NEW
YORK, March 30, 2023 /PRNewswire/ -- Rainbow
Realty Group II, LLC ("Rainbow") and MJ Real Estate Investment
Trust ("MJ REIT"), nationwide owners and lenders of real estate to
the US cannabis industry, today announced the closing of a loan,
cross-collateralized by 5 properties in Colorado. The properties are owned and
operated by the principals of Silver Stem Fine Cannabis and are
located in Denver, Littleton, and Sheridan.
Silver Stem has been operating in the cannabis industry for 14
years and has grown through strategic acquisition and reinvestment
to encompass 10 cannabis retail dispensaries and two cultivation
facilities in Colorado. The
company has remained profitable by focusing on smart capital
allocation and vertical integration.
Funds from this transaction were used to consolidate debt across
their real estate portfolio, close on a property, and will be used
future growth opportunities within the market.
Kyle Shenfeld, President of
Rainbow, remarked: "We are pleased to close this transaction and
support the growth of one of the strongest operators in this
industry. Being a profitable operator in a competitive market like
Colorado is no easy task and we
believe the best is yet to come for Silver Stem."
About Rainbow Realty Group
Rainbow Realty Group and its affiliates are real estate
companies focused on retail, industrial and greenhouse properties
with cannabis companies in the United
States. Rainbow offers sale-leaseback and mortgage financing
with a portfolio consisting of 50 properties across 8 states.
Rainbow's parent co, Gould Investors L.P., has been in the real
estate industry for 60+ years. Gould is a significant shareholder
of NYSE: BRT and NYSE: OLP. For additional information please
visit: https://rainbowrg.com/
About MJ REIT
MJ REIT is a hybrid real estate investment trust focused on
acquiring, owning, leasing, and providing mortgages to properties
across the United States. MJ REIT
has a thematic emphasis on state-legal cannabis markets with a
focus on industrial and retail commercial real estate. For more
information, please visit https://mj-reit.com/
Press contacts:
Tyler Gilliam
Tyler@rainbowrg.com
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SOURCE Rainbow Realty Group, LLC; MJ Real Estate Investment
Trust