Southern Realty Trust Announces the Closing of Up to $200 Million Revolving Credit Facility with Initial $50 Million Commitment from East West Bank
WEST PALM BEACH, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) -- Southern Realty Trust Inc. ("SRT" or the "Company"), part of TCG Real Estate, today announced that it closed a senior secured revolving credit facility ("Credit Facility"), with East West Bank serving as agent and providing an initial commitment of $50 million, with the ability to expand to $200 million, subject to certain conditions and lender participation. Proceeds will support unfunded commitments under existing loans, new commercial real estate ("CRE") loan originations aligned with SRT's strategy, and general corporate purposes.
The three-year facility – maturing January 2028 – features favorable terms including an interest rate of SOFR plus 2.75% (with a 2.63% SOFR floor). As part of SRT's growth strategy, the Credit Facility strengthens the Company's financial flexibility to pursue strategic initiatives and accelerate investments in high-quality CRE projects across the Southern U.S.
"Closing this credit facility with East West Bank marks a key milestone for SRT," said Brian Sedrish, Chief Executive Officer of SRT. "With $50 million in initial funding and ability to grow to $200 million, this facility enables us to act decisively on high-quality investment opportunities, aligning with our strategy to build a resilient, high-performing portfolio that creates long-term value for our investors."
About Southern Realty Trust Inc.
SRT was formed in 2023 to originate commercial real estate 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.
About TCG Real Estate
TCG Real Estate refers to a group of affiliated CRE-focused debt funds, including a Nasdaq-listed mortgage REIT, Sunrise Realty Trust, Inc. (NASDAQ:SUNS), and private mortgage REIT, Southern Realty Trust, Inc. The funds provide flexible financing on transitional CRE properties that present opportunities for near-term value creation, with a focus on top-tier CRE assets in primary and secondary metropolitan areas of the Southern U.S.
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 Company's beliefs with respect to the Credit Facility, the Company's anticipated investments and the ability to expand the Credit Facility. 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
561-510-2293
ir@thetcg.com
Media Contact:
Profile Advisors
Rich Myers & Rachel Goun
347-774-1125
srt@profileadvisors.com
