Cannabis MSO Acreage borrows up to $50M more from AFC Gamma, Viridescent

Cannabis industry real estate lenders AFC Gamma and Viridescent Realty Trust amended their late 2021 loan agreement with multistate operator Acreage Holdings, lending up to $50 million more than the original $100 million loan.

The amended loan includes $25 million available to Acreage immediately and another $25 million available “upon achieving certain predetermined milestones” which were not specified in AFC Gamma’s Tuesday news release.

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The loan is secured against New York-based Acreage’s real estate “and other commercial security interests.”

It matures in January 2026, but Acreage said in a release that it can extend the maturity date by one year for a fee.

While the original loan carried a 9.75% annual interest rate, the amended loan carries a higher rate: prime (of at least 5.5%) plus 5.75% annually.

Acreage is also paying a $1.25 million amendment fee to its lenders.

The lenders are waiving all of Acreage’s financial

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Cannabis industry real estate lenders AFC Gamma and Viridescent Realty Trust amended their late 2021 loan agreement with multistate operator… Continue reading
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