Rainbow Realty Group IV, LLC and Partners Secure $12 Million Senior Mortgage with Verano Holdings Corp.
New York, NY – Rainbow Realty Group IV, LLC, in partnership with Rainbow Realty Group II, LLC, and MJ Real Estate Investment Trust (MJ REIT), have announced the successful closing of a cross-collateralized senior mortgage worth $12 million with Verano Holdings Corp. This deal was secured by two of Verano’s premium cultivation and processing properties located in North Las Vegas, Nevada, and Coolidge, Arizona.
Background on the Parties Involved
Rainbow Realty Group IV, LLC is a real estate investment trust focused on acquiring and managing income-producing commercial properties. Rainbow Realty Group II, LLC is a subsidiary of Rainbow Realty Group IV, LLC. MJ REIT is a publicly-traded real estate investment trust that invests in real property used in the cannabis industry. Verano Holdings Corp. is a vertically integrated cannabis company operating in several US states.
Details of the Transaction
The $12 million senior mortgage was secured by two of Verano’s properties. The first property, located in North Las Vegas, Nevada, is a 50,000 square foot cultivation and processing facility. The second property, located in Coolidge, Arizona, is a 75,000 square foot cultivation and processing facility. The mortgage is cross-collateralized, meaning that it is secured by both properties.
Impact on Verano Holdings Corp.
This mortgage will provide Verano Holdings Corp. with additional capital to support its business operations and growth plans. The funds can be used for various purposes, including capital expenditures, working capital, and debt repayment.
Impact on the Cannabis Industry and Real Estate Market
This transaction highlights the growing interest from real estate investors in the cannabis industry. As more states legalize cannabis and the industry continues to mature, there is a growing demand for commercial real estate to support cultivation, processing, and retail operations. This trend is expected to continue as the cannabis industry becomes more mainstream and attracts more institutional investors.
Conclusion
Rainbow Realty Group IV, LLC, Rainbow Realty Group II, LLC, and MJ REIT’s successful closing of a $12 million senior mortgage with Verano Holdings Corp. is a significant development in the cannabis industry and the real estate market. This transaction demonstrates the growing interest from real estate investors in the cannabis industry and the potential for significant returns. With more states legalizing cannabis and the industry continuing to mature, we can expect to see more real estate transactions like this one in the future.
- Rainbow Realty Group IV, LLC, Rainbow Realty Group II, LLC, and MJ REIT have closed a $12 million senior mortgage with Verano Holdings Corp.
- The mortgage is secured by two of Verano’s premium cultivation and processing properties in North Las Vegas, Nevada, and Coolidge, Arizona.
- This transaction highlights the growing interest from real estate investors in the cannabis industry and the potential for significant returns.
