Private equity firm Viridescent Capital Partners and its affiliate Viridescent Management LLC announced the closing of more than $125 million on its mREIT, Viridescent Realty Trust (VRT).
Acreage Holdings Inc.'s ACRDF founder, Kevin Murphy, launched Viridescent Capital Partners in 2020. He serves as the company's founder and chief investment officer.
VRT plans to serve as an addition to Viridescent's two decades of experience in cannabis operations and investment. The parent company has an additional 60 years of experience in asset management, capital markets and structured credit.
The mREIT will focus on senior secured loans for established cannabis brands, handling the process from origination to management.
In a press release, Murphy said that the company is excited to pursue cannabis real estate, believing the space is attractive for investors.
He credited the team's market experience and focus, adding, "we believe the VRT mREIT fits right into Viridescent's wheelhouse."
Details regarding VRT's next steps were not announced.
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