AFC Gamma Provides a New Senior Secured Credit Facility to Private Company Q and Expands Existing Senior Secured Credit Facilities for BeLeaf Medical and Sunburn Cannabis
19 8월 2024 - 9:00PM
AFC Gamma, Inc. (Nasdaq:AFCG) (“Advanced Flower Capital” or “AFC”)
today announced it has closed a new senior secured credit facility
for Private Company Q and expanded its existing senior secured
credit facilities for BeLeaf Medical, LLC (“BeLeaf”) and Sunburn
Cannabis (“Sunburn”) . These transactions underscore Advanced
Flower Capital's commitment to supporting the growth of its
borrowers by providing timely, flexible and tailored financing
solutions.
Private Company Q:AFC has committed $11
million, with $4.3 million funded at closing, in a senior secured
credit facility to Private Company Q, a Georgia-based operator
holding a Class 2 cannabis license. The funds will be utilized
towards the buildout of a cultivation and processing facility and
to establish two new dispensary locations in Georgia. This credit
facility will support Private Company Q in expanding its operations
within the state, furthering its ability to serve the growing
medical cannabis market.
BeLeaf:AFC has committed an additional $5.5
million under the expansion of BeLeaf’s facility and holds the
entire $26.1 million expanded credit facility. The additional funds
will be used to partially finance the acquisition of two
dispensaries in Missouri, increasing the borrower’s vertical
integration in the state. The terms of the credit facility remain
consistent with the original agreement.
Sunburn:AFC has committed an additional $1.8
million under the expansion of Sunburn’s credit facility and holds
the entire $36.5 million expanded credit facility. The additional
funds will partially finance the borrower’s buildout of two new
dispensaries and additional low-cost cultivation capacity in
Florida. The terms of the credit facility remain consistent with
the original agreement.
“At AFC, we are dedicated to fostering strong, lasting
relationships by working together with our borrowers as they grow
their businesses. We are excited to initiate a new relationship
with Private Company Q, helping them establish a strong foothold in
Georgia. Additionally, we are pleased to strengthen our support for
BeLeaf and Sunburn, providing additional capital as they expand
their operations in key markets. These investments align with our
strategy to deploy capital in restricted license states with
attractive supply-demand dynamics,” said Daniel Neville, AFC’s
Chief Executive Officer.
AFC will hold the entire credit facility for BeLeaf, Sunburn,
and Private Company Q, each of which consists of a first-lien term
loan secured by all assets of the respective borrower. AFC Agent
LLC served as agent for these transactions.
About AFC Gamma, Inc.
AFC Gamma, Inc. (Nasdaq: AFCG) is a leading commercial mortgage
REIT that provides institutional loans to state law compliant
cannabis operators in the U.S. Through the management team’s deep
network and significant credit and cannabis expertise, AFC
originates, structures and underwrites loans ranging from $10
million to over $100 million, typically secured by quality real
estate assets, license value and cash flows. It is based in West
Palm Beach, Florida.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
that reflect the company’s current views and projections with
respect to, among other things, operating results and borrower
activity. All statements other than historical facts, are
forward-looking statements. Words such as “believes,” “expects,”
“will,” “intends,” “plans,” “guidance,” “estimates,” “projects,”
“anticipates,” and “future” or similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are subject to the inherent uncertainties in predicting
future results and conditions and are not guarantees of future
performance, conditions or results. Certain factors, risks and
uncertainties discussed under the caption “Risk Factors” and
elsewhere in AFC’s most recently filed periodic reports on Form
10-K and Form 10-Q and subsequent filings, could cause actual
results and performance to differ materially from those projected
in these forward-looking statements.
Investor Relations Contact:Robyn Tannenbaum (561)
510-2293ir@afcgamma.comadvancedflowercapital.com
Media Contact:Profile AdvisorsRich Myers and Rachel Goun(347)
343-2999afcgamma@profileadvisors.com
AFC Gamma (NASDAQ:AFCG)
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AFC Gamma (NASDAQ:AFCG)
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