Sunrise Realty Trust Commits $13.0 Million in a Subordinate Loan for Excel Miami Apartments
Sunrise Realty Trust (SUNS) has committed $13.0 million to a $26.0 million subordinate loan for the development of Excel Miami Apartments, a 24-story multifamily tower in Miami's Art & Entertainment District. The project, developed by Clearline Real Estate, will feature 427 apartments across 214,183 rentable square feet. Centennial Bank provided a $68.5 million senior construction loan. The development includes studio to two-bedroom units plus 13 townhouse lofts, with amenities such as a pool, yoga deck, fitness room, co-working space, and podcast suites. Located near the Metromover School Board Station, the project is designed by Arquitectonica with a focus on modern living and transit-oriented development.
Sunrise Realty Trust (SUNS) ha impegnato 13,0 milioni di dollari per un prestito subordinato di 26,0 milioni di dollari per lo sviluppo degli Excel Miami Apartments, una torre multifamiliare di 24 piani nel Distretto dell’Arte e dell’Intrattenimento di Miami. Il progetto, sviluppato da Clearline Real Estate, presenterà 427 appartamenti su una superficie affittabile di 214.183 piedi quadrati. Centennial Bank ha fornito un prestito senior per la costruzione di 68,5 milioni di dollari. Lo sviluppo include unità da studio a due camere da letto più 13 loft a schiera, con servizi come piscina, area yoga, sala fitness, spazio di co-working e studi per podcast. Situato vicino alla stazione Metromover School Board, il progetto è progettato da Arquitectonica con un focus sulla vita moderna e sullo sviluppo orientato al trasporto.
Sunrise Realty Trust (SUNS) se ha comprometido a 13,0 millones de dólares para un préstamo subordinado de 26,0 millones de dólares para el desarrollo de los Excel Miami Apartments, un edificio multifamiliar de 24 pisos en el Distrito de Arte y Entretenimiento de Miami. El proyecto, desarrollado por Clearline Real Estate, contará con 427 apartamentos en un espacio alquilable de 214,183 pies cuadrados. Centennial Bank proporcionó un préstamo de construcción senior de 68,5 millones de dólares. El desarrollo incluye unidades desde estudios hasta dos dormitorios y 13 lofts adosados, con servicios como piscina, terraza de yoga, gimnasio, espacio de trabajo conjunto y estudios de podcast. Ubicado cerca de la estación Metromover School Board, el proyecto está diseñado por Arquitectonica con un enfoque en la vida moderna y el desarrollo orientado al transporte.
선라이즈 리얼티 트러스트 (SUNS)는 마이애미 예술 및 엔터테인먼트 지구에 위치한 24층 다세대 타워인 엑셀 마이애미 아파트먼트 개발을 위해 1,300만 달러를 2,600만 달러의 자산 담보 대출에 약속했습니다. 이 프로젝트는 클리어라인 리얼 에스테이트에서 개발하였으며, 214,183 평방피트의 임대 가능 면적에 걸쳐 427개의 아파트가 포함됩니다. 센테니얼 뱅크는 6,850만 달러의 선순위 건설 대출을 제공했습니다. 이번 개발에는 스튜디오부터 침실 2개까지의 유닛과 13개의 타운하우스 로프트가 포함되며, 수영장, 요가 데크, 피트니스 룸, 공동 작업 공간 및 팟캐스트 스위트와 같은 편의시설이 있습니다. 메트로무버 스쿨 보드역 근처에 위치한 이 프로젝트는 현대적인 생활과 교통 중심 개발에 중점을 두고 아키텍토니카에 의해 설계되었습니다.
Sunrise Realty Trust (SUNS) a engagé 13,0 millions de dollars pour un prêt subordonné de 26,0 millions de dollars en faveur du développement des Excel Miami Apartments, une tour multifamiliale de 24 étages dans le quartier Art & Entertainment de Miami. Le projet, développé par Clearline Real Estate, comprendra 427 appartements sur une superficie locative de 214 183 pieds carrés. Centennial Bank a accordé un prêt senior de construction de 68,5 millions de dollars. Le développement comprend des unités allant du studio à deux chambres à coucher ainsi que 13 lofts de ville, avec des équipements tels qu'une piscine, une terrasse de yoga, une salle de fitness, un espace de coworking et des studios de podcast. Situé près de la station Metromover School Board, le projet a été conçu par Arquitectonica avec un accent sur la vie moderne et le développement orienté vers le transport.
Sunrise Realty Trust (SUNS) hat sich mit 13,0 Millionen Dollar an einem 26,0 Millionen Dollar schweren nachrangigen Darlehen für die Entwicklung der Excel Miami Apartments beteiligt, einem 24-stöckigen Mehrfamilienhaus im Kunst- und Unterhaltungsviertel von Miami. Das Projekt, das von Clearline Real Estate entwickelt wurde, wird 427 Apartments auf einer vermietbaren Fläche von 214.183 Quadratfuß umfassen. Centennial Bank stellte ein vorrangiges Baukredit in Höhe von 68,5 Millionen Dollar zur Verfügung. Die Entwicklung umfasst Studios bis hin zu Zwei-Zimmer-Einheiten sowie 13 Stadthaus-Lofts und bietet Annehmlichkeiten wie einen Pool, eine Yoga-Plattform, ein Fitnessstudio, einen Co-Working-Bereich und Podcast-Studios. In der Nähe der Metromover School Board Station gelegen, wurde das Projekt von Arquitectonica mit einem Fokus auf modernes Wohnen und transit-orientierte Entwicklung entworfen.
- Secured $13.0 million participation in a $26.0 million subordinate loan
- Project backed by additional $68.5 million senior construction loan from Centennial Bank
- Strategic investment in high-growth urban market with 427 rental units
- Subordinate loan position carries higher risk compared to senior debt
Insights
This
The project's specifications - 214,183 rentable square feet with diverse unit mix and premium amenities - align with current market demands for urban luxury rentals. The involvement of renowned architect Arquitectonica and the focus on modern design elements should command premium rents in this submarket. The partnership with Clearline Real Estate, focusing on high-growth U.S. regions, demonstrates SUNS's strategic approach to market selection and partner qualification.
WEST PALM BEACH, Fla., Nov. 18, 2024 (GLOBE NEWSWIRE) -- Sunrise Realty Trust, Inc. (Nasdaq: SUNS) (“SUNS” or the “Company”) today announced that it has committed
Excel Miami Apartments is designed to blend modern living with the vibrant artistic culture of downtown Miami. The development was envisioned by design architect Arquitectonica, elevating the standard of multifamily architecture in the area with a sleek, contemporary aesthetic. The Project will total 214,183 rentable square feet, with 427 apartments offering studio, one-bedroom, two-bedroom and 13 townhouse loft units. The building’s amenity floor will feature 18’ ceilings and includes a pool, yoga deck, fitness room, co-working space, screening room and podcast suites. Located near the Metromover School Board Station, Excel offers a transit-friendly lifestyle in the heart of Miami, making it an ideal option for professionals seeking convenience and connectivity.
“Excel Miami Apartments is a transit-oriented development with world-class architecture and interior design,” said Stuart Swann, Managing Director of SUNS.
Brian Sedrish, Chief Executive Officer of SUNS, added, "We are proud to support Clearline, a
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.
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, Miami’s growing economy and the Excel Miami Apartments being well-positioned to meet Miami’s growing residential demand. 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” and elsewhere 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
FAQ
How much did Sunrise Realty Trust (SUNS) commit to Excel Miami Apartments project?
What is the total size of Excel Miami Apartments development by SUNS?
Where is the SUNS-funded Excel Miami Apartments located?
