WEST PALM BEACH, Fla., July 08, 2024 (GLOBE NEWSWIRE) -- Sunrise Realty Trust, Inc. (“SUNS” or the “Company”), an institutional commercial real estate lender focused on the Southern United States, today announced that it invested $14.1 million in a senior secured mortgage loan for the refinance of Jovie Belterra (the “Project”), a 150-unit 55+ age-restricted active adult multi-family rental development in southwest Austin. An affiliated fund invested the remaining $21.1 million of the total loan amount.
Spanning over 140,000+ net rentable square feet, the Project is nestled in the Belterra Master Planned Community in Dripping Springs of Hays County in Austin’s Hill Country, one of the most sought-after and fastest-growing counties in Texas, ranking among the top counties in growth in the United States over the past decade.
The sponsor, Wilson Capital, is an Austin-based real estate developer specializing in the development of multi-family communities in Central Texas. The Project is comprised of two buildings featuring 150 apartments, along with a suite of resort-style, lifestyle focused amenities. One building has already been completed with the full Project expected to be completed in the third quarter of 2024.
“We are excited to close our third transaction into SUNS and add this multi-family development to our growing portfolio of pure play commercial real estate. Financing attractive opportunities in the Southern United States remains a key focus as we invest our capital,” said Brian Sedrish, Chief Executive Officer of the Company. He added, “The limited supply of active adult rentals in Texas positions this project to meet substantial demand which we believe will deliver a strong risk-adjusted return for our investors.”
About Sunrise Realty Trust, Inc.
Sunrise Realty Trust is an institutional commercial real estate lender providing flexible financing solutions for sponsors 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 assets in established Southern cities or ones presenting strong growth fundamentals. For additional information regarding the Company, please visit www.sunriserealtytrust.com.
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 anticipated completion of the Project and the Company’s beliefs with respect to cash flows and returns related to investments in multi-family real estate. 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, 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
