Sunrise Realty Trust Inc Stock Price, News & Analysis

Sunrise Realty Trust (SUNS) has committed $30.8 million to a $41.0 million note-on-note bridge loan for a mixed-use asset in Miami's suburbs. The remaining $10.3 million is held by a TCG Real Estate platform affiliate. The loan supports a property comprising a 4-story medical office building and a 10-story senior living tower.

The medical office building includes 6,411 sq ft of retail space and 25,244 sq ft of medical office condos, with 37 of 39 units pre-sold. The senior living tower features 22,097 sq ft of retail space, parking, and 163 senior housing units across 108,188 sq ft, with 36 units (~22%) pre-leased. The property includes amenities such as a 166-space garage, fitness center, pool, and various recreational facilities.

The sponsor, Dornin Investment Group, has a track record of seven successful non-performing loan deals with over $725 million in total investments. Resident move-ins are scheduled to begin in early spring 2025.

Sunrise Realty Trust (SUNS) has announced the pricing of its upsized public offering of 5,750,000 shares of common stock at $12.00 per share, expecting to raise approximately $69 million in gross proceeds. The offering includes a 30-day option for underwriters to purchase up to 862,500 additional shares.

Of the total shares, 1,000,000 will be sold to an affiliated investor at the public offering price. The company plans to use the proceeds to fund existing borrower commitments, originate new commercial real estate loans in the Southern U.S., and for working capital and debt repayment. The offering is expected to close around January 29, 2025.

Raymond James, Keefe, Bruyette & Woods, and Oppenheimer are serving as joint book-running managers, with B. Riley Securities and A.G.P./Alliance Global Partners as co-lead managers.

Sunrise Realty Trust (NASDAQ: SUNS) has announced the launch of an underwritten public offering of 5,500,000 shares of common stock, with an additional 30-day option for underwriters to purchase up to 825,000 shares. The company plans to use the proceeds to fund existing borrower commitments, originate new commercial real estate loans in the Southern United States, and for general corporate purposes including debt repayment.

The offering will be managed by multiple firms, with Raymond James, Keefe, Bruyette & Woods, BTIG, and Oppenheimer serving as joint book-running managers. B. Riley Securities and A.G.P./Alliance Global Partners are acting as co-lead managers, while Seaport Global Securities is the co-manager. A registration statement has been filed with the SEC but is not yet effective.

Sunrise Realty Trust (SUNS) has committed $32.0 million, with $29.9 million already funded, as part of a $57.0 million senior loan for The Loren at Lady Bird Lake, a luxury boutique hotel in Austin, Texas. The property, developed by The Loren Group, features 108 hotel rooms, 24 condominiums, two restaurants, a spa, fitness center, rooftop infinity pool, and event space.

Located on a 1.5-acre site along Lady Bird Lake's south bank, the hotel offers proximity to downtown Austin's attractions, including Zilker Park and South Congress district. The investment aims to capitalize on Austin's growing economy driven by technology, finance, and tourism sectors, with major events like SXSW and Formula 1 United States Grand Prix generating significant visitor demand.

Sunrise Realty Trust (SUNS) has committed $13.0 million to a $26.0 million subordinate loan for the development of Excel Miami Apartments, a 24-story multifamily tower in Miami's Art & Entertainment District. The project, developed by Clearline Real Estate, will feature 427 apartments across 214,183 rentable square feet. Centennial Bank provided a $68.5 million senior construction loan. The development includes studio to two-bedroom units plus 13 townhouse lofts, with amenities such as a pool, yoga deck, fitness room, co-working space, and podcast suites. Located near the Metromover School Board Station, the project is designed by Arquitectonica with a focus on modern living and transit-oriented development.

Sunrise Realty Trust (SUNS) has secured a new senior secured revolving credit facility with East West Bank, providing access up to $200 million in borrowing capacity. The facility includes an initial commitment of $50 million with an interest rate of SOFR plus 2.75% (subject to a SOFR floor of 2.63%). This financing arrangement enhances SUNS' ability to pursue strategic growth initiatives and investment opportunities across the Southern United States. East West Bank, with over $74.5 billion in assets, serves as both agent and initial lender for the facility.

Sunrise Realty Trust (NASDAQ:SUNS) reported strong Q3 2024 financial results with GAAP net income of $1.7 million ($0.26 per share) and Distributable Earnings of $1.9 million ($0.27 per share). The company successfully closed $87.4 million in deals and secured a new revolving credit facility with East West Bank, providing an initial $50 million commitment, expandable to $200 million. SUNS paid a Q3 dividend of $0.21 per share and declared a Q4 dividend of $0.42 per share, payable January 15, 2025.

Sunrise Realty Trust (SUNS) has committed $30.0 million to a $96.0 million senior loan for the development of Sixth & Rio, a luxury condominium project in Fort Lauderdale, Florida. The company has initially funded $3.6 million, with the remaining $66.0 million syndicated to two co-lenders. The project, developed by OceanLand Investments, will feature 94 units including townhomes and condominiums, offering amenities such as an infinity pool, clubroom, fitness center, and water-trolley service. Located on the New River at the intersection of Rio Vista, Riverwalk, and Las Olas, the development aims to capitalize on Fort Lauderdale's growing luxury residential market.

Sunrise Realty Trust (Nasdaq: SUNS) has announced its plans to report earnings for the quarter ended September 30, 2024, on Thursday, November 7, 2024. The company will host a conference call at 10:00 am Eastern Time on the same day to discuss its quarterly financial results.

Interested parties can participate in the call through a live audio webcast available on the Investor Relations section of SUNS' website at www.sunriserealtytrust.com. For telephone participation, registration is required in advance via a provided link. Upon registration, participants will receive a confirmation email with dial-in details and unique access codes.

The complete webcast will be archived for 90 days on the company's Investor Relations website section.