Sunrise Realty Trust Commits $13.0 Million in a Subordinate Loan for Excel Miami Apartments
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Sunrise Realty Trust, Inc. (Nasdaq: SUNS) has committed $13.0 million to a subordinate loan for the development of Excel Miami Apartments, a 24-story multifamily tower in Miami. The total subordinate loan is $26.0 million, with the remaining $13.0 million provided by an affiliated entity. Centennial Bank provided a $68.5 million senior construction loan.
November 18, 2024 | 1:15 pm
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Sunrise Realty Trust has committed $13.0 million to a subordinate loan for the Excel Miami Apartments project, indicating a strategic investment in multifamily real estate.
The commitment of $13.0 million by Sunrise Realty Trust to the Excel Miami Apartments project suggests a positive strategic move into the multifamily real estate sector, which could enhance its asset portfolio and potentially lead to future revenue growth.
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