Sunrise Realty Trust Inc. Originates $41.0 Million Bridge Loan for Dornin Investment Group on Mixed-Use Asset in One of South Florida’s Medical Hubs
Sunrise Realty Trust (SUNS) has committed $30.8 million to a $41.0 million note-on-note bridge loan for a mixed-use asset in Miami's suburbs. The remaining $10.3 million is held by a TCG Real Estate platform affiliate. The loan supports a property comprising a 4-story medical office building and a 10-story senior living tower.
The medical office building includes 6,411 sq ft of retail space and 25,244 sq ft of medical office condos, with 37 of 39 units pre-sold. The senior living tower features 22,097 sq ft of retail space, parking, and 163 senior housing units across 108,188 sq ft, with 36 units (~22%) pre-leased. The property includes amenities such as a 166-space garage, fitness center, pool, and various recreational facilities.
The sponsor, Dornin Investment Group, has a track record of seven successful non-performing loan deals with over $725 million in total investments. Resident move-ins are scheduled to begin in early spring 2025.
Sunrise Realty Trust (SUNS) ha impegnato 30,8 milioni di dollari per un prestito ponte note-on-note di 41,0 milioni di dollari per un bene a uso misto nei sobborghi di Miami. I restanti 10,3 milioni di dollari sono detenuti da un affiliato della piattaforma immobiliare TCG. Il prestito supporta una proprietà composta da un edificio per uffici medici di 4 piani e una torre per anziani di 10 piani.
L'edificio per uffici medici include 6.411 piedi quadrati di spazio commerciale e 25.244 piedi quadrati di condomini per uffici medici, con 37 su 39 unità già vendute. La torre per anziani presenta 22.097 piedi quadrati di spazio commerciale, parcheggio e 163 unità abitative per anziani distribuite su 108.188 piedi quadrati, con 36 unità (~22%) già affittate. La proprietà include servizi come un garage per 166 auto, palestra, piscina e varie strutture ricreative.
Lo sponsor, Dornin Investment Group, ha un comprovato track record di sette operazioni di prestiti non performanti con oltre 725 milioni di dollari di investimenti totali. Gli spostamenti dei residenti sono programmati per iniziare all'inizio della primavera 2025.
Sunrise Realty Trust (SUNS) se ha comprometido a financiar 30,8 millones de dólares en un préstamo puente note-on-note de 41,0 millones de dólares para un activo de uso mixto en los suburbios de Miami. Los restantes 10,3 millones de dólares son mantenidos por una afiliada de la plataforma inmobiliaria TCG. El préstamo apoya una propiedad que comprende un edificio de oficinas médicas de 4 pisos y una torre de vivienda para personas mayores de 10 pisos.
El edificio de oficinas médicas incluye 6,411 pies cuadrados de espacio comercial y 25,244 pies cuadrados de condominios de oficinas médicas, con 37 de 39 unidades pre-vendidas. La torre de vivienda para personas mayores cuenta con 22,097 pies cuadrados de espacio comercial, estacionamiento y 163 unidades de vivienda para personas mayores en 108,188 pies cuadrados, con 36 unidades (~22%) pre-alquiladas. La propiedad incluye servicios como un garaje de 166 espacios, gimnasio, piscina y diversas instalaciones recreativas.
El patrocinador, Dornin Investment Group, tiene un historial de siete acuerdos de préstamos no rentables con más de 725 millones de dólares en inversiones totales. Las mudanzas de los residentes están programadas para comenzar a principios de la primavera de 2025.
선라이즈 리얼티 트러스트 (SUNS)는 마이애미의 교외에 있는 복합 용도 자산을 위한 4,100만 달러의 노트온노트 브리지 대출에 3,080만 달러를 약속했습니다. 나머지 1,030만 달러는 TCG 리얼 에스테이트 플랫폼의 제휴사에 의해 보유됩니다. 이 대출은 4층 규모의 의료 사무소 건물과 10층 규모의 노인 주택 타워로 구성된 재산을 지원합니다.
