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Chicago Atlantic Real Estate Finance Upsizes Revolving Credit Facility with two FDIC-Insured Banks to $45MM

January 03, 2022, 08:00 AM
Filed Under: Real Estate

Chicago Atlantic Real Estate Finance, a leading institutional lender to state-licensed cannabis operators, announced that Chicago Atlantic Lincoln, LLC (“Chicago Atlantic Lincoln”), its wholly-owned financing subsidiary, 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”).

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.

The Revolving Loan 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. REFI expects to use the available borrowing base from the Revolving Loan to fund additional loans and for general corporate purposes.

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