Genesis Bank (In Organization) Announces Oversubscribed Initial Capitalization and Lead Investors
NEWPORT BEACH, Calif., Genesis Bank (In Organization), announced today the completion of its oversubscribed initial capital raise of $57.0 million, led by investors Stephen H. Gordon, managing member of Gordon Ventures, and Arkview Capital. The private offering represents the largest de novo capitalization ever in Orange County, Riverside County, and San Bernardino County, and the second largest de novo capitalization in Los Angeles County. Stephen H. Gordon has a long-established history of investing his own private capital to found, lead, operate, build, and take public multiple banking institutions on the West Coast. Arkview Capital, founded and led by Joon Chang, Pavel Chernyshov, and Vijay Mehta, is a minority-certified private equity fund focused on investing in diversity-oriented businesses.
California worries it could lose $1B in taxes from exiting residents, businesses
California’s finance office has found that more than $1 billion a year in just personal income tax hangs in the balance because of the probability of people and companies moving out of state due to the high cost of doing business and home prices.
Inflation ahead? Even a top economist says it’s complicated
WASHINGTON (AP) — Two months of sharply rising prices have raised concerns that record-high government financial aid and the Federal Reserve’s ultra-low interest rate policies — when the economy is already surging — have elevated the risk of accelerating inflation.
Shopoff Realty Investments Secures $105 Million Construction Loan for 1.8 Million-Square-Foot Logistics Center in Riverside County
IRVINE, Calif., April 5, 2021 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff"), a national manager of opportunistic and value-add real estate investments, announced today that the company has secured a $105 million construction loan from Bank OZK for its I-10 Logistics Center project, located near the I-10 freeway and Cherry Valley Boulevard interchange. The project is a joint venture partnership between Shopoff Realty Investments and Artemis Real Estate Partners.
Projects GOP tied to Pelosi, Schumer dropped from virus bill
WASHINGTON (AP) — Republicans opposing a $1.9 trillion COVID-19 relief package that passed the House have pointed to two transportation projects as examples of pork that would politically benefit Democrats leaders Chuck Schumer and Nancy Pelosi.
