While it is legal under the laws of 28 states to cultivate and distribute medicinal marijuana, it is prohibited under federal law. Most of the federally regulated banks that are sending letters to landlords stating them to either do away with their pot business occupant or have their note required forcing them to pay off or refinance the note. International Consolidated Companies Inc (OTCMKTS:INCC) through its real estate segment, headed by Arnold “Avi” Yoskowitz, has obtained an institutional commitment for pot based real estate debt financing conditional to underwriting.
The company intends to design a real estate holdings portfolio to service the cannabis market and to help other cannabis firms refinance their loans. International Consolidated Companies wants to raise equity financing of up to $100 million to secure financing commitments. Also, the company now has Avi Yoskowitz on board as Chief Real Estate Officer. He brings a wealth of education experience, drivem talent and focus to the firm.
Over his distinguished and long career, Yoskowitz has excelled as a broker and real estate developer, investor, planner, sales associate, builder and mortgage underwriter. His professional work experience has included senior-level roles with the Citizens’ Housing & Planning Council of New York, Frist Realty Co. of Boston, Phipps Houses, the NYC Housing Development Corporation, an association appointment with Garden Homes & Commercial in New Jersey.
Yoskowitz has successfully closed numerous land acquisitions, infrastructure improvements, approvals, condominium conversions projects and build-outs. Antonio Uccello, the CEO of International Consolidated, said that they are thrilled to position themselves as the preliminary public pot real estate holding firm, while assisting to overcome the obstacles for the sale of legal pot products. They have identified properties worth $30 million in this initial stage and they plan to raise equity financing with which lender would back a mortgage portfolio worth $200 million for an aggregate of $300 million in acquisitions.