WEST PALM BEACH, Fla., Aug. 01, 2024 (GLOBE NEWSWIRE) — Southern Realty Trust Inc. (“SRT” or the “Company”) today announced that it originated and an affiliate of SRT agented a senior loan in the aggregate amount of $42.0 million for the refinancing of the Thompson San Antonio Hotel (the “Project”). 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 SRT 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 is exceptionally well-positioned to meet the city’s growing demand for upscale accommodations.
“We are delighted to support DC Partners with this second transaction, continuing their growth in Texas. We believe that being selected to provide financing for DC Partners again illustrates our ability to provide flexible, timely financing solutions tailored to our borrowers’ unique needs and our commitment to growing with them,” said Brian Sedrish, Chief Executive Officer of SRT.
SRT holds $14.7 million of the deal, while $27.3 million was syndicated to an affiliate.
About SRT
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 San Antonio’s growing economy and the Thompson San Antonio being well-positioned to meet San Antonio’s growing demand for upscale accommodations 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
