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Oct. 20, 2021, 10:46 a.m. EDT

Cannabis real estate lender Pelorus Equity quadruples fund size to $1 billion

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By Steve Gelsi

Specialty lender Pelorus Equity Group Inc. on Wednesday said it's increasing its privately held mortgage real estate investment trust, the Pelorus Fund, to $1 billion from $250 million to raise capital for bridge commercial real estate loans for cannabis businesses. The Laguna Hills, Calf., firm is launching a new, stabilized lending program with three- to five-year amortizing loans. "Our company launched its $100 million offering in 2018, and then in 2020, upsized it to $250 million, but with the 300% growth we've experienced in 2021, we continue to see an acceleration of institutional interest in our thesis and core strategy," said Dan Leimel, CEO of Pelorus Equity Group and manager of the Pelorus Fund. The company expects to have more than $250 million of assets under management by the end of the year. Founded in 2010, Pelorus has completed 58 commercial real-estate loan transactions and deployed $225 million to cannabis businesses.

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