Sunrise Realty Trust Commits $30.0 Million in a Senior Loan for Sixth & Rio Condominium Development in Fort Lauderdale
Sunrise Realty Trust (SUNS) has committed $30.0 million to a $96.0 million senior loan for the development of Sixth & Rio, a luxury condominium project in Fort Lauderdale, Florida. The company has initially funded $3.6 million, with the remaining $66.0 million syndicated to two co-lenders. The project, developed by OceanLand Investments, will feature 94 units including townhomes and condominiums, offering amenities such as an infinity pool, clubroom, fitness center, and water-trolley service. Located on the New River at the intersection of Rio Vista, Riverwalk, and Las Olas, the development aims to capitalize on Fort Lauderdale's growing luxury residential market.
Sunrise Realty Trust (SUNS) ha impegnato 30,0 milioni di dollari in un prestito senior di 96,0 milioni di dollari per lo sviluppo di Sixth & Rio, un progetto di condomini di lusso a Fort Lauderdale, Florida. L'azienda ha finanziato inizialmente 3,6 milioni di dollari, mentre i restanti 66,0 milioni saranno sindacati a due co-finanziatori. Il progetto, sviluppato da OceanLand Investments, offrirà 94 unità tra cui villette a schiera e condomini, con servizi come piscina a sfioro, sala comune, centro fitness e servizio navetta acquatica. Situato sul New River all'incrocio tra Rio Vista, Riverwalk e Las Olas, lo sviluppo mira a sfruttare il crescente mercato residenziale di lusso di Fort Lauderdale.
Sunrise Realty Trust (SUNS) ha comprometido 30,0 millones de dólares en un préstamo senior de 96,0 millones de dólares para el desarrollo de Sixth & Rio, un proyecto de condominios de lujo en Fort Lauderdale, Florida. La empresa ha financiado inicialmente 3,6 millones de dólares, mientras que los restantes 66,0 millones se sindicarán a dos co-prestamistas. El proyecto, desarrollado por OceanLand Investments, contará con 94 unidades, incluyendo casas adosadas y condominios, ofreciendo comodidades como una piscina infinita, sala de club, gimnasio y servicio de hidrodeslizador. Ubicado en el New River en la intersección de Rio Vista, Riverwalk y Las Olas, el desarrollo busca capitalizar el creciente mercado residencial de lujo en Fort Lauderdale.
Sunrise Realty Trust (SUNS)는 플로리다주 포트 로더데일에 위치한 럭셔리 콘도미니엄 프로젝트인 Sixth & Rio의 개발을 위해 3천만 달러를 9천6백만 달러의 선순위 대출에 투자했습니다. 회사는 초기 자금으로 360만 달러를 지원했으며, 나머지 6천6백만 달러는 두 명의 공동 대출자와 함께 배분됩니다. OceanLand Investments가 개발한 이 프로젝트는 타운홈과 콘도미니엄을 포함한 94개 유닛을 갖추고 있으며, 인피니티 풀, 클럽룸, 피트니스 센터, 수상 트롤리 서비스 등의 편의시설을 제공합니다. Rio Vista, Riverwalk 및 Las Olas의 교차로에 위치한 이 개발 프로젝트는 포트 로더데일의 성장하는 고급 주거 시장을 활용하는 것을 목표로 하고 있습니다.
Sunrise Realty Trust (SUNS) a engagé 30,0 millions de dollars dans un prêt senior de 96,0 millions de dollars pour le développement de Sixth & Rio, un projet de condominiums de luxe à Fort Lauderdale, en Floride. L'entreprise a initialement financé 3,6 millions de dollars, le reste des 66,0 millions de dollars étant syndiqué à deux co-prêteurs. Le projet, développé par OceanLand Investments, comptera 94 unités, y compris des maisons en rangée et des condominiums, offrant des commodités telles qu'une piscine à débordement, une salle de club, un centre de fitness et un service de bateau-navette. Situé sur le New River à l'intersection de Rio Vista, Riverwalk et Las Olas, le développement vise à tirer parti de la croissance du marché résidentiel de luxe de Fort Lauderdale.
Sunrise Realty Trust (SUNS) hat 30,0 Millionen Dollar für ein 96,0 Millionen Dollar umfassendes Senior-Darlehen zum Bau von Sixth & Rio, einem Luxuswohnprojekt in Fort Lauderdale, Florida, zugesagt. Das Unternehmen hat zunächst 3,6 Millionen Dollar bereitgestellt, während die verbleibenden 66,0 Millionen Dollar an zwei Co-Darlehensgeber syndiziert werden. Das Projekt, das von OceanLand Investments entwickelt wird, umfasst 94 Einheiten, darunter Stadthäuser und Eigentumswohnungen, und bietet Annehmlichkeiten wie einen Infinity-Pool, einen Clubraum, ein Fitnesscenter und einen Wasser-Trolley-Service. An der Kreuzung von Rio Vista, Riverwalk und Las Olas am New River gelegen, zielt die Entwicklung darauf ab, vom wachsenden Luxuswohnmarkt von Fort Lauderdale zu profitieren.
- Secured participation in a large $96.0 million senior loan project
- initial capital exposure of $3.6 million while maintaining $30.0 million commitment
- Strategic expansion in growing Southern US residential market
- None.
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WEST PALM BEACH, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Sunrise Realty Trust, Inc. (Nasdaq: SUNS) (“SUNS” or the “Company”) today announced that it has committed
Sixth & Rio is a to-be-constructed 94-unit high-rise condominium development located on the New River, at the intersection of Rio Vista, Riverwalk, and Las Olas. The Project will consist of 94 residences, featuring a mix of townhomes and condominium units. The development will provide residents with an array of luxury amenities, including an infinity pool, a clubroom, a fitness center, a commercial kitchen, a co-working suite, and complementary water-trolley service to the heart of Las Olas.
"OceanLand has a strong track record in developing luxury waterfront properties, and we are proud to support their Sixth & Rio project. Situated in a prime location in downtown Fort Lauderdale, this development aligns with our focus on residential investments in growing markets in the Southern United States," said Brian Sedrish, Chief Executive Officer of SUNS.
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, 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 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
What is the total loan amount committed by Sunrise Realty Trust (SUNS) for Sixth & Rio development?
How many residential units will the Sixth & Rio project in Fort Lauderdale include?
What is the total senior loan amount for the Sixth & Rio project that SUNS is participating in?
