MINNEAPOLIS, Dec. 21, 2021 /PRNewswire/ — Hunter Street Partners (“Hunter Street”), a Minneapolis-based alternative investment management firm, is pleased to announce it has partnered with Rice Park Capital Management (“Rice Park”) to acquire Asset Based Lending, LLC (“ABL”), building on a residential loan investment platform launched by the two firms last year.
ABL provides real estate investors with access to cash through real estate investor loan programs. Borrowers use the loans to finance business activities, including fix-and-flip projects, new construction, and term-lending products for non-owner-occupied properties. Hunter Street and Rice Park will support the growth of ABL, while integrating ABL’s existing loan portfolio and origination capabilities into its broader residential loan investment platform.
“We are seeing positive secular tailwinds for single family housing and look forward to working with Rice Park and ABL’s management team to further scale origination efforts,” said Neal Johnson, CEO and CIO at Hunter Street.
“The investment from Hunter Street and Rice Park enables us to attract new borrowers by offering lower-cost and more efficient financing. We were looking for long-term partners that could not only provide the capital we need to grow, but ones with significant experience in our market niche so we could benefit from their expertise for additional added value,” said Kevin Rodman, CEO at ABL.
“ABL is a perfect extension to our residential loan investment platform, and we see tremendous synergistic opportunities as we develop a leading platform in this sector. We look forward to working with the ABL team alongside Hunter Street as they continue to grow their business,” said Nicholas Smith, Rice Park founder, CEO and Co-CIO.
ABL will continue to operate under the same name and its core leadership team will remain in place, with Kevin Rodman serving as CEO and Daniel Leyden as COO.
Piper Sandler & Co. was the exclusive financial advisor to ABL for this transaction.
About Hunter Street Partners
Hunter Street Partners is a Minneapolis-based alternative investment management firm that provides capital solutions to operating partner teams and lower middle market companies across corporate finance, real estate, and specialty finance. The firm is focused on fundamentals-driven, asset-oriented credit and equity opportunities. Learn more about Hunter Street Partners at www.hunterst.com
About Rice Park Capital Management
Rice Park Capital Management LP is a private investment firm managing funds and vehicles on behalf of institutional investors, family offices and high net worth individuals. Its investment focus is to deliver cycle-resistant returns to its limited partners by unlocking value in complex opportunities in the residential and commercial mortgage and real estate sectors. Learn more about Rice Park at www.riceparkcapital.com.
About Asset Based Lending
Established in 2010, Asset Based Lending, LLC is a lender that provides fast-bridge financing to real estate investors for the purchase, renovation, or new construction of single family, multi-family, and mixed-use properties. The firm lends in 13 states and Washington DC and has closed loans with total transaction amounts in excess of $1 billion. For more information, visit https://www.abl1.net/.
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SOURCE Hunter Street Partners