WINTER PARK, Fla., Oct. 15, 2025 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE:PINE) (the "Company"), a publicly traded real estate investment trust that owns and operates a portfolio of single tenant net leased commercial income properties, today announced the origination of a first mortgage loan investment secured by a luxury residential development with over 130 lots located in the Austin, Texas metropolitan area. At closing, the Company funded $14.1 million of a phase one loan, with a total commitment for the phase one loan of up to $29.5 million. The Company anticipates funding the remainder of the phase one loan prior to the end of 2025, subject to the borrower's satisfaction of certain conditions. Additionally, the loan agreement provides for a phase two loan with a total commitment of up to $31.8 million. The Company's funding of loan commitments under the phase two loan is subject to the borrower's satisfaction of certain conditions, which the Company currently anticipates will be satisfied in early 2026.

The interest rate for all amounts funded under both the phase one and phase two loans, commencing at the initial phase one origination, is 17.0%, inclusive of 4.0% paid-in-kind for the full loan term, and steps down to 16.0% during months 7 to 12, and to 14.0% thereafter. The 36-month loan will be repaid as collateralized home lots are sold, with such sales anticipated to begin in late 2025.  

"This first mortgage loan on luxury residential lots in the Austin area enables us to partner with a premier sponsor at an attractive yield," said ...