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Cannabis lender Chicago Atlantic increases credit facility to $65 million

Cannabis industry real estate lender Chicago Atlantic Real Estate Finance increased the size of its revolving credit facility by $20 million to $65 million.

Chicago Atlantic had already increased the size of the revolving credit facility from $10 million to $45 million in December.

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The Illinois-based company announced in a Thursday news release that its financing subsidiary boosted the maximum size of the loan.

The credit facility is from two unspecified FDIC-insured banks, with one bank committing $42.5 million and the other committing $22.5 million, according to a regulatory filing.

The loan still matures in December 2023 with an option for a one-year extension.

It carries a floating interest rate of up to 1.25% over a prime rate of no less than 3.25%.

“The company expects to use the available borrowing base from the revolving loan to fund additional loans and for general corporate purposes,” Chicago Atlantic

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