Sunrise Realty Trust commits $35M to $370M first mortgage loan

Sunrise Realty Trust (SUNS) has committed $35.0 million to a $370.0 million first mortgage loan for the Lofty & Standard, a two-tower condominium development in the Brickell neighborhood of Miami, Florida. As part of the financing, affiliated lenders on the TCG Real Estate platform committed an additional $25.0 million to the first mortgage loan. The Project is a joint venture between Two Roads Development and Newgard Development Group. The Project, located on the Miami River one block from the Brickell City Centre in Miami, includes a 43-story north tower with 362 luxury units and a 45-story south tower with 422 luxury units. The towers will feature first-class amenities, spanning four floors in the Lofty and three floors in the Standard, with each tower including its own entertainment spaces, a resort-style pool deck, a fitness & spa complex, and co-working spaces. Additionally, the Lofty will house a full-floor membership club, and the Standard will have its own 8,000 SF rooftop club lounge & cafe. The Project presents a niche offering of affordable, mid-sized units with quality finishes and waterfront views. Pre-sales for the Lofty & Standard have so far shown strong demand.