Southern Realty Trust Agents $35.2 Million Senior Loan for Austin Multi-Family Development
July 08 2024 - 7:00AM
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 SRTSRT 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 StatementsCertain 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 Ping561-510-2293 ir@thesrtgroup.com
Media Contact:Profile AdvisorsRich Myers &
Rachel Goun347-774-1125srt@profileadvisors.com