Rainbow Realty Group Completes $7.5 Million Loan To Michigan Based Cannabis Company
2024年7月3日 - 4:16AM
Rainbow Realty Group IV, LLC ("Rainbow"), in
collaboration with
Rainbow Realty Group II,
LLC, and
MJ Real Estate Investment
Trust, announced the closing of a senior mortgage secured
by a newly constructed industrial building in Detroit, Michigan
(the "Property").
The 110,670 SF building sits on 5.49 acres and
is operating as a licensed cannabis cultivation facility to service
the recreational and medical markets in Michigan. The borrower
purchased the land in 2018, secured its cannabis license in 2022,
and thereafter built a state-of-the-art facility. The borrower also
holds interests in several retail dispensary licenses across
Michigan, where its products are slated for sale.
Ben Bolanos, Rainbow's Chief Operating Officer,
expressed enthusiasm about the transaction, stating, "We are
thrilled to finalize this mortgage transaction secured by a
cutting-edge industrial facility. Equipped with advanced growing
technology and equipment, the Property positions the borrower to
deliver high-quality cannabis products at competitive costs.”
The announcement comes as Michigan's cannabis
market recently surpassed California to become the largest in the
United States by sales volume as of June 2024. This transaction
marks Rainbow’s third investment in Michigan, reflecting the firm's
strong confidence in the state's robust cannabis market.
Rainbow continues to expand its footprint in
strategic markets across the U.S., leveraging its expertise in real
estate financing and investment to capitalize on emerging
opportunities in the cannabis sector.
About Rainbow Realty
GroupRainbow Realty Group and its affiliates have deployed
$160 million in real estate backed transactions in the United
States. Rainbow offers sale-leaseback and mortgage financing
solutions for the U.S. cannabis industry. Rainbow’s portfolio
consists of 58 properties across 10 states. Rainbow's parent
company, Gould Investors L.P., has successfully invested in the
real estate industry for 63 years. Gould is a significant
shareholder of BRT Apartments and One Liberty Properties. For
additional information, please
visit https://rainbowrg.com/.
About MJ REITMJ REIT is a
hybrid real estate investment trust that seeks to provide investors
with stability and above-market returns derived mainly through
monthly income. Rainbow Realty Group is the sub advisor for MJ
REIT. The Fund has a thematic emphasis on state-legal cannabis
markets, focusing on industrial and retail commercial real estate.
For more information, please visit https://mj-reit.com/.
Press contacts:Jack
Levyjack@rainbowrg.com