Treehouse Real Estate Investment Trust, Inc. Announces Closing of Nearly $16 Million Debt Financing with a Federally Insured Commercial Bank
LOS ANGELES, June 11, 2019–(BUSINESS WIRE)–Treehouse Real Estate Investment Trust, Inc. (“Treehouse” or the “Company”) announced today that it has closed upon nearly a $16 million debt commitment with a large, federally insured and regulated commercial bank. The commitment carries a 5.6% interest rate and provides for a revolving facility for future notes as Treehouse continues acquiring cannabis-use properties.
Treehouse is excited to announce that we have successfully procured federally insured commercial bank financing. The capital relationship allows us to continue executing cannabis-related real estate acquisitions in a scaled, non-dilutive manner that is most accretive to our investors. We are witnessing federally regulated lenders enter the cannabis space and we are thrilled to be at the forefront of those efforts.
Brian Kabot, Stable Road Capital Chief Investment Officer and Treehouse Board Member
The Company intends to use the proceeds from the facility to fund additional cannabis real estate acquisitions across the United States, which is estimated to generate $80 billion in cannabis sales by 2030 according to Cowen, Inc. The Company will seek to continue acquiring real estate across several recreational and medical cannabis states, including Arizona, California, Florida, Illinois, Massachusetts, Michigan, New York and Nevada, with a focus on retail-related properties.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the common stock or any other securities of the Company.
Treehouse Real Estate Investment Trust, Inc. is a newly organized, externally managed real estate investment company focused on the acquisition, ownership and management of specialized retail and industrial properties leased to experienced, state-licensed operators for their regulated adult-use and medical-use cannabis facilities. Visit http://www.TreehouseREIT.com to learn more.