Rainbow Realty Group completes $20.45 million loan to Sacramento based Cannabis Real Estate Portfolio
NEW YORK, Aug. 24, 2022 /PRNewswire/ -- Rainbow Realty Group, LLC ("Rainbow") and its affiliates announced closing a loan cross-collateralized by 9 properties in Sacramento, CA. At the properties there are 13 tenants, of which 12 are licensed cannabis operators. License-types include: 3 operating dispensaries, 2 dispensaries in development, 2 cultivators, 2 manufacturers, 2 delivery businesses, and a microbusiness.
Funds from this transaction will be used for improvements at the properties as the tenants continue to invest in their operations. Per the city of Sacramento there was $820,400,000 of legal cannabis sales in 2021, an increase of 78.6% over 2020. The 5 dispensaries within the collateral represent 12.5% of the total 40 licenses awarded in Sacramento.
Kyle Shenfeld, President of Rainbow, remarked: "We are pleased to close this transaction and support the burgeoning Sacramento cannabis market. The properties within the portfolio – a blend of retail, industrial, and office – have inherent non-cannabis use cases. We have high regard for our borrower, who holds the lead market share in Sacramento."
About Rainbow Realty Group
Rainbow Realty Group and its affiliates are real estate companies focused on retail, industrial and greenhouse properties with cannabis companies in the United States. Rainbow offers sale-leaseback and mortgage financing with a portfolio consisting of 50 properties across 8 states. Rainbow's parent co, Gould Investors L.P., has been in the real estate industry for 60+ years. Gould is a significant shareholder of NYSE:BRT and NYSE:OLP. For additional information please visit: https://rainbowrg.com/.
Press contacts:
Tyler Gilliam
Tyler@rainbowrg.com
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SOURCE Rainbow Realty Group, LLC
