Pelorus Upsizes Offering To $1 Billion

The privately-held cannabis  mortgage real estate investment trust (mREIT) Pelorus Equity Group has increased it $250 million to $1 billion. So far, Pelorus has completed 58 commercial real-estate loan transactions and has  deployed $225MM to cannabis businesses and real estate owners.

“Pelorus intends to use the net proceeds from the increased offering to continue to be the best-in-class non-bank real estate lending solution for cannabis owners and operators across their companies’ life cycles,” said Travis Goad, managing partner of Pelorus Equity Group. “This will include a new stabilized lending program with three- to five-year amortizing loans to quality sponsorship, and be offered to current borrowers upon construction completion, as well as to new borrowers that meet the company’s underwriting criteria.”

The Pelorus portfolio now totals 1,850,000 sq. ft. in eight states across the U.S. The company also said it has the has the potential to approve construction draws to reimburse the borrowers in an average of one to three days and with one agreement covering the financing of the entire project.

“Our Company launched its $100MM offering in 2018, and then in 2020, upsized it to $250MM, but with the 300% growth we’ve experienced in 2021, we continue to see an acceleration of institutional interest in our thesis and core strategy,” said Dan Leimel, CEO of Pelorus Equity Group and manager of the Pelorus Fund. “As more owners and operators look for quicker draws to generate revenue sooner and a steady flow of deals in our pipeline and investors enter the emerging sector, we expect to have more than $250MM assets under management by the end of the year and for our growth to only continue to accelerate at a rapid pace over the next year. We look forward to continuing to capitalize on our deep understanding of the sector, industry relationships and firsthand experience in cannabis commercial real estate to make more high-impact investments that deliver added value to both our clients and investors.”

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