Southern Realty Trust Originates $26.0 Million Subordinate Loan for Excel Miami Apartments
WEST PALM BEACH, Fla., Nov. 18, 2024 (GLOBE NEWSWIRE) -- Southern Realty Trust Inc. (“SRT” or the “Company”) today announced that it originated and an affiliate of SRT agented a $26.0 million subordinate loan for the development of Excel Miami Apartments (“Excel” or the “Project”), a 24-story multifamily tower located at 1550 NE Miami Place in Miami’s Art & Entertainment District. The Sponsor is Clearline Real Estate (“Clearline”), a real estate investment and development firm led by Jenny Bernell. Clearline is headquartered in New York and Miami and focuses on multifamily real estate investments across growing U.S. regions.
Excel Miami Apartments is designed to blend modern living with the vibrant artistic culture of downtown Miami. The development was envisioned by design architect Arquitectonica, elevating the standard of multifamily architecture in the area with a sleek, contemporary aesthetic. The Project will total 214,183 rentable square feet, with 427 apartments offering studio, one-bedroom, two-bedroom and 13 townhouse loft units. The building’s amenity floor will feature 18’ ceilings and includes a pool, yoga deck, fitness room, co-working space, screening room, and podcast suites. Located near the Metromover School Board Station, Excel offers a transit-friendly lifestyle in the heart of Miami, making it an ideal option for professionals seeking convenience and connectivity.
“Excel Miami Apartments is a transit-oriented development with world-class architecture and interior design,” said Stuart Swann, Managing Director of SRT.
Brian Sedrish, Chief Executive Officer of SRT, added, “We are excited to support Clearline, a woman-owned firm with a clear vision for creating vibrant, community-focused living spaces. Excel will provide much-needed housing in one of Miami’s most dynamic neighborhoods, and we look forward to supporting its success in our home state of Florida.”
SRT holds $13.0 million of the deal, while $13.0 million was syndicated to an affiliate. Centennial Bank provided a $68.5 million senior construction loan for the development of Excel Miami, with Jay Brito orchestrating the senior loan transaction.
About SRT
SRT 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 Statements
Certain 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 Miami’s growing economy and the Excel Miami Apartments being well-positioned to meet Miami’s growing residential demand. 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 Ping
561-510-2293
ir@thesrtgroup.com
Media Contact:
Profile Advisors
Rich Myers & Rachel Goun
347-774-1125
srt@profileadvisors.com
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