Sunrise Realty Trust expands its credit facility to $140 million with EverBank's $50 million commitment, enhancing financial flexibility.
Quiver AI Summary
Sunrise Realty Trust, Inc. has announced an expansion of its senior secured revolving credit facility, adding EverBank, N.A. as a new participant with a commitment of $50 million, increasing total commitments to $140 million. Originally established with East West Bancorp in November 2024, the facility can be expanded to $200 million pending further conditions. The funds will be used to support existing loans, finance new commercial real estate projects, and provide working capital. Executive Chairman Leonard Tannenbaum highlighted the addition of EverBank as a validation of SUNS' lending platform and its partnerships. EverBank aims to provide customized loan structures to meet SUNS' evolving needs.
Potential Positives
- Expansion of the senior secured revolving credit facility to $140 million enhances financial flexibility for Sunrise Realty Trust, enabling it to pursue attractive growth opportunities.
- Inclusion of EverBank as a lender signifies strong trust and confidence in SUNS' lending platform and underscores the company's credibility in the market.
- The credit facility's total expandable capacity of $200 million indicates potential for further growth and investment aligned with SUNS' business strategy.
Potential Negatives
- The need to expand the credit facility may indicate potential liquidity concerns or a reliance on borrowing to fund operations and growth.
- The addition of a third lender could signal increased competition among lenders which might affect the company's financing terms in the future.
- The announcement does not specify any immediate projects or loans that will leverage the newly available capital, leaving uncertainty about the effective use of the expanded credit facility.
FAQ
What is the recent expansion in Sunrise Realty Trust's credit facility?
Sunrise Realty Trust expanded its senior secured revolving credit facility to $140 million with the addition of EverBank's $50 million commitment.
Who are the key partners involved in the credit facility?
The key partners are Sunrise Realty Trust, EverBank, and East West Bancorp, Inc., which originally established the facility.
What will the proceeds from the credit facility be used for?
The proceeds will support unfunded commitments under existing loans, fund the commercial real estate loan pipeline, and provide working capital.
How does this credit facility expansion benefit Sunrise Realty Trust?
This expansion provides financial flexibility to pursue attractive opportunities and supports growth in target markets.
What is the focus of Sunrise Realty Trust in commercial real estate lending?
Sunrise Realty Trust focuses on transitional commercial real estate projects with potential for near-term value creation in Southern markets.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SUNS Insider Trading Activity
$SUNS insiders have traded $SUNS stock on the open market 23 times in the past 6 months. Of those trades, 23 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $SUNS stock by insiders over the last 6 months:
- LEONARD M TANNENBAUM (Executive Chairman) has made 20 purchases buying 1,463,616 shares for an estimated $17,326,084 and 0 sales.
- JAMES C. FAGAN has made 2 purchases buying 4,019 shares for an estimated $52,951 and 0 sales.
- ALEXANDER C FRANK purchased 4,400 shares for an estimated $49,720
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$SUNS Analyst Ratings
Wall Street analysts have issued reports on $SUNS in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Raymond James issued a "Outperform" rating on 02/03/2025
- Alliance Global Partners issued a "Buy" rating on 01/31/2025
To track analyst ratings and price targets for $SUNS, check out Quiver Quantitative's $SUNS forecast page.
$SUNS Price Targets
Multiple analysts have issued price targets for $SUNS recently. We have seen 3 analysts offer price targets for $SUNS in the last 6 months, with a median target of $15.0.
Here are some recent targets:
- An analyst from Raymond James set a target price of $14.5 on 03/10/2025
- Gaurav Mehta from Industrial Alliance Securities set a target price of $16.0 on 01/10/2025
Full Release
WEST PALM BEACH, Fla., May 29, 2025 (GLOBE NEWSWIRE) -- Sunrise Realty Trust, Inc. (“SUNS” or the “Company”) (Nasdaq: SUNS), a lender on the TCG Real Estate platform, today announced the expansion of its senior secured revolving credit facility (the “Credit Facility”) with the addition of EverBank, N.A. (“EverBank”). EverBank has committed $50 million to the facility, bringing total committed capital to $140 million. The Credit Facility, originally established with East West Bancorp, Inc. (“East West Bank”) in November 2024, remains expandable to $200 million, subject to certain conditions and additional lender participation.
Proceeds from the Credit Facility will continue to support unfunded commitments under existing loans, fund SUNS’ commercial real estate loan pipeline in alignment with the Company’s investment strategy, and provide general working capital.
“Adding a third institutional bank to the credit facility highlights the strength of SUNS’ lending platform and the trust we’ve built with our financing partners,” said Leonard Tannenbaum, Executive Chairman of SUNS. “Expanding the facility to $140 million in commitments provides added financial flexibility to pursue attractive opportunities and drive continued growth in our target markets.”
“EverBank is pleased to support SUNS as it continues expansion of its platform and growth of its CRE loan portfolio. Joining this credit facility highlights our desire to offer highly customized loan structures that serve borrowers’ specific requirements, and we look forward to serving SUNS’ evolving needs in the future,” said Kevin Mammoser, Managing Director, EverBank Structured Real Estate.
About Sunrise Realty Trust, Inc.
Sunrise Realty Trust, Inc. (Nasdaq: SUNS) is an institutional commercial real estate (“CRE”) lender providing flexible financing solutions to sponsors of CRE projects primarily in the Southern United States. It focuses on transitional CRE business plans with the potential for near-term value creation, collateralized by top-tier assets predominantly located in established and rapidly expanding Southern markets. For additional information regarding the Company, please visit www.sunriserealtytrust.com .
About TCG Real Estate
TCG Real Estate refers to a group of affiliated CRE-focused debt funds, including a Nasdaq-listed mortgage REIT, Sunrise Realty Trust, Inc. (Nasdaq: SUNS), and a private mortgage REIT, Southern Realty Trust Inc. The funds provide flexible financing on transitional CRE properties that present opportunities for near-term value creation, with a focus on top-tier CRE assets located primarily within markets in the Southern U.S. benefitting from economic tailwinds with growth potential.
About EverBank
EverBank, N.A. (“EverBank”) is a nationwide specialty bank providing high-value products and services to consumer and commercial clients nationwide. As a pioneer in online banking, we offer convenient digital access for clients 24/7, in addition to phone banking services and a network of financial centers across Florida and California. EverBank’s commitment is to deliver to our clients high-performing, high-yield solutions backed by exceptional service, always giving them the advantage they expect, to make the most of their money. Visit everbank.com or connect and interact with us on Facebook , Instagram , LinkedIn or X . EverBank is a Member FDIC.
About East West Bank
East West Bank provides financial services that help customers reach further and connect to new opportunities. East West Bancorp, Inc. is a public company (Nasdaq: EWBC) with total assets of $76 billion as of December 31, 2024. The company's wholly owned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California and operates over 110 locations in the United States and Asia. The Bank's markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas and Washington.
Investor Relations Contact
Robyn Tannenbaum
561-510-2293
[email protected]
