CHICAGO, May well 12, 2022 (Globe NEWSWIRE) — Chicago Atlantic True Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a business real estate finance company, today introduced that Chicago Atlantic Lincoln, LLC (“Chicago Atlantic Lincoln”), its wholly-owned financing subsidiary, entered into an Amended and Restated Financial loan and Protection Settlement by and among Chicago Atlantic Lincoln and two FDIC-insured money institutions linked to upsizing its secured revolving credit score facility (the “Revolving Loan”).
The Revolving Loan’s combination commitment was amplified from $45. million to $65. million with a maturity date of December 16, 2023, and a just one-year extension choice, subject matter to customary disorders.
The Revolving Bank loan bears interest at a floating rate, based mostly on Chicago Atlantic Lincoln’s leverage ratio, ranging from % to 1.25% about the Prime Amount, matter to a 3.25% Key Rate flooring. The Company expects to use the obtainable borrowing foundation from the Revolving Bank loan to fund supplemental loans and for basic company needs.
John Mazarakis, Executive Chairman of Chicago Atlantic, noted, “We are delighted to get the job done with our lending group to boost our revolving credit facility to $65 million and help our ongoing development.”
About Chicago Atlantic True Estate Finance, Inc.
Chicago Atlantic True Estate Finance, Inc. (NASDAQ: REFI) is a market-main mortgage loan REIT making use of considerable serious estate, credit score and hashish expertise to originate senior secured financial loans mainly to condition-licensed hashish operators in restricted-license states in the United States.
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