Marijuana industry lender Chicago Atlantic Real Estate Finance upsized a loan from two banks to $45 million.
The Illinois-based firm said Tuesday that its financing subsidiary, Chicago Atlantic Lincoln, amended its secured revolving credit facility with “two (Federal Deposit Insurance Corp.)-insured financial institutions.”
The loan is now worth $45 million, maturing in December 2023 with a one-year extension option, according to a news release.
The loan carries a floating interest rate of 0% to 1.25% over a prime rate of at least 3.25%.
The lenders were not identified.
The revolving credit facility was previously worth up to $10 million, according to a regulatory filing.
“(Chicago Atlantic) expects to use the available borrowing base from the revolving loan to fund additional loans and for general corporate purposes,” the company said in a statement.
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Chicago Atlantic recently made its debut on the Nasdaq in an IPO that closed Dec. 10 and raised approximately $100 million.
The company’s shares trade on the Nasdaq as REFI.
