CHICAGO, May 12, 2022 (GLOBE NEWSWIRE) — Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a commercial real estate finance company, today announced that Chicago Atlantic Lincoln, LLC (“Chicago Atlantic Lincoln”), its wholly-owned financing subsidiary, has entered into an Amended and Restated Loan and Security Agreement by and between Chicago Atlantic Lincoln and two FDIC-insured financial institutions relating to the increase of its secured revolving credit facility (the “Revolving Loan”).
The overall revolving loan commitment has increased from $45.0 million to $65.0 million with a maturity date of December 16, 2023 and a one-year extension option, subject to customary conditions.
The revolving loan bears interest at a variable rate, based on Chicago Atlantic Lincoln’s leverage ratio, ranging from 0% to 1.25% above prime, subject to a prime rate floor of 3, 25%. The Company expects to use the available borrowing base of the revolving loan to fund additional loans and for general corporate purposes.
John Mazarakis, Executive Chairman of Chicago Atlantic, said, “We are excited to work with our lending group to increase our revolving credit facility to $65 million and support our continued growth.
About Chicago Atlantic Real Estate Finance, Inc.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a market-leading mortgage REIT that uses significant expertise in real estate, credit and cannabis to provide senior secured loans primarily to cannabis operators state-licensed in limited license states in the United States. .
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect our current beliefs and projections regarding, among other things, future events and financial performance. Words such as ‘believes’, ‘expects’, ‘will’, ‘intends’, ‘plans’, ‘guidance’, ‘estimates’, ‘projects’, ‘anticipates’ and ‘future’ or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including statements about our future growth and strategies for such growth, are subject to the uncertainties inherent in predicting future results and conditions and are not guarantees of future performance, conditions or results. Further information about these risks and other potential factors that could affect our business and financial results is included in our filings with the SEC. New risks and uncertainties arise over time, and it is not possible to predict these events or how they may affect us. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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