LAS VEGAS, Oct. 1, 2004 (PRIMEZONE) -- Vestin Group Inc. (Nasdaq:VSTN) today announced that the Castaways has been sold to Station Casinos (NYSE:STN) for $21.6 million. The conclusion of this transaction repays the loan to the Castaways in which Vestin Funds I and II invested and that Vestin Mortgage managed.
Vestin said, "Station Casinos assumed MGI's position in a purchase agreement for the Castaways which was initially signed by MGI in June 2004 following Vestin's foreclosure on the Castaways on February 2, 2004. Subsequent to the foreclosure, Vestin marketed the property to appropriate prospective buyers until it reached agreement with MGI. Station's acquisition cost of the Castaways from Vestin together with its consideration paid to MGI for its position in the purchase agreement was approximately $33.7 million."
Michael Shustek, chairman, president and chief executive officer of Vestin, said, "We are extremely gratified to have completed this transaction as helps to fulfill our frequently stated primary objective: Fulfilling our fiduciary responsibility to investors in Vestin Funds I and II."
About Vestin Group
Vestin Group, Inc. is engaged in asset management, real estate lending, and other financial services. Its subsidiary, Vestin Mortgage, has facilitated more than $1.5 billion in lending transactions since 1995. Through Vestin Mortgage, Vestin Group manages three funds, Vestin Fund I, LLC and Vestin Fund II, LLC, both mortgage funds and Vestin Fund III, LLC a mortgage and real estate fund.
Certain statements contained herein are forward-looking statements that have been made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results in the future periods or plans for future periods to differ materially from those described herein as anticipated, believed, or estimated.