Cannabis Mortgage REIT Pelorus Fund Raises $42.2M Via Senior Unsecured Notes, First To Receive BBB+ Rating

Pelorus Equity Group’s Pelorus Fund, a private mortgage real estate investment trust raised $42.25 million through a 7% senior unsecured notes private placement due September 30, 2026.

The pioneer in lending, reported Wednesday that Pelorus Fund closed the offering, which is expected to be the first in a series it intends to issue.

The company, based in Newport Beach, California, said it plans to utilize proceeds to be the best-in-class real estate lending solution for owners and operators across their companies' life cycles, including a lending program with three- to five-year amortizing loans to quality sponsorship, and be offered to current borrowers upon construction completion, in addition to new borrowers that meet its underwriting criteria.

"We've been experiencing great …

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