Albemarle Commercial Real Estate Company Raising $4.1 Million

2/3/17

By Jonathan Ponciano, NC BIZ News

A commercial real estate company based in Albemarle, North Carolina, has raised $2.2 million in private equity from 21 investors, according to a Securities and Exchange Commission filing.

Main Street Medical Properties LLC filed the Form D on Feb. 3 stating it intends to raise a total of $4.1 million. The filing was signed by Robert B. Womble and lists the company’s manager as S. Todd Swaringen, who’s also an accountant and partner at Albemarle certified public accounting firm Beane Swaringen & Co.

Main Street Medical Properties filed its corporate registration with the North Carolina Secretary of State on Nov. 22, 2016, listing its registered agent as Beane Swaringen & Co.

The minimum investment accepted from any outside investor is $25,000. The date of the offering’s first sale is listed as Jan. 12, and the filing states that Main Street Medical Properties does not intend the offering to last more than one year.

The Strategic Alliance Corp., an Albemarle-based subsidiary of North Carolina’s Uwharrie Bank, is hired as the offering’s broker. It’s receiving a 5 percent sales commission from the sale of any equity interests associated with the offering, which so far totals $108,900 from the $2.2 million currently raised.

Swaringen will receive an annual management fee equal to $250 per IRS Form K-1 filed by the issuer – totaling $5,250 as of the Feb. 3 Form D filing date.

Main Street Medical Properties disclosed revenue under $1 million. It did not disclose what it intends to do with the money raised from the offering.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

The form can be found here.