Creative Media & Community Trust to sell lending division to PG FR for $44M

Creative Media & Community Trust announced it has entered into a definitive agreement to sell its lending division to PG FR Holding, an affiliate of Atlanta-based Peachtree Group. The company estimates that, pursuant to the definitive agreement and based on information related to its lending division’s assets and other matters as of September 30, the purchase price will be approximately $44M, subject to adjustment and updated information through the closing of the transactions. Upon the closing and giving effect to the payment of other debt, transaction expenses and other matters, the transactions are expected to yield net cash proceeds to the company of approximately $31M. The closing is subject to the receipt of the U.S. Small Business Administration’s consent to the acquisition by the buyer as well as certain other closing conditions.