Sunrise Realty Trust commits $30M in senior loan for condominium development

Sunrise Realty Trust (SUNS) has committed $30.0 million, of which the Company funded $3.6 million, to a $96.0 million senior loan for the development of the Sixth & Rio condominium project in Fort Lauderdale, Florida. The remaining $66.0 million of the total loan amount was syndicated to two co-lenders, one of whom is an affiliated entity. The Sponsor is OceanLand Investments, a Fort Lauderdale-based real estate development firm with extensive experience in luxury waterfront properties. Sixth & Rio is a to-be-constructed 94-unit high-rise condominium development located on the New River, at the intersection of Rio Vista, Riverwalk, and Las Olas. The Project will consist of 94 residences, featuring a mix of townhomes and condominium units. The development will provide residents with an array of luxury amenities, including an infinity pool, a clubroom, a fitness center, a commercial kitchen, a co-working suite, and complementary water-trolley service to the heart of Las Olas.