Vireo Growth closes $60M Needham Bank loan, refinances $49M IIP note, buys Palatka facility

Vireo Growth Inc.

$60M term loan with Needham Bank at 8.50% fixed, matures April 2, 2034; interest-only for six months, then 10-year amortization.
Proceeds: ~$49M to repay IIP-NY seller note (IIP-NY no longer lender) and ~$11M to acquire 160 Comfort Road, Palatka, FL cannabis facility.
Security: first-lien mortgages on ~389,000 sq ft Perth, NY facility on 20.598 acres and Palatka property; $900,000 commitment fee (1.50%) paid.
Second lien debt of $41M held by Chicago Atlantic; director/CEO John Mazarakis is a partner of Chicago Atlantic Group and recused himself.
Prepayment premiums of 3%/2%/1% apply if refinanced with another lender in first three years; no premium after or on Change of Control.

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