Cannabis-focused commercial real estate finance company Chicago Atlantic Real Estate Finance, Inc. REFI announced Tuesday that its wholly-owned financing subsidiary, Chicago Atlantic Lincoln, LLC, entered into an amended and restated loan and security agreement by and among Chicago Atlantic Lincoln and two FDIC-insured financial institutions related to a secured revolving credit facility.
The revolving loan has an aggregate commitment of $45.0 million and a maturity date of December 16, 2023, with a one-year extension option, subject to customary conditions.
It bears interest at a floating rate, based upon Chicago Atlantic Lincoln’s leverage ratio, ranging from 0% to 1.25% over the Prime Rate, subject to a 3.25% Prime Rate floor.
Chicago Atlantic expects to use the available borrowing base from the revolving loan to fund additional loans and for general corporate purposes.
More recent news from Chicago Atlantic:
Marijuana Industry Lender Chicago Atlantic Debuts On NASDAQ Via $100M IPO
Price Action
Chicago Atlantic shares traded 0.44% higher at $16.09 per share at the time of writing Wednesday morning.
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