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News

Chicago Atlantic Real Estate Finance Upsizes Its Revolving Credit Facility To $65M

Author: Vuk Zdinjak | May 13, 2022 05:57pm

Chicago Atlantic Lincoln, LLC wholly-owned financing subsidiary of Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI), entered into an amended and restated loan and security agreement by and among Chicago Atlantic Lincoln and two FDIC-insured financial institutions related to upsizing its secured revolving credit facility.

The revolving loan’s aggregate commitment was 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 floating rate, based upon Chicago Atlantic Lincoln’s leverage ratio, ranging from 0% to 1.25% over the prime rate, subject to a 3.25% prime rate floor. The company expects to use the available borrowing base from the revolving loan to fund additional loans and for general corporate purposes.

John Mazarakis, executive chairman of Chicago Atlantic, stated, “We are pleased to work with our lending group to increase our revolving credit facility to $65 million and support our continued growth.”

Photo: Courtesy of Mackenzie Marco on Unsplash

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Posted In: REFI