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The financing subsidiary of ancillary marijuana firm Chicago Atlantic Real Estate Finance is extending the maturity of its $100 million secured revolving credit facility and increasing its accordion feature to $150 million.
Chicago Atlantic Lincoln extended the maturity date from Dec. 16, 2024, to June 30, 2026, and retained the one-year extension option, according to a Thursday news release.
The interest rate on the revolving loan is the prime rate plus an applicable margin, based on Chicago Atlantic Lincoln’s leverage ratio.
The applicable margin ranges from 0% to 1.25% over the prime rate, subject to a 3.25% prime rate floor.
Chicago Atlantic extended the maturity of the loan last March to December 2024.
“We will continue our efforts to expand the size of this facility and broaden the lending group,” Chicago Atlantic Executive Chair John Mazarakis said in a statement
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