AcquisitionsMay 12, 2026, 09:02 AM
Global Asset Management Group Completes MREG Acquisition for $6.455M
AI Summary
Global Asset Management Group, Inc. (GAMG) and its subsidiary RI Property Holdings, Inc. completed the acquisition of an 83.125% membership interest in Memorial Real Estate Group LLC (MREG) for a total consideration of $6,455,000. This transaction gives GAMG 100% ownership of MREG, which holds the former Memorial Hospital property in Pawtucket, RI, slated for a large-scale mixed-use redevelopment. The consideration included a $6,000,000 convertible promissory note and a $455,000 cash down payment.
Key Highlights
- Global Asset Management Group's subsidiary acquired 83.125% interest in Memorial Real Estate Group LLC (MREG).
- Total consideration for the acquisition was $6,455,000.
- The consideration included a $6,000,000 principal amount convertible promissory note.
- A $455,000 cash down payment was made at closing.
- MREG authorized a $1,000,000 loan agreement with Bogdan Capital LLC.
- MREG owns the 385,000 sq ft former Memorial Hospital property for redevelopment.
- The convertible note bears 6.00% simple interest and matures on April 8, 2027.