Hunton Andrews Kurth LLP represented Koach Capital LLC (“Koach”) in a financing transaction with Chicago Atlantic Real Estate Finance, Inc. (“Chicago Atlantic”), a publicly traded commercial mortgage REIT. Pursuant to the transaction, an affiliate of Koach issued to Chicago Atlantic second-lien notes with an aggregate principal balance of approximately $62,500,000, in exchange for 4,306,754 common shares of Chicago Atlantic. The transaction provides Chicago Atlantic exposure to a portfolio of single-tenant, triple-net leased retail and related properties located across nine US states and leased to a diversified group of established, state-licensed cannabis operators. 

The Hunton REIT practice team advising on the matter was led by Rob Smith (REIT capital markets) and Kendal Sibley (REIT tax), and included partners Jim Kennedy (corporate) and Kim MacLeod (financing), counsel Josh Milgrom (REIT tax), and associates Kelli Rice (corporate) and Ave Grosenheider (financing).

Hunton has extensive experience advising on significant REIT M&A and similar transactions, including in the mortgage REIT space. In 2025, S&P Capital IQ reported that Hunton is the most active law firm advising on mortgage REIT M&A over the past three years.