WEST PALM BEACH, Fla., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Sunrise Realty Trust, Inc. (Nasdaq: SUNS) (“SUNS” or the “Company”) today announced that it has committed $27.3 million of which the Company funded $25.0 million in a $42.0 million senior loan for the refinancing of the Thompson San Antonio Hotel (the “Project”). An affiliated entity committed the remaining $14.7 million of the total loan amount. The Sponsor is DC Partners, a Houston-based real estate development and investment firm specializing in luxury high-rise residential, mixed-use, and hospitality projects. This marks the second transaction that SUNS has completed with DC Partners.
The Thompson San Antonio Hotel, located at 115 Lexington Avenue in San Antonio’s Art District, is part of a 20-story mixed-use development completed in 2020. The Project overlooks the San Antonio Riverwalk and is near attractions such as the Tobin Center for the Performing Arts. Spanning almost 140,000 square feet, the Project features 162 luxury hotel rooms and offers a range of amenities including two restaurants, a full-service spa, a gym and 5,000 square feet of conference facilities.
As the seventh most populous city in the United States, San Antonio boasts a growing economy and hosts over 30 million visitors annually, attracting both business and leisure travel. We believe the Thompson San Antonio Hotel is exceptionally well-positioned to meet the city's growing demand for upscale accommodations.
"We are excited to support DC Partners with this second transaction after previously providing a loan in Houston, Texas for a separate project. This partnership underscores our commitment to supporting our borrowers’ growth with bespoke financing solutions. Our borrower-centric approach aims to have every project receive the focused attention and customized support it needs to succeed," 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 for sponsors 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 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, San Antonio’s growing economy and the Thompson San Antonio being well-positioned to meet San Antonio’s growing demand for upscale accommodations. 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, 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
