Chicago Atlantic Real Estate Finance Amends its Revolving Credit Facility to Extend Maturity to December 2024
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) announced an extension of its $92.5 million secured revolving credit facility maturity from December 16, 2023, to December 16, 2024. The extension was finalized through an amendment with six FDIC-insured financial institutions, retaining a one-year extension option. The revolving loan bears interest at the Prime Rate plus an Applicable Margin based on leverage, currently aligned with the Prime Rate, which has a 3.25% floor. Executive Chairman John Mazarakis expressed satisfaction with the extended maturity, indicating ongoing efforts to expand the facility and its lending group.
- The maturity of the $92.5 million revolving credit facility was extended to December 16, 2024, providing more time for financial planning.
- The extension includes a one-year option for additional flexibility.
- None.
CHICAGO, Feb. 28, 2023 (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, entered into the First Amendment to the Third Amended and Restated Loan and Security Agreement by and among Chicago Atlantic Lincoln and six FDIC-insured financial institutions to extend the maturity of its
The Company extended the maturity date from December 16, 2023 to December 16, 2024 and retained the one-year extension option, subject to customary conditions. The Revolving Loan bears interest at the Prime Rate plus an Applicable Margin, based upon Chicago Atlantic Lincoln’s leverage ratio. The Applicable Margin ranges from
John Mazarakis, Executive Chairman of Chicago Atlantic, noted, “We are pleased to work with our lending group to complete an extension of our maturity to December 2024 and look forward to continuing our efforts to expand both the size of this facility and the lending group.”
About Chicago Atlantic Real Estate Finance, Inc.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a market-leading 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. REFI is part of the Chicago Atlantic platform, which has over 40 employees and has deployed over
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Contact:
Tripp Sullivan
SCR Partners
(615) 942-7077
IR@REFI.reit
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