Rittertime is working with a well-known Colorado Cannabis company who has a short-term construction loan for 24 months to complete the construction of a second state-of-the-art greenhouse with a solid structure including environmental controls and an operating power plant. This new facility will allow them to double their output and significantly reduce their energy cost using eight (8) C-65 Capstone Microturbines. Construction on the greenhouse has been underway since March 2020.
Our current objective is to refinance the property into a longer term, fully amortized loan. We are asking to refinance the total debt of $7,500,000 (total project cost) however, the completed property appraised value is $11,000,000.
On behalf of our client we can provide current and post project appraisals that illustrate the immediate upside. Our clients have UCC-1 filings on two cannabis properties with completed values of 14MM.
This is one of Colorado’s premier cannabis operations, a business that has been profitable for over 10 years. Cultivation expansion is being brought on by retail demand from their 4 locations alone.
We are looking for a lender/investor that is interested in taking part in this project with us, if this is something you have interest in, please take a moment to fill out some basic information and we will arrange a meeting to go over details.