Multi-state operator, Sanctuary Medicinals receives first $10 million of a $25 million debt facility
Chicago Atlantic Real Estate Finance Funds Senior Secured Credit Facility to Sanctuary Medicinals
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) ("Chicago Atlantic" or the “Company”), a commercial real estate finance company, announced today it funded $10 million as the initial advance of a new $25 million senior secured credit facility to Sanctuary Medicinals LLC ("Sanctuary") to support their retail and cultivation expansion in Florida. Headquartered in Apopka, Florida, Sanctuary operates a premier cultivation and processing
facility with 5 operational dispensaries and plans to open more than 18 additional locations in Florida during 2022.
“Sanctuary is a best-in-class operator who has proven their ability to obtain highly coveted licenses and build preeminent retail and cultivation assets at incredible speed,” said Tony Cappell, Chief Executive Officer at Chicago Atlantic. “This financing will allow them to continue their expansion in the Florida market, creating one of the top private multi-state operators in the industry.”
Jason Sidman, CEO of Sanctuary, added, “It has been a pleasure to work with the Chicago Atlantic team. This facility will enable Sanctuary Medicinals to expand our dispensary footprint and cultivation capacity at a faster rate, in one of the most robust medicinal markets in the country.” Since completing its initial public offering in December 2021, Chicago Atlantic has funded a total of $28.6 million of principal under five new loans and credit facilities to five separate operators as well as an additional $45.6 million of principal to existing borrowers under current credit facilities in 12 states for total loan fundings of approximately $74.2 million.
About Chicago Atlantic Real Estate Finance, Inc. Chicago Atlantic Real Estate Finance, Inc. is a commercial real estate finance company that manages a diversified portfolio of real estate credit investments primarily in the cannabis space and is actively investing across the value chain. Led by a senior management team with extensive experience in real estate credit, direct lending, risk management and real estate acquisitions and development, Chicago Atlantic and its sponsor have created a leading cannabis lending platform. Chicago Atlantic intends to elect and qualify to be taxed as a REIT under Section 856 of the Internal Revenue Code of 1986. Chicago Atlantic is managed by Chicago Atlantic REIT Manager, LLC.