Chicago Atlantic Real Estate Finance, a newly-formed commercial mortgage REIT focused on the cannabis industry, raised $100 million by offering 6.3 million shares at $16, the low end of the range of $16 to $18.
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.
Chicago Atlantic Real Estate Finance plans to list on the Nasdaq under the symbol REFI. JMP Securities, Compass Point, and Oppenheimer & Co. acted as joint bookrunners on the deal.
