Freehold Properties, a newly formed real estate investment company focused on specialized agricultural, industrial and cannabis properties, and Revolution Global, a Chicago-based multi-state cannabis operator, have announced that Freehold will provide Revolution up to $28.75 million in real estate capital expansion funding. Utilizing the capital from Freehold, Revolution plans to more than double the capacity of its flagship cultivation facility.
"Revolution currently leases a 75,000-square-foot cultivation facility on over 70 acres in Delavan, Illinois," the team with the company explains. "Revolution plans to construct a new sister 75,000-square-foot indoor facility and additional greenhouse space on the existing site. Freehold’s leasehold mortgage will fund development costs for the expansion project. Over a period of nine to twelve months, Revolution is expected to make draws on the leasehold mortgage. Rent will accrue during the construction period, and Freehold has an option to purchase all of the existing facilities for $30 million by March 2021."
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