Chicago Atlantic Real Estate Finance increases its revolving credit facility to $65 million
Chicago Atlantic LincolnLLC wholly owned financing subsidiary of Chicago Atlantic Real Estate Finance, Inc. REFIhas entered into an amended and restated loan and security agreement by and between Chicago Atlantic Lincoln and two FDIC-insured financial institutions regarding the increase of its secured revolving credit facility.
The overall revolving loan commitment was increased from $45.0 million to $65.0 million with a maturity date of December 16, 2023, and a one-year extension option, subject to customary conditions.
The revolving loan bears interest at a variable rate, based on Chicago Atlantic Lincoln’s leverage ratio, ranging from 0% to 1.25% above prime, subject to a prime rate floor of 3, 25%. The company plans to use the available borrowing base from the revolving loan to fund additional loans and for general corporate purposes.
Jean MazarakisExecutive Chairman of Chicago Atlantic, said, “We are excited to work with our lending group to grow our revolving credit facility to $65 million and support our continued growth.
Photo: Courtesy of Marco Mackenzie on Unsplash
Chicago Atlantic reports first quarter 2022 net income of $7.8 million, higher dividends
Cannabis industry lender Chicago Atlantic Real Estate Finance reports fourth-quarter net income of $4.4 million after IPO
Chicago Atlantic Real Estate funds $30 million secured loan to Florida cannabis operator
Comments are closed.