Chicago Atlantic Real Estate Finance Upsizes its Revolving Credit Facility to $65 Million
CHICAGO, May 12, 2022 (World NEWSWIRE) — Chicago Atlantic True Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a professional authentic estate finance enterprise, nowadays introduced that Chicago Atlantic Lincoln, LLC (“Chicago Atlantic Lincoln”), its wholly-owned financing subsidiary, entered into an Amended and Restated Personal loan and Protection Arrangement by and among the Chicago Atlantic Lincoln and two FDIC-insured monetary institutions similar to upsizing its secured revolving credit facility (the “Revolving Loan”).
The Revolving Loan’s aggregate motivation was increased from $45. million to $65. million with a maturity day of December 16, 2023, and a one-calendar year extension option, topic to customary situations.
The Revolving Loan bears fascination at a floating level, dependent on Chicago Atlantic Lincoln’s leverage ratio, ranging from % to 1.25% above the Primary Amount, issue to a 3.25% Primary Amount flooring. The Business expects to use the offered borrowing foundation from the Revolving Bank loan to fund supplemental financial loans and for standard company uses.
John Mazarakis, Executive Chairman of Chicago Atlantic, pointed out, “We are delighted to function with our lending team to boost our revolving credit history facility to $65 million and support our continued expansion.”
About Chicago Atlantic Authentic Estate Finance, Inc.
Chicago Atlantic True Estate Finance, Inc. (NASDAQ: REFI) is a current market-main home finance loan REIT making use of major actual estate, credit score and hashish knowledge to originate senior secured financial loans principally to condition-accredited cannabis operators in limited-license states in the United States.
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