RELI news -Reliance Global Group, Inc. (OTC: RELI) Signs LOI to Acquire Real Estate Portfolio Accesswire "Press Releases"
NEW YORK, NY / ACCESSWIRE / January 17, 2019 / RelianceGlobal Group, Inc. (OTC PINK: RELI) ("RELI" or the "Company") is pleased to announce that it has signed an LOI to purchase 100% of a portfolio of 15 Multifamily Properties . The properties are located throughout the states of Ohio , Indiana , Kentucky , Michigan and Georgia .
The properties are currently owned in a joint venture of which Mr. Beyman , CEO of RELI, is a part owner. The properties have been managed by Mr. Beyman and his entities from 2006 through today. The assets have an appraised value of nearly $80,000,000 and a Net Equity of approximately $24,000,000 , according to an independent appraisal report from May 2017 . The purchase of the properties is subject to a loan assumption agreement with the lender, which is already in process, and completion of other conditions noted in the LOI. RELI's intention is to complete the acquisition with RELI common stock.
The intent is for the properties to be purchased directly by RELI and then transferred to the REIT - a newly-formed wholly owned subsidiary of RELI.
