Press Release: Vestin Group
June 5, 2002
LAS VEGAS, NV -- Vestin Group (Nasdaq:VSTN), through its subsidiary Vestin Mortgage, announced yesterday Daniel
Stubbs recently negotiated a $48 million loan for the proposed Cannery Hotel and Casino in North Las Vegas.
The funds will be used for the construction and development of the 201-room hotel/casino. The North Las Vegas project
will have 87,000 square feet that will include a 35,000 square foot gaming area, retail space, a race and sports
book, and a sports bar with a food outlet. Also included in the total 132,000 square foot property will be three
themed restaurants, a buffet and an entertainment area.
Steve Byrne, CEO of Vestin Mortgage, commented, "We are pleased that a previous borrower for a casino property
referred William Poulos, Robert Nendenhall and William Wortmen, the management of the Cannery Hotel and Casino,
to Vestin Mortgage. Our financial flexibility as well as our knowledge of our geographic markets enables our company
to close loans faster than traditional mortgage lenders. This transaction also marks a milestone for Vestin as
it represents our largest loan to date."
About Vestin Group
Vestin Group, Inc., through its lending division, is one of the nation's largest private lenders. Its subsidiary,
Vestin Mortgage, is a Las Vegas-based commercial mortgage broker. Vestin Mortgage has facilitated more than $1.1
Billion in the last five years in lending transactions. Through its subsidiary Vestin Mortgage, Vestin Group manages
two funds, Vestin Fund I, LLC, a $100 Million mortgage fund and Vestin Fund II, LLC a $500 Million mortgage fund.
Certain statements contained herein are forward-looking statements that have been made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and
unknown risks and uncertainties which may cause the actual results in the future periods or plans for future periods
to differ materially from those described herein as anticipated, believed or estimated.
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Contact:
Makovsky & Co., Inc., New York
Investor Relations:
Ting Mei Chong, 212/508-9609