rent (NYSE: AMH) (the “Company”), a leading provider of high-quality single-family homes for rent, and Värde Partners, a leading global alternative investment firm, today announced that they have entered into a land banking facility agreement. This facility provides $500 million in initial capacity to acquire and develop new land opportunities as part of American Homes 4 Rent’s internal development platform. The two firms have recently closed their first six land transactions into the facility, representing total acquisition and development costs of over $150 million, and due diligence is underway on additional sites.

“We are excited to combine Värde’s extensive experience in U.S. housing with American Homes 4 Rent’s reputable homebuilding and development platform,” said Brendan Bosman, Senior Managing Director at Värde Partners. “The demand for high-quality single-family rental homes has never been higher despite a persistent shortfall in supply, creating opportunities to invest in segments that we believe are well-positioned for growth. We look forward to working with American Homes 4 Rent to capitalize on these trends and the strong dynamics in their core markets.”

Värde has 28 years of experience investing in real estate, with substantial equity and credit investments in residential land development and homebuilding transactions. This partnership further expands the firm’s U.S. housing footprint in its target markets.

“Our facility with Värde Partners will enable us to continue the strategic expansion of our development pipeline while also maintaining our commitment to a best-in-class investment grade balance sheet and reducing long-term risk,” said David Singelyn, Chief Executive Officer of American Homes 4 Rent. “With a continued focus on our disciplined underwriting process and a robust pipeline of development opportunities, we are well-positioned to execute our three-pronged growth strategy in our diversified portfolio footprint while driving value for shareholders.”

About American Homes 4 Rent

American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and “American Homes 4 Rent” is a nationally recognized brand for rental homes, known for high-quality, good value and resident satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, developing, renovating, leasing, and operating attractive, single-family homes as rental properties. As of March 31, 2022, we owned 57,984 single-family properties in selected submarkets in 22 states. Additional information about American Homes 4 Rent is available on our website at www.americanhomes4rent.com.

About Värde Partners

Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $90 billion since inception and manages over $13 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde has offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit https://www.varde.com.

Värde Partners Agrees to Sell Stake in Lamda Malls for €109 Million

LONDON and ATHENS – Värde Partners, a leading global alternative investment firm, today announced it has agreed to sell its 31.7% stake in Lamda Malls S.A. to the company’s majority shareholder, Lamda Development, for €109 million. Lamda Malls owns two major shopping centers in Greece, the Golden Hall in Athens and Mediterranean Cosmos in Thessaloniki.

Värde Partners initially bought its stake in 2017 for €61.3 million. Since that time, the company has executed a series of value creation initiatives, including securing a long-term extension of Mediterranean Cosmos’ ground lease and completing a substantial redevelopment of Golden Hall’s western wing to add approximately 11,500 square meters of gross leasable area.

“Over the last five years we have worked closely with Lamda Development to successfully unlock value and help the assets realize their potential,” said Tony Iannazzo, Senior Managing Director at Värde Partners. “Despite the significant challenges shopping centers faced during the Covid pandemic the centers have continued to perform well, reflecting their enduring strength as prime shopping destinations.”

Both shopping centers remained close to full occupancy throughout the pandemic, with footfall and retail sales data rebounding strongly after Covid-driven lockdowns.

Golden Hall is the second largest shopping center in Greece, with a gross leasable area of 52,500 square meters, while Mediterranean Cosmos is the third largest with approximately 46,000 square meters.

The transaction is expected to close in the third quarter of 2022 and is subject to customary approvals.

About Värde Partners

Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $90 billion since inception and manages over $13 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde has offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com.

Värde Views: The Covid Echo Cycle

As the delayed impact of the unprecedented policy response to Covid plays out and concerns around stagflation take hold, exacerbated by the severe economic consequences of the war in Ukraine, Värde Partners’ CIOs Ilfryn Carstairs, Giuseppe Naglieri and Brad Bauer reflect on the emerging possibility of a rapid “Echo Cycle” and its implications for the credit opportunity set.

Download Värde Views here.

Atlanta’s Capital on Tap Secures $200 Million Funding Facility to Fuel Continued Growth

ATLANTA and LONDON – Capital on Tap has secured a $200m funding facility with HSBC and Värde Partners to support their continued US growth.

