NewLake Capital Partners, a cannabis industry real estate investment trust (REIT), expanded its five-year revolving credit facility by $60 million to $90 million.
The Connecticut-based company announced the original $30 million credit facility from an unidentified lender in May.
At the time, NewLake said the loan could be expanded up to $100 million.
The credit facility has a 5.65% interest rate for the first three years, followed by a floating rate, and matures in May 2027.
The expanded $90 million loan includes two new lenders, also unidentified but described by NewLake CEO Anthony Coniglio in a Tuesday news release as “bank partners.”
“Access to debt capital is a competitive advantage in this challenging environment and should allow us to continue our disciplined approach toward investing in high-quality cannabis real estate,” Coniglio said in a statement.
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NewLake invested $50 million in three cultivation facilities in July.
The REIT said its cannabis real estate portfolio now includes 31 cultivation facilities and retail locations.