Chicago Atlantic Real Estate Finance Upsizes its Revolving Credit Facility to $65 Million
CHICAGO, May perhaps 12, 2022 (World NEWSWIRE) — Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a professional authentic estate finance corporation, today announced that Chicago Atlantic Lincoln, LLC (“Chicago Atlantic Lincoln”), its wholly-owned funding subsidiary, entered into an Amended and Restated Bank loan and Protection Agreement by and between Chicago Atlantic Lincoln and two FDIC-insured economic establishments similar to upsizing its secured revolving credit facility (the “Revolving Loan”).
The Revolving Loan’s aggregate commitment was increased from $45. million to $65. million with a maturity date of December 16, 2023, and a 1-year extension selection, subject matter to customary problems.
The Revolving Bank loan bears curiosity at a floating amount, based mostly upon Chicago Atlantic Lincoln’s leverage ratio, ranging from % to 1.25% about the Primary Charge, issue to a 3.25% Prime Price flooring. The Firm expects to use the available borrowing base from the Revolving Loan to fund supplemental loans and for common corporate reasons.
John Mazarakis, Government Chairman of Chicago Atlantic, noted, “We are happy to function with our lending team to enhance our revolving credit facility to $65 million and assist our continued growth.”
About Chicago Atlantic True Estate Finance, Inc.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a market-top home loan REIT employing important serious estate, credit score and cannabis skills to originate senior secured financial loans principally to point out-licensed hashish operators in minimal-license states in the United States.
Forward-On the lookout Statements
This release includes forward-looking statements within just the indicating of the Non-public Securities Litigation Reform Act of 1995 that replicate our current views and projections with respect to, among the other issues, long term functions and economical overall performance. Words and phrases such as “believes,” “expects,” “will,” “intends,” “plans,” “guidance,” “estimates,” “projects,” “anticipates,” and “future” or comparable expressions are intended to establish ahead-looking statements. These forward-seeking statements, including statements about our potential development and approaches for these kinds of growth, are issue to the inherent uncertainties in predicting long run final results and situations and are not guarantees of foreseeable future efficiency, situations or outcomes. Extra details on these risks and other possible factors that could affect our business enterprise and economical final results is incorporated in our filings with the SEC. New threats and uncertainties crop up over time, and it is not probable to predict all those functions or how they may possibly have an affect on us. We do not undertake any obligation to publicly update or revise any forward-hunting statements, irrespective of whether as a consequence of new data, foreseeable future occasions or normally, other than as demanded by legislation.
For REFI trader relations please make contact with:
Tripp Sullivan
SCR Partners
(615) 942-7077
[email protected]
For REFI media relations you should speak to:
Annie Graf
KCSA Strategic Communications
(786) 390-2644
[email protected]
