Cannabis industry real estate lenders AFC Gamma and Viridescent Realty Trust amended their late 2021 loan agreement with multistate operator Acreage Holdings, lending up to $50 million more than the original $100 million loan.
The amended loan includes $25 million available to Acreage immediately and another $25 million available “upon achieving certain predetermined milestones” which were not specified in AFC Gamma’s Tuesday news release.
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The loan is secured against New York-based Acreage’s real estate “and other commercial security interests.”
It matures in January 2026, but Acreage said in a release that it can extend the maturity date by one year for a fee.
While the original loan carried a 9.75% annual interest rate, the amended loan carries a higher rate: prime (of at least 5.5%) plus 5.75% annually.
Acreage is also paying a $1.25 million amendment fee to its lenders.
The lenders are waiving all of Acreage’s financial
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