Capital on Tap launched in 2012 and has provided access to over $5 billion of funding for more than 125,000 small and medium-sized businesses across the U.K. and U.S. Recognized by Forbes as one of the U.K.’s fastest growing businesses, this new investment offers Capital on Tap the opportunity to bolster its impressive expansion in the U.S. The Capital on Tap Business Credit Card, issued by the lender WebBank offers leading employee spending controls, reporting, and rewards.

Capital on Tap made Atlanta its American home when it launched the Capital on Tap Business Credit Card in March, 2021, helping small and medium-sized businesses recover following the pandemic’s harsh economic downturn. With 50 employees currently sitting in the Atlanta office and actively recruiting more than a dozen more, Capital on Tap is poised to provide leadership and opportunity for Atlanta’s elite tech community.

Alan Hart, CFO, Capital on Tap, commented: “With the closing of this facility we are looking forward to expanding our ability to provide access to essential funding for small businesses across the United States. We are thrilled to be joined in this mission with Värde Partners as well as extending our already international relationship with HSBC.”

Aneek Mamik, Partner and Global Co-Head of Financial Services, Värde Partners said: “We are pleased to establish a partnership with Capital on Tap as they continue successfully expanding by making available faster and simpler working capital and payments tools to empower business owners. We see this as a good example of an emerging substantial investable opportunity set for us, providing capital solutions to digitally oriented non-bank companies that are providing access to financing the needs of businesses investing in their products and customers.”

About Capital on Tap

Capital on Tap is a privately held, financial technology company that provides access to funding to small and medium-sized businesses in the U.K and U.S. Founded in 2012, Capital on Tap has core offices in London, Atlanta, and Cardiff and has provided access to over $5 billion of funding to businesses. For more information visit www.capitalontap.com.

About Värde Partners

Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $85 billion since inception and manages approximately $14 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde has offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit https://www.varde.com.

About HSBC

HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2.958 billion at 31 December 2021, HSBC is one of the world’s largest banking and financial services organizations.

Marcia Page Awarded Fund Finance Association’s 2022 Julian Black Lifetime Contribution to the Industry Award

MINNEAPOLIS – Värde Partners, a global alternative investment firm, and MPowered Capital, an investment firm established to invest in best-in-class female and other underrepresented talent in the alternative investment space, are pleased to announce that Marcia L. Page has been awarded Fund Finance Association’s 2022 Julian Black Lifetime Contribution to the Industry Award.

As one of three co-founders of Värde Partners in 1993, Marcia helped oversee the firm’s growth into a leading global asset manager with approximately $14 billion in assets under management. In 2015, Marcia transitioned from Co-CEO and Co-CIO to her current role as Co-Executive Chair and today is still one of only a few successful female founders of an alternative asset manager.

Marcia has continually led pioneering work within the investment industry and been a true advocate of driving diversity and inclusion in financial services. Most recently, Marcia launched MPowered Capital, which seeks to accelerate the growth of female and other underrepresented talent by providing access to the capital, commitment, and connections needed to help grow their firms.

Accepting the award, Marcia Page said:

“I’m honored beyond words to receive this award and incredibly appreciative. I might be the first, but I’m sure I won’t be the last female recipient. Over the last 30 years the pace of change of diversity in leadership positions has been glacial, with unique challenges around access to capital and fund formation for women and other underrepresented talent in the industry. Through MPowered Capital, we are starting to address those capital pain points and accelerate equity in the industry.”

MPowered believes it is able to offer its clients exposure to an exceptional, diversified pool of targeted investment talent that many investors ordinarily would not have access to given their emergent nature as fund managers and the complexities involved with underwriting and conducting due diligence.

It operates as an independently-managed investment firm and has been developed in collaboration and partnership with Värde Partners to leverage certain business and operational capabilities.

About Värde Partners

Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $85 billion since inception and manages approximately $14 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde has offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com.

About MPowered Capital

MPowered is an independently-managed investment firm established to invest in best-in-class female and other underrepresented investment talent in the alternative markets. Founded by Marcia Page, Co-Founder and Executive Chair of Värde Partners, the firm is focused on accelerating equity for women and other underrepresented talent through capital and strategic support. Leveraging its extensive investing and firm building experience across strategies as well as an array of investment types, including structured transactions, direct/co-investments, and fund investments, MPowered believes it is uniquely positioned to provide investors with access to an exceptional, diversified pool of talent while generating superior risk-adjusted returns. For more information, visit www.mpoweredcapital.com.