Chicago Atlantic Real Estate Finance, a commercial real estate finance company, and Chicago Atlantic Lincoln, its wholly-owned financing subsidiary, entered into the first amendment to the third amended and restated loan and security agreement by and among Chicago Atlantic Lincoln and six FDIC-insured financial institutions to extend the maturity of its $92.5 million secured revolving credit facility.
The company extended the maturity date from Dec, 16, 2023 to Dec. 16, 2024 and retained the one-year extension option, subject to customary conditions. The revolving loan bears interest at the prime rate plus an applicable margin, based upon Chicago Atlantic Lincoln’s leverage ratio. The applicable margin ranges from 0% to 1.25% over the prime rate, subject to a 3.25% prime rate floor. Based on Chicago Atlantic’s current leverage, the pricing is equal to the prime rate.
“We are pleased to work with our lending group to complete an extension of our maturity to December 2024 and look forward to continuing our efforts to expand both the size of this facility and the lending group,” John Mazarakis, executive chairman of Chicago Atlantic, said.
