Pelorus Equity Group Closes Offering of $42.2 Million of Senior Unsecured Notes due 2026, Marking a First for the Cannabis Sector
NEWPORT BEACH, Calif., Sept. 29, 2021 (GLOBE NEWSWIRE) -- 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 (the “Company”), has closed a private placement of $42,250,000 aggregate principal amount of its 7% Senior Unsecured Notes due September 30, 2026 (“Notes”).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.
- Dentons served as counsel to the Company and Morrison & Foerster LLP served as counsel to the placement agent in connection with the Notes offering.
- Pelorus Equity Group is the leading provider of value-add bridge commercial real estate loans in the multi-billion dollar cannabis industry.
- Since 1991, our principals have participated in more than $1B of real estate investment transactions using both debt and equity solutions.