LAS VEGAS, Feb. 12, 2004 (PRIMEZONE) -- Vestin Mortgage, Inc., a subsidiary of Vestin Group, Inc. (Nasdaq:VSTN), today announced that Vestin Fund III has raised in excess of $10,000,000 from 380 investors, the dollar threshold at which the Fund is released from escrow and can issue units to its investors.
Vestin Fund III, launched late last year, is a $100,000,000 mortgage and real estate fund. It is designed to provide investors with the potential to earn income, capital appreciation and tax advantages through the acquisition of commercial income-producing properties and investment in short- and intermediate-term mortgage loans.
Vestin Mortgage, which manages Vestin Fund I, a $100 million fund, and Vestin Fund II, a $500 million fund, also serves as manager of Vestin Fund III. The company said it intends to diversify Vestin Fund III by the geographic location of properties, tenants leasing properties, lease agreements with staggered expirations and short-term mortgage loans.
Michael Shustek, Vestin Group Chief Executive Officer, said, "We are very pleased with the reception that Vestin Fund III, LLC has received from investors. The reception to this unique investment vehicle has been extraordinary, especially considering that it is a new offering. To have reached this initial threshold so quickly is a testimony to the confidence that our investors have in Vestin Mortgage and its other investment vehicles."
About Vestin Group
Vestin Group, Inc. is engaged in asset management, real estate lending, and other financial services. Its subsidiary, Vestin Mortgage, Inc. has facilitated more than $1.5 billion in lending transactions since 1995. Through Vestin Mortgage, Vestin Group manages three funds, Vestin Fund I, LLC, a mortgage fund, Vestin Fund II, LLC, a mortgage fund, and Vestin Fund III, LLC, a mortgage and real estate fund.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Vestin's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in Vestin's Annual Report or Form 10-K for the most recently ended fiscal year.