Pelorus Equity Group, a commercial real estate lender to marijuana companies, closed a $42.3 million private placement of senior unsecured notes from its real estate investment trust, Pelorus Fund.

The notes bear a 7% interest rate and are due in 2026.

Advertisement

The Pelorus Fund will use net proceeds from the offering to offer “a new stabilized lending program with three- to five-year amortizing loans to quality sponsorship,” the company said in a Wednesday news release.

Those loans will be offered “to current borrowers upon construction completion, as well as to new borrowers that meet the company’s underwriting criteria.”

Pelorus said the offering would be “the first in a series.”

Newport Beach, California-based Pelorus concurrently announced that the Pelorus Fund and its notes received a “BBB+” rating from credit rating service Egan-Jones Ratings Co.

The Pelorus Equity Group said that, as of late August, it had completed 55 cannabis real-estate loan transactions worth $204 million in eight states.