WEST PALM BEACH, Fla., Feb. 07, 2024 (GLOBE NEWSWIRE) — Southern Realty Trust Inc. (“SRT” or the “Company”) today announced that it originated a mezzanine loan in the aggregate amount of $56.4 million for Aster & Links (the “Project”), a multi-family community development with ground floor retail located on Main Street and Links Avenue in Sarasota, Florida. Spanning over 650,000 square feet, the Project is located in downtown Sarasota, which has attractive supply/demand fundamentals and strong population growth in recent years.
The Sponsor is Belpointe PREP, LLC (NYSE American: OZ) (“Belpointe OZ”), a Connecticut based real estate investment firm that specializes in developing properties in federally designated opportunity zones. The borrower was advised by Lantern Real Estate (www.lanterncompany.com). With expected completion in the second half of 2024, the Project is comprised of two distinct luxury 10-story residential buildings with over 51,000 square-foot of ground floor retail anchored by a nationally recognized grocer with over 400 stores in 23 states. The Aster & Links complex includes 424 apartments and 778 parking spaces for multi-family and retail components.
“We are excited to support Belpointe OZ’s development of Aster & Links, a project that we believe will become a vibrant hub for commerce and community in Sarasota,” said Brian Sedrish, Chief Executive Officer of Southern Realty Trust. “Strategically, we believe investments in Class A multi-family real estate have the potential for stable cash flow and strong risk-adjusted returns.”
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 the anticipated completion of the Project and the Company’s beliefs with respect to cash flows and returns related to investments in Class A 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
347-774-1125
rmyers@profileadvisors.com
