Melohn Capital 250 W 55TH St FL 13 New York, NY, 10019-7639 Phone (212) 787-2500
Melohn Properties Inc is located in New York, NY, United States and is part of the Commercial Real Estate Management Industry.
Melohn Properties Inc has 82 total employees across all of its locations and generates $6.09 million in sales (USD).
There are 12 companies in the Melohn Properties Inc corporate family
Revenue in USD ANNUAL REVENUE $6.09 million USD
Alfons Melohn, through his role as the majority owner and sole manager of Reliance Joint Venture, LLC, and RRET, together will “control all of the business, affairs and operations of the Property Subsidiaries” and that Alfons Melohn (through Reliance Joint Venture, LLC) “will have the authority to manage the general affairs of the Property Subsidiaries” and will require joint written consent of RRET on certain major decisions affecting the Initial Portfolio. Offering Statement
The document is from two years ago, but the properties mentioned are seemingly the same 19 properties that they announced an LOI to bring into RELI.
They match the 19 properties in Group A. According to this document after the acquisition of 49% - Melohn will own 42.6 % and Beyman 8.4%.
I would think that means he currently owns about 17% of those properties. No mention of buying any other related properties. I would think if there were other properties, they would have been mentioned in that filing.
Just mentions targeting strategically located properties (Which they have done - as they have announced other LOI on 2019 to buy properties).
The Initial Portfolio is currently 100% owned by Reliance Property Group, LLC, or our Joint Venture.
We have agreed to acquire a 48.99% interest in our Joint Venture in exchange for 700,000 shares of <RELI> common stock.
The 48.99% interest we are acquiring in our Joint Venture is currently owned 48.00% by Alfons Melohn, Principal of The Melohn Group and 0.99% by Ezra Beyman, Chairman of Reliance Global Holdings, LLC.
We expect that the acquisition of the 48.99% interest in the Initial Portfolio to occur on or around March 15, 2018.
We have also been granted the option to acquire the remaining 51.01% interest in the Initial Portfolio in exchange for $6.0 million of consideration using proceeds from this offering.
The remaining 51.01% interest in the Joint Venture will be owned 42.64% by Alfons Melohn and 8.37% by Ezra Beyman, and we expect they retain their interest until we have acquired those interests using proceeds from this offering. There is no guarantee that we will be successful in completing the acquisition of the remaining interests of the Initial Portfolio.
In the event that this offering results in net proceeds of less than $6.0 million, we will acquire additional interests in our Joint Venture under the same terms in proportion to the amount of capital at our disposal.
This assumption is subject to the approval of the lender of the existing mortgage loans. There is no guarantee that we will be successful in obtaining the necessary approvals to acquire additional interests in the Initial Portfolio or in assuming the existing mortgage loans.
Because the so called existing RE assets are in fact owned in a JV and the JV partners own the vast majority. My guess is that is the connection to Alfons Melohn.
Reliance Global Holdings, LLC is a privately held limited liability company owned by the Beyman family.
Reliance Property Group, LLC is currently not a related entity to Reliance Global Holdings, LLC, nor will it be after RRET acquires a 48.99% in the Initial Portfolio.
As stated above, Alfons Melohn currently owns 90.64% of the ownership interests of Reliance Property Group, LLC, and is its sole manager.
Ezra Beyman owns a minority (9.36%) interest in Reliance Property Group, LLC, and has no managerial authority.
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