Southern Realty Trust Commits $60.0 Million in a Senior Loan for Sixth & Rio Condominium Development in Fort Lauderdale

WEST PALM BEACH, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) -- Southern Realty Trust Inc. ("SRT" or the "Company") today announced that it has committed $60.0 million of a $96.0 million senior loan for the development of the Sixth & Rio condominium project (the "Project") in Fort Lauderdale, Florida, with an affiliate holding a participation interest with respect to $30.0 million of SRT's $60.0 million commitment. The remaining $36.0 million of the total loan amount was syndicated to two co-lenders, one of whom is an affiliate of SRT. The Sponsor is OceanLand Investments LLC ("OceanLand"), 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, ...