Flower One Holdings Inc. (“Flower One” ) today announced the Company has entered into a term debt loan agreement for US$39 million with Subversive Real Estate Acquisition REIT LP (“Subversive REIT”). As part of the Loan Agreement, Flower One granted Subversive REIT a two-year option to pursue a sale-leaseback transaction to purchase Flower One’s 455,000 square-foot cannabis cultivation and production facility in North Las Vegas, Nevada for up to US$80 million. Subversive REIT is positioned to be a leader in the U.S. cannabis real estate market. The Loan Agreement is for a seven-year interest-only loan at a rate of 10.5% for the term of the loan. Proceeds of the loan will be used to replace an existing US$30 million term loan that would have been due in June 2021.
Published Ncv Newswire, New Cannabis Ventures, 10/07/2020 07:18:14
Open article: https://www.newcannabisventures.com/flower-one-taps-reit-for-39-million-loan-at-10-5-for-7-years/