Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) Announces Increase in Revolving Credit … | News


CHICAGO, December 21, 2021 (GLOBE NEWSWIRE) – Chicago Atlantic Real Estate Finance, Inc. (“REFI” or “the Company”), a leading institutional lender to state-licensed cannabis operators, announced today that Chicago Atlantic Lincoln, LLC (“Chicago Atlantic Lincoln”), its wholly owned financing subsidiary, has entered into an amended and restated loan and guarantee agreement by and between Chicago Atlantic Lincoln and two institutions provided by the FDIC in connection with a secured revolving credit facility (the “Loan”).

The revolving loan has a total commitment of $ 45.0 million and a maturity date of December 16, 2023, with an option to extend for one year, 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% over the prime rate, subject to a prime rate floor of 3.25% . REFI plans to use the available borrowing base of the revolving loan to fund additional loans and for general business purposes.

About Chicago Atlantic Real Estate Finance, Inc.

Chicago Atlantic Real Estate Finance, Inc. is a commercial real estate finance company that trades on NASDAQ under the symbol REFI and manages a diverse portfolio of cannabis mortgage mortgage investments and actively invests throughout the value chain. The Company’s management team has over 100 years of combined experience in mortgage lending, direct lending, real estate acquisitions and development, investment advice, risk management and advisory. The Company’s website is available at https://investisseurs.refi.reit/.

Forward-looking statements

This press release contains forward-looking statements and information relating to REFI which are based on the beliefs of management as well as on the assumptions made by management and on the information currently available to it. These statements include statements about the revolving loan, including the intended use of the proceeds thereof, the anticipated reduction in interest expense, and the timing of the revolving loan closing. When used in this press release, words such as “may”, “will”, “should”, “could”, “intention”, “possible”, “continue”, “anticipate”, ” believe “,” estimate “,” expect “,” plan “,” target “,” predict “,” project “,” seek “and similar expressions in relation to the Company are intended to identify forward-looking statements. These statements reflect the current views of management with respect to future events, are not guarantees of future performance, and involve risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based on assumptions about future events which may not prove to be correct. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements.

All forward-looking statements contained in this communication are based on what the Company considers reasonable as of that date. Except as required by law, the Company assumes no obligation to update these forward-looking statements or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Contact details:

Investor Relations

[email protected]

(312) 809-7002

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