WEST PALM BEACH, Fla., Dec. 13, 2024 (GLOBE NEWSWIRE) -- Sunrise Realty Trust, Inc. (Nasdaq: SUNS) (“SUNS” or the “Company”) today announced that it has committed $32.0 million, of which the Company funded $29.9 million, to a $57.0 million senior loan originated by an affiliate on the TCG Real Estate platform. This loan is for the refinancing of The Loren at Lady Bird Lake (the “Project” or “The Loren”), a luxury boutique hotel located in Austin, Texas. The Sponsor is The Loren Group, a leading real estate company that specializes in developing, owning, and managing luxury hotels in high-demand destination markets. JLL Capital Market’s Debt Advisory team representing the borrower was led by Wally Reid and Scott Dickey.
The Loren is a 108-key boutique luxury hotel at 1211 W Riverside Drive, part of a mixed-use project that includes 24 condominiums, two restaurants, a spa, fitness center, rooftop terrace with an infinity pool, and event space with sweeping lake and city views. Situated on a prime 1.5-acre site along the south bank of Lady Bird Lake, the Project offers a tranquil retreat while remaining within easy reach of downtown Austin’s top attractions, including Zilker Park and the South Congress district. This location provides guests with unmatched access to the heart of Austin’s cultural and recreational offerings, combining luxury, convenience, and scenic surroundings in one destination.
Austin’s growing economy, fueled by technology, finance, and tourism, has made it a premier destination for business and leisure travelers. Major events like SXSW and the Formula 1 United States Grand Prix draw millions of visitors annually, driving demand for luxury accommodations, like the Loren.
“The Loren is a standout property that captures the essence of Austin’s charm and sophistication,” said Brian Sedrish, Chief Executive Officer of SUNS. “With its ideal setting by Lady Bird Lake and luxury amenities, we believe this investment will elevate the Austin experience for guests and strengthen our portfolio in a vibrant, growing market.”
About Sunrise Realty Trust, Inc.
Sunrise Realty Trust, Inc. (Nasdaq: SUNS) is an institutional commercial real estate lender providing flexible financing solutions to sponsors of commercial real estate located in the Southern United States. We focus on transitional commercial real estate business plans with opportunities for near-term value creation, collateralized by top-tier real property assets in established Southern cities and Southern cities presenting strong growth fundamentals. For additional information regarding the Company, please visit www.sunriserealtytrust.com.
About TCG Real Estate
TCG Real Estate refers to a group of affiliated CRE-focused debt funds, including a Nasdaq-listed mortgage REIT, Sunrise Realty Trust, Inc. (NASDAQ: SUNS), and private mortgage REIT, Southern Realty Trust, Inc. The funds provide flexible financing on transitional CRE properties that present opportunities for near-term value creation, with a focus on top-tier CRE assets in primary and secondary metropolitan areas of the Southern U.S.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company’s current views and projections with respect to, among other things, the Company’s beliefs with respect to the Loren’s positioning in the market, and cash flows and returns related to investments in hospitality real estate projects. All statements other than statements of historical fact, are forward-looking statements. The Company’s forward-looking statements are generally accompanied by words such as “intend,” “will,” “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “plan,” “goal” or other words that convey the uncertainty of future events or outcomes. Forward-looking statements contained in this press release speak only as of the date of this press release. The Company disclaims any obligation to update these statements unless required by law, and the Company cautions you not to rely on them unduly. The Company has based these forward-looking statements on its current expectations and assumptions about future events, which the Company considers reasonable. However, these forward-looking statements are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and beyond the Company’s control. Certain factors, risks and uncertainties discussed under the caption “Risk Factors” in the Company’s registration statement on Form 10 and subsequent filings available on the SEC’s website could cause actual results and performance to differ materially from those set forth in or implied by such forward-looking statements.
Investor Relations Contact:
Robyn Tannenbaum & Lana Ping
561-510-2293
ir@sunriserealtytrust.com
Media Contact:
Profile Advisors
Rich Myers & Rachel Goun
347-774-1125
rmyers@profileadvisors.com
