WEST PALM BEACH, Fla., July 08, 2024 (GLOBE NEWSWIRE) — Southern Realty Trust Inc. (“SRT” or the “Company”) today announced that it originated and agented a senior loan in the aggregate amount of $35.2 million for the refinance of Jovie Belterra (the “Project”), a 150-unit 55+ age-restricted active adult multi-family rental development in the Greater Austin area, southwest of downtown Austin. Spanning over 140,000+ net rentable square feet, the Project is nestled in the Belterra Master Planned Community in Dripping Springs of Hays County in Austin’s Hill Country, one of the most sought-after and fastest-growing counties in Texas, ranking among the top in growth in the United States over the past decade.
The sponsor, Wilson Capital, is an Austin-based real estate developer specializing in the development of multi-family communities in Central Texas. The Project is comprised of two buildings featuring 150 apartments, along with a suite of resort-style, lifestyle focused amenities. One building has already been completed with the full Project expected to be completed in the third quarter of 2024.
“This investment aligns with our strategic thesis of supporting experienced sponsors in high-growth Southern markets,” said Brian Sedrish, Chief Executive Officer of Southern Realty Trust, adding, “The limited supply of active adult rentals in Texas positions this Project to meet a significant demand which we believe will generate a strong risk-adjusted return for our investors. We are excited to work with Wilson Capital on this Project and look forward to expanding our relationship with strong sponsors, like Wilson, in the future.”
SRT will hold $21.1 million of the deal, while $14.1 million was syndicated to an affiliate.
About SRT
SRT was formed in 2023 to originate commercial real estate (“CRE”) 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.
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 anticipated completion of the Project and the Company’s beliefs with respect to cash flows and returns related to investments in multi-family real estate 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. 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 & Lana Ping
561-510-2293
ir@thesrtgroup.com
Media Contact:
Profile Advisors
Rich Myers & Rachel Goun
347-774-1125
srt@profileadvisors.com
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Originally published at https://www.einpresswire.com/article/725918513/southern-realty-trust-agents-35-2-million-senior-loan-for-austin-multi-family-development
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