Pelorus Equity Group (“Pelorus”), the leading provider of value-add bridge commercial real estate loans to entrepreneurs operating cannabis-use properties, announced that its Pelorus Fund, a private mortgage real estate investment trust, has closed a private placement of $42,250,000 aggregate principal amount of its 7% Senior Unsecured Notes due September 30, 2026. The Company intends to use the net proceeds from the offering to continue to be the best-in-class real estate lending solution for cannabis owners and operators across their companies’ life cycles. This will include a new stabilized lending program with three- to five-year amortizing loans to quality sponsorship, and be offered to current borrowers upon construction completion, as well as to new borrowers that meet the company’s underwriting criteria. Piper Sandler & Co. acted as the placement agent for this offering.

Published Ncv Newswire, New Cannabis Ventures, 09/29/2021 08:37:00

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