CHICAGO, Feb. 29, 2024 (GLOBE NEWSWIRE) — Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a commercial mortgage real estate investment trust company, announced that its wholly owned finance subsidiary, Chicago Atlantic Lincoln, LLC (“Chicago Atlantic Lincoln”), has entered into a Fifth Amended and Restated Loan and Security Agreement between Chicago Atlantic Lincoln and a syndicate of FDIC-insured financial institutions to extend the maturity of its $100 million secured revolving credit facility (the “Revolving Loan”) and expand the accordion feature of the Revolving Loan to facilitate up to an additional $150 million in commitments.
The Company extended the maturity date of the agreement from December 16, 2024 to June 30, 2026, subject to customary terms, and retained a one-year extension option. 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% above the prime rate, with a floor above the prime rate of 3.25%.
“Our lending group has been very supportive and we are pleased to have been able to extend the debt maturity through June 2026 and expand our accordion capabilities,” said John Mazarakis, chairman of Chicago Atlantic. “We continue to work to increase the size of this facility and grow our lending group.”
About Chicago Atlantic Real Estate Finance, Inc.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a market-leading commercial mortgage REIT leveraging its extensive real estate, credit and cannabis expertise to provide senior secured loans to state-licensed cannabis businesses primarily in limited license states in the U.S. REFI is part of the Chicago Atlantic platform, which has more than 70 employees and has committed more than $2 billion in over 60 loans.
Forward-Looking Statements
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contact:
Trip Sullivan
SCR Partners
IR@REFI.reit