Rainbow Realty Group IV, LLC, in collaboration with Rainbow Realty Group II, LLC, and MJ Real Estate Investment Trust, has finalized a senior mortgage secured by a newly constructed industrial building in Detroit, Michigan.
The 110,670-square-foot building, situated on 5.49 acres, is operating as a licensed cannabis cultivation facility serving both the recreational and medical markets in Michigan. The borrower acquired the land in 2018, obtained its cannabis license in 2022, and subsequently developed a state-of-the-art facility. Additionally, the borrower holds several retail dispensary licenses throughout Michigan, where its products are expected to be sold.
Ben Bolanos, Rainbow's Chief Operating Officer, expressed enthusiasm about the transaction, stating, "We are thrilled to finalize this mortgage transaction secured by a cutting-edge industrial facility. Equipped with advanced growing technology and equipment, the property positions the borrower to deliver high-quality cannabis products at competitive costs."
This announcement follows the recent news that Michigan's cannabis market has surpassed California's to become the largest in the United States by sales volume as of June 2024. This transaction marks Rainbow's third investment in Michigan, underscoring the firm's strong confidence in the state's robust cannabis market.
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