Chicago Atlantic Real Estate Finance Upsizes its Revolving Credit Facility to $65 Million
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CHICAGO, May well 12, 2022 (Globe NEWSWIRE) — Chicago Atlantic Genuine Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a industrial serious estate finance enterprise, nowadays introduced that Chicago Atlantic Lincoln, LLC (“Chicago Atlantic Lincoln”), its wholly-owned financing subsidiary, entered into an Amended and Restated Bank loan and Safety Arrangement by and among Chicago Atlantic Lincoln and two FDIC-insured fiscal institutions relevant to upsizing its secured revolving credit score facility (the “Revolving Loan”).
The Revolving Loan’s combination motivation was greater from $45. million to $65. million with a maturity day of December 16, 2023, and a a person-year extension alternative, matter to customary ailments.
The Revolving Personal loan bears curiosity at a floating charge, primarily based upon Chicago Atlantic Lincoln’s leverage ratio, ranging from % to 1.25% above the Primary Price, subject matter to a 3.25% Key Price floor. The Business expects to use the available borrowing base from the Revolving Mortgage to fund more loans and for common corporate applications.
John Mazarakis, Government Chairman of Chicago Atlantic, mentioned, “We are happy to perform with our lending team to enhance our revolving credit history facility to $65 million and support our continued progress.”
About Chicago Atlantic Real Estate Finance, Inc.
Chicago Atlantic Genuine Estate Finance, Inc. (NASDAQ: REFI) is a current market-foremost mortgage loan REIT utilizing important real estate, credit history and hashish know-how to originate senior secured loans generally to point out-accredited hashish operators in limited-license states in the United States.
Forward-Hunting Statements
This release is made up of forward-hunting statements inside the which means of the Non-public Securities Litigation Reform Act of 1995 that reflect our current sights and projections with respect to, amongst other things, long term situations and fiscal overall performance. Words such as “believes,” “expects,” “will,” “intends,” “plans,” “guidance,” “estimates,” “projects,” “anticipates,” and “future” or comparable expressions are supposed to identify ahead-seeking statements. These ahead-looking statements, like statements about our long run growth and strategies for this sort of expansion, are subject to the inherent uncertainties in predicting long run benefits and problems and are not guarantees of long run performance, situations or final results. Extra information on these pitfalls and other prospective factors that could affect our business enterprise and economic success is bundled in our filings with the SEC. New dangers and uncertainties occur around time, and it is not doable to predict these situations or how they could affect us. We do not undertake any obligation to publicly update or revise any ahead-searching statements, whether or not as a end result of new facts, long term activities or usually, apart from as required by regulation.
For REFI investor relations be sure to contact:
Tripp Sullivan
SCR Companions
(615) 942-7077
[email protected]
For REFI media relations make sure you call:
Annie Graf
KCSA Strategic Communications
(786) 390-2644
[email protected]
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