Southern Realty Trust Originates $57.0 Million Senior Loan for The Loren at Lady Bird Lake in Austin, Texas
December 13 2024 - 7:00AM
Southern Realty Trust Inc. (“SRT” or the “Company”) today announced
that it originated a senior loan in the aggregate amount of $57.0
million for the refinancing of The Loren at Lady Bird Lake (the
“Project” or “The Loren”), a luxury 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. SRT holds $25.0 million of the
loan, while the remaining $32.0 million was syndicated to an
affiliate on the TCG Real Estate platform. 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 offers a fresh take on luxury, blending Austin’s
dynamic culture with the comfort and refinement travelers seek,”
said Brian Sedrish, Chief Executive Officer of SRT. “We’re pleased
to support a property that enriches Austin’s hospitality scene.
This investment diversifies our portfolio and aligns with our
commitment to high-quality investments in premier locations in the
Southern U.S.”
About Southern Realty Trust Inc.SRT was formed
in 2023 to originate commercial real estate (“CRE”) debt
investments in the Southern U.S. and provide capital to
high-quality borrowers and sponsors with transitional business
plans collateralized by top-tier CRE assets with opportunities for
near-term value creation, as well as recapitalization
opportunities. SRT intends to create a diversified investment
portfolio, targeting first mortgages, B-notes, mezzanine loans and
debt-like preferred securities across CRE asset classes. For
additional information regarding the Company, please visit:
www.theSRTgroup.com.
About TCG Real EstateTCG 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 StatementsCertain statements
contained in this press release, including those that express a
belief, expectation or intention, as well as those that are not
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. Statements, among others, relating to 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 are forward-looking statements. 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.
Actual results and performance in the future could differ
materially from those set forth in or implied by such
forward-looking statements.
Investor Relations Contact:Robyn Tannenbaum
& Lana Ping561-510-2293 ir@thesrtgroup.com
Media Contact:Profile AdvisorsRich Myers &
Rachel Goun347-774-1125srt@profileadvisors.com
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