Chicago Atlantic extends revolver one year to mature in 2024

By Mary-Katherine Stinson

Lexington, Ky., Feb. 28 – Chicago Atlantic Real Estate Finance, Inc.’s wholly owned financing subsidiary Chicago Atlantic Lincoln, LLC on Feb. 27 amended its third amended and restated loan and security agreement for a $92.5 million secured revolving credit facility, according to a press release and an 8-K filing with the Securities and Exchange Commission.

The first amendment pushes the maturity date out one year to Dec. 16, 2024 and retains the one-year extension option, subject to customary conditions.

No other material changes were made to the loan agreement.

The revolving loan bears interest at Prime plus an applicable margin ranging from 0 basis points to 125 bps subject to a 3.25% floor, based upon Chicago Atlantic Lincoln’s leverage ratio. Based on Chicago Atlantic’s current leverage, the pricing is equal to Prime.

Chicago-based Chicago Atlantic is a mortgage REIT utilizing significant real estate, credit and cannabis expertise to originate senior secured loans primarily to state-licensed cannabis operators in limited-license states in the United States.

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