Appreciate Holdings, Inc. Announces Foreclosure by its Secured Lender

Appreciate Holdings, Inc. Announces Foreclosure by its Secured Lender

MINNETONKA, Minn., March 3, 2024 /PRNewswire-PRWeb/ -- St. Cloud Capital Partners ("St. Cloud"), the senior secured lender to Appreciate Holdings, Inc. ("Appreciate"), has foreclosed upon and sold the assets of Appreciate to a third-party buyer (the "Acquiror").

Appreciate was in default of its obligations under its Loan Agreement with St. Cloud, and the obligations were due and payable. St. Cloud filed a notice of default on May 5, 2023. Appreciate, at the direction of its Board of Directors and with the approval of St. Cloud, had engaged in the marketing of Appreciate and / or its assets for a prompt sale over the last twelve months. St. Cloud also initiated a foreclosure sale process. As a result of these processes, St. Cloud made a notification of private disposition of collateral on January 3, 2024 and such foreclosure was completed today. The proceeds of the foreclosure sale will be retained by St. Cloud in satisfaction of Appreciate's obligations and will not be received by Appreciate. Any excluded assets will be liquidated.

On January 2, 2024, Appreciate filed a Form 15 with the Securities and Exchange Commission to deregister.

Media Contact

Investor Relations, Appreciate Holdings, Inc., 1 952-470-8888, [email protected], https://appreciate.rent

SOURCE Appreciate Holdings, Inc.