Chicago Atlantic Real Estate Finance, a newly-formed commercial mortgage REIT focused on the cannabis industry, filed on Tuesday with the SEC to raise up to $129 million in an initial public offering.
Chicago Atlantic Real Estate Finance is a newly-formed commercial real estate finance company whose objective is to originate, structure, and invest in first mortgage loans and alternative structured financings secured by commercial real estate properties. Its current portfolio is comprised primarily of senior loans to state-licensed operators in the cannabis industry, secured by real estate, equipment, receivables, licenses, or other assets. As of September 30, 2021, the company's portfolio includes one loan that is subordinate to a first mortgage.
The Chicago, IL-based company was founded in 2021 and booked $5 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol REFI. Chicago Atlantic Real Estate Finance filed confidentially on August 10, 2021. JMP Securities, Compass Point, and Oppenheimer & Co. are the joint bookrunners on the deal. No pricing terms were disclosed.