의료 사무소 건물에는 6,411 평방 피트의 소매 공간과 25,244 평방 피트의 의료 사무소 콘도의 공간이 포함되어 있으며, 39개 유닛 중 37개 유닛이 사전 판매되었습니다. 노인 주택 타워는 22,097 평방 피트의 소매 공간, 주차 시설 및 108,188 평방 피트에 걸쳐 163개의 노인 주택 유닛을 갖추고 있으며, 36개 유닛(~22%)가 사전 임대되었습니다. 이 재산에는 166대 주차 공간, 체육관, 수영장 및 다양한 레크리에이션 시설과 같은 편의 시설이 포함되어 있습니다.
스폰서인 도르닌 인베스트먼트 그룹은 7건의 비수익성 대출 거래에서 총 7억 2500만 달러 이상의 성공적인 투자 실적을 보유하고 있습니다. 주민들의 이사는 2025년 봄 초에 시작될 예정입니다.
Sunrise Realty Trust (SUNS) a engagé 30,8 millions de dollars pour un prêt de transition note-on-note de 41,0 millions de dollars pour un actif à usage mixte dans la banlieue de Miami. Les 10,3 millions restants sont détenus par une société affiliée de la plateforme immobilière TCG. Le prêt soutient une propriété composée d'un immeuble de bureaux médicaux de 4 étages et d'une tour de logement pour personnes âgées de 10 étages.
L'immeuble de bureaux médicaux comprend 6 411 pieds carrés d'espace commercial et 25 244 pieds carrés de condos médicaux, avec 37 des 39 unités prévendues. La tour de logement pour personnes âgées dispose de 22 097 pieds carrés d'espace commercial, de stationnement et de 163 unités de logement pour personnes âgées sur 108 188 pieds carrés, avec 36 unités (~22%) pré-louées. La propriété comprend des commodités telles qu'un garage de 166 places, une salle de sport, une piscine et diverses installations récréatives.
Le sponsor, Dornin Investment Group, a un historique de sept transactions réussies de prêts non performants avec plus de 725 millions de dollars d'investissements totaux. Les déménagements des résidents sont prévus pour commencer au début du printemps 2025.
Sunrise Realty Trust (SUNS) hat sich verpflichtet, 30,8 Millionen Dollar für ein 41,0 Millionen Dollar schweres Note-on-Note-Brückendarlehen für eine gemischt genutzte Immobilie in den Vororten von Miami bereitzustellen. Die verbleibenden 10,3 Millionen Dollar werden von einem verbundenen Unternehmen der TCG Real Estate Plattform gehalten. Das Darlehen unterstützt eine Immobilie, die aus einem 4-stöckigen Ärztehaus und einem 10-stöckigen Seniorenwohnhaus besteht.
Das Ärztehaus umfasst 6.411 Quadratfuß Einzelhandelsfläche und 25.244 Quadratfuß medizinische Eigentumswohnungen, wobei 37 von 39 Einheiten vorverkauft sind. Der Seniorenwohn-Turm bietet 22.097 Quadratfuß Einzelhandelsfläche, Parkplätze und 163 Seniorenwohnungen auf insgesamt 108.188 Quadratfuß, wobei 36 Einheiten (~22%) vorvermietet sind. Die Immobilie beinhaltet Annehmlichkeiten wie eine Garage mit 166 Stellplätzen, ein Fitnesscenter, einen Pool und verschiedene Freizeiteinrichtungen.
Der Sponsor, Dornin Investment Group, kann auf eine Erfolgsgeschichte von sieben erfolgreichen nicht leistungsfähigen Kreditgeschäften mit über 725 Millionen Dollar Gesamtinvestitionen zurückblicken. Der Einzug der Bewohner ist für Anfang des Frühjahr 2025 geplant.
- 37 out of 39 medical office condos pre-sold
- 22% of senior living units pre-leased with deposits
- Property located in strategic medical hub location
- Experienced sponsor with proven track record in NPL deals
- 78% of senior living units remain unleased
- Significant debt commitment of $41.0 million
Insights
This
1. Pre-sales Validation: The medical office component has achieved an impressive 95% pre-sale rate (37/39 units), effectively de-risking a substantial portion of the project. The senior living tower's 22% pre-leasing with deposits, months before completion, indicates strong market validation.
2. Strategic Market Position: The property's location in a medical epicenter of Southern Florida capitalizes on the region's demographics and healthcare needs. Being the newest vintage product in an underserved market creates a significant competitive advantage.
