Chicago Atlantic Lincoln announces $65.0 million revolving loan

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Chicago Atlantic Lincoln announces $65.0 million revolving loan

Chicago Atlantic Lincoln, LLC, the Chicago Atlantic Real Estate Finance, Inc. REFI, entered an amended and revolving loan and security agreement between Chicago Atlantic Lincoln and two FDIC-insured financial institutions related to upsizing its secured revolving credit facility.

The revolving loan's aggregate commitment was increased from $45.0 million to $65.0 million with a maturity date of December 16, 2023, and a one-year extension option, subject to customary conditions.

The revolving loan has interest at a floating rate, based on Chicago Atlantic Lincoln's leverage ratio, ranging from 0% to 1.25% over the prime rate, subject to a 3.25% prime rate floor. The company expects to use the available borrowing base to fund additional loans and general corporate purposes when it comes to the revolving loan.