Chicago Atlantic Real Estate Finance completes $62.5 million second-lien financing with Koach Properties Manager
REFI•Second-lien financing completed
Chicago Atlantic Real Estate Finance completed financing of second-lien notes issued by Koach Properties Manager, secured by 32 cannabis retail properties.
- Notes total about $62.5 million, exchanged for 4,306,754 REFI shares valued at $14.53 each.
- Terms include 10% cash interest, 2% PIK interest, and an exit fee of 2.5 times each note’s commitment amount.
- Weighted average maturity is about 12 years; collateral is leased to a portfolio of cannabis operators.
