Specialty marijuana finance company Chicago Atlantic Real Estate Finance closed on a $50 million loan to fund future investments and other corporate purposes.
Chicago Atlantic, an Illinois-based commercial mortgage real estate investment trust, withdrew the entire loan at closing to repay its outstanding borrowings on its $110 million senior secured revolving credit facility and for other working capital purposes.
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“This unsecured note is the latest example of our ability to source accretive financing that further enhances our operational liquidity to pursue additional opportunities within our active originations pipeline,” said Peter Sack, Chicago Atlantic’s co-CEO.
The unsecured term loan will mature in October 2028, is interest only and has a fixed cash interest rate of 9%.
The company can prepay the entire loan
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