3. Sponsor Credibility: Dornin Investment Group's track record of seven successful NPL deals with positive returns and
The property's diverse revenue streams from medical offices, senior living and retail create multiple income channels, reducing single-sector risk. The amenity-rich design and strategic location position it well for strong occupancy rates and potential premium pricing. For SUNS investors, this represents a well-structured deal with multiple layers of risk mitigation and strong potential for stable returns.
WEST PALM BEACH, Fla., Jan. 29, 2025 (GLOBE NEWSWIRE) -- Sunrise Realty Trust, Inc. (“SUNS” or “the Company”) (Nasdaq: SUNS), an affiliate of TCG Real Estate, today announced that it has committed
Mike Guterman, Senior Vice President at Bellwether Enterprise, represented both the buyer and seller on the Project, as well as arranged the financing. Mr. Guterman said, “The lender wanted to move the note quickly and quietly, and Dornin was my first and only call for the purchase and TCG was my first call on the financing as well due to my long relationship with both Chris Dornin and Brian Sedrish."
The Property includes a 4-story medical office building (the “MOB”) and a 10-story senior living tower (the “SL Tower”). The MOB includes 6,411 square feet of ground-floor retail and 25,244 square feet of medical office condos, of which 37 of 39 units have been pre-sold. The SL Tower includes 22,097 square feet of ground-floor/mezzanine retail, two floors of structured parking, and 108,188 square feet of senior housing spanning 163 units across seven floors.
The third-party operator for SL Tower has pre-leased and received deposits for 36 of these units (~
“With an experienced sponsor, combined with robust pre-sales and a specialized brand-name operator post-completion, we’re thrilled with the opportunity to bring this project to fruition,” said Brian Sedrish, Chief Executive Officer of SUNS. “This investment exemplifies our ability to identify overlooked opportunities and de-risk the transaction through deep diligence and innovative deal structuring.”
“This was a complex investment that required a lot of structure with many moving parts all the way up to the closing. SUNS was fast, creative, flexible and diligent in their financing and execution. We appreciate the new relationship and look forward to many more financings with them,” said Chris Dornin, President and CEO of Dornin Investment Group.
About Sunrise Realty Trust, Inc.
Sunrise Realty Trust, Inc. (Nasdaq: SUNS) is an institutional commercial real estate (“CRE”) lender providing flexible financing solutions to sponsors of CRE projects in the Southern United States. We focus on transitional CRE business plans with the potential for near-term value creation, collateralized by top-tier assets in established and rapidly expanding Southern markets. For additional information regarding the Company, please visit www.sunriserealtytrust.com.
About TCG Real Estate
TCG 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 a 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.
About Dornin Investment Group
Dornin Investment Group (“DIG”) is a fully integrated real estate investment firm with offices in Laguna Beach, CA, and Las Vegas, NV. DIG invests in commercial and residential real estate across the capital stack in partnership with a broad base of institutional and private investors. The firm specializes in distressed, opportunistic, and value-add investments across all major property types, focusing on office, flex, industrial, multifamily, and hospitality properties, in addition to non- and sub-performing loans. DIG’s full-service investment platform includes asset and property management, leasing, design services, construction management, and capital markets advisory services through its wholly owned subsidiary, Dornin Realty Advisors. Since 2010, DIG has completed more than
DIG targets first trust deed position non-performing loans on well-collateralized real estate assets nationwide. Notes secured by collateral at values of
Forward-Looking Statements
Certain 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 Project’s positioning in the market, and cash flows and returns related to investments in medical and senior living 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. Certain factors, risks and uncertainties discussed under the caption “Risk Factors” and elsewhere in the Company’s filings available on the SEC’s website could cause actual results and performance in the future to differ materially from those set forth in or implied by such forward-looking statements.
Investor Relations Contact
Robyn Tannenbaum
561-510-2293
ir@thesrtgroup.com
Media Contact
Profile Advisors
Rich Myers & Rachel Goun
347-774-1125
srt@profileadvisors.com
FAQ
What is the total value of SUNS's bridge loan commitment for the Miami mixed-use property?
How many medical office condos have been pre-sold in SUNS's Miami property?
What is the pre-lease rate for the senior living units in SUNS's Miami project?
When will resident move-ins begin at SUNS's Miami senior living facility?
What is the total square footage of the senior living component in SUNS's Miami property?
