Sunrise realty trust, inc. commits $44.0 million to a senior loan for shell plaza at the river district in new orleans, louisiana

West palm beach, fla., feb. 03, 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 $44.0 million commitment to a $74.5 million senior loan originated by the tcg real estate platform for the construction of shell plaza (the “project” or “shell plaza”) in new orleans. located on convention center boulevard and henderson street on a 1.6-acre parcel, the build-to-suit net lease property will serve as regional headquarters for shell usa inc. (the “tenant”). the remaining $30.5 million of the loan was syndicated to two affiliates on the tcg real estate platform (comprising $20.5 million) and another affiliated lending partner (comprising $10.0 million). the sponsor is a partnership between lauricella land company (“lauricella”) and cypress equities (“cypress”), leveraging lauricella's long-standing relationships with the shell team in new orleans and cypress' demonstrated expertise in large build-to-suit developments.
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