WEST PALM BEACH, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) — Southern Realty Trust Inc. (“SRT” or the “Company”) today announced that it has committed $60.0 million of a $96.0 million senior loan for the development of the Sixth & Rio condominium project (the “Project”) in Fort Lauderdale, Florida, with an affiliate holding a participation interest with respect to $30.0 million of SRT’s $60.0 million commitment. The remaining $36.0 million of the total loan amount was syndicated to two co-lenders, one of whom is an affiliate of SRT. The Sponsor is OceanLand Investments LLC (“OceanLand”), a Fort Lauderdale-based real estate development firm with extensive experience in luxury waterfront properties.
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.
“Our commitment to the Sixth & Rio project underscores our belief in the long-term value of well-located, high-quality developments in the growing Florida market. Downtown Fort Lauderdale’s limited condo inventory and strong demand make this an ideal investment for us. We look forward to seeing Sixth & Rio redefine luxury living in this vibrant market,” said Brian Sedrish, Chief Executive Officer of SRT.
About Southern Realty Trust Inc.
SRT was formed in 2023 to originate commercial real estate (“CRE”) debt investments in the Southern U.S. and provide capital to high-quality borrowers and sponsors with transitional business plans collateralized by top-tier CRE assets with opportunities for near-term value creation, as well as recapitalization opportunities. SRT intends to create a diversified investment portfolio, targeting first mortgages, B-notes, mezzanine loans and debt-like preferred securities across CRE asset classes. For additional information regarding the Company, please visit: www.theSRTgroup.com.
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 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 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. Actual results and performance in the future could 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@thesrtgroup.com
Media Contact:
Profile Advisors
Rich Myers & Rachel Goun
347-774-1125
srt@profileadvisors.com
