Sunrise Realty Trust, Inc. Commits $46.5 Million as part of a $62.0 Million Senior Loan for The Bohéme in the Bishops Arts District of Dallas, Texas
WEST PALM BEACH, Fla., March 18, 2025 (GLOBE NEWSWIRE) -- Sunrise Realty Trust, Inc. ("SUNS" or the "Company") (NASDAQ:SUNS), a lender on the Tannenbaum Capital Group ("TCG") Real Estate platform, today announced that it closed on a $46.5 million commitment to a $62.0 million senior loan originated by the TCG Real Estate platform to refinance The Bohéme, a Class-A Multifamily asset in Dallas, TX ("Bohéme" or "Property"), with $44.3 million of the SUNS commitment funded at closing. The remaining $15.5 million of the total loan is held by an affiliate on the TCG Real Estate platform. The sponsor, Kairoi Residential ("Kairoi"), is a top-tier vertically integrated investment, development, and property management company specializing in Class-A+ urban multifamily projects. Since 2003, Kairoi has transacted on $9.8 billion with projects comprising over 69,000 multifamily units across 20 metro areas in the U.S.
Completed in 2023, the Bohéme is an eight-story Class-A multifamily rental community located across from Lake Cliff Park in the heart of the Bishop Arts District in Dallas. Residents at the Property enjoy a rooftop pool with skyline views, a WFH lounge with private meeting rooms, a game lounge, and expansive courtyards. The newly delivered Bohéme features 352 modern apartments outfitted with keyless entry, quartz countertops, large walk-in closets and high-end appliances.
"This is a highly desirable location, not only for its proximity to retail, restaurants, museums, public transport and major roadways, but also for its relative affordability. The Property is right in the sweet spot for one of the fastest growing demographics in one of the highest growth areas in the country," said Alfred Trivilino, who joined the TCG Real Estate platform as a Managing Director in January. Trivilino added, "I've worked with the principals of Kairoi for 20+ years and their track record and specialization in urban Class-A multifamily provide us with total confidence in their ability to execute and deliver."
Daniel Zunker, Principal at Kairoi Residential, commented, "Bishop Arts is so cool and continues to be one of Dallas' most unique, amenity-rich districts. We love being in the neighborhood and we appreciate TCG's role in helping Kairoi transition the capital stack to allow us to be a part of Bishop Arts for years to come."
About Sunrise Realty Trust, Inc.
Sunrise Realty Trust, Inc. (NASDAQ:SUNS) is an institutional commercial real estate ("CRE") lender providing flexible financing solutions to sponsors of CRE projects in the Southern United States. It focuses on transitional CRE business plans with the potential for near-term value creation, collateralized by top-tier assets in established and rapidly expanding Southern markets. For additional information regarding the Company, please visit www.sunriserealtytrust.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 a 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 located primarily within markets in the Southern U.S. benefitting from economic tailwinds with growth potential.
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 Property's positioning in the market and 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. Certain factors, risks and uncertainties discussed under the caption "Risk Factors" and elsewhere in the Company's filings available on the SEC's website could cause actual results and performance in the future to differ materially from those set forth in or implied by such forward-looking statements.
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