Sunrise Realty Trust Commits $32.0 Million in a Senior Loan for The Loren at Lady Bird Lake in Austin, Texas
December 13 2024 - 7:00AM
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 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 StatementsThis
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 Ping561-510-2293
ir@sunriserealtytrust.com
Media Contact:Profile AdvisorsRich
Myers & Rachel Goun347-774-1125rmyers@profileadvisors.com
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