Atlanta, GA and Winter Springs, FL – November 12, 2024. MountainSeed Real Estate Services, LLC (“MountainSeed”), a Georgia limited liability company, has successfully completed a sale-leaseback transaction with Insight Credit Union (“the Credit Union”).
Effective November 12, 2024, under the terms of this transaction, Insight Credit Union concluded the process to sell 3 properties, which it owned and operated as office locations, for an aggregate purchase price of approximately $9.55 million, inclusive of customary closing adjustments. These properties are located in the immediate vicinity of their headquartered location in Winter Springs, Florida.
Concurrently, Insight Credit Union entered into a master lease agreement (the “Lease Agreement”), under which the Credit Union will lease back the property. The Lease Agreement has an initial term of 15 years, with an option for the Credit Union to extend the lease for an additional 15-year term. As part of this sale-leaseback transaction, the Credit Union will continue its operations without closing any offices or exiting any markets, ensuring seamless service to its members, making a long-term commitment to the geographic area, and maintaining its strong presence in the local community.
MountainSeed’s continued commitment to conducting sale leaseback transactions further establishes the company as a reliable resource for both Credit Unions and Banks. It provides Insight with enhanced financial flexibility in the current economic environment.
“We are excited for the opportunity to partner with Insight Credit Union. Their executive team is forward-thinking, great to work with, and they understand the benefits that are awarded to Credit Unions who choose to unlock the value held in their previously owned buildings. This marks yet another Credit Union sale leaseback closing for our team. We continue to see an uptick in Credit Unions who are noticing the benefits of conducting Sale Leaseback transactions. Our expectation is for a strong end to the year and Q1 of 2025 with additional Credit Union closings,” said Patrick Roberts Chief Revenue Officer at MountainSeed.
“Insight is pleased about our partnership with MountainSeed. Being good stewards of our members’ trust is vital, and we believe leveraging the value in our previously owned locations is a wise decision. It allows us to continue our long-term commitments to the communities we serve while freeing up financial assets to invest in additional product and service offerings for our growing membership. Serving and helping our members is always our focus, and this sale leaseback provides more opportunities to do just that,” noted George Davis, CEO of Insight Credit Union.
About MountainSeed: MountainSeed acts as a beacon of trust and innovation in the real estate and banking industries, serving as a partner to over 600 community Banks and Credit Unions across 50 states. MountainSeed has become the most active company in conducting sale leaseback transactions with community Banks and Credit Unions. In addition, the company processes over $5 Billion commercial real estate transactions monthly, offering expertise to clients in the commercial real estate and lending industries. Their tech-enabled business provides clients access to a marketplace of products, services, and real estate data.
About Insight Credit Union: Insight Credit Union is dedicated to helping its members achieve their financial goals, operating under the guiding philosophy of “People Helping People.” Since its founding in 1935 as Orlando District Employees Telco Federal Credit Union, Insight has remained committed to serving the communities where it operates by delivering exceptional financial solutions with outstanding personal service. Evolving into Bell-Tel Federal Credit Union in 1965, it primarily served employees in the telecommunications industry. Today, Insight Credit Union is a full-service financial institution with 13 locations serving nearly 50,000 members throughout Central Florida.
For further information or inquiries, please contact:
· Patrick Roberts, Chief Revenue Officer, MountainSeed
– Email: [email protected]
– Phone: (404) 710-9642
· George Davis, Chief Executive Officer, Insight Credit Union
– Email: [email protected]
– Phone: (407) 426-6000
Forward-Looking Statements
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