Sunrise Realty Trust expands credit facility to $165 million

Sunrise Realty Trust Inc. (NASDAQ: SUNS) announced the expansion of its senior secured revolving credit facility to $165 million with the addition of Customers Bank as a lender. Customers Bank committed $25 million to the facility, according to a company statement.

The credit facility was originally established with East West Bancorp Inc. in November 2024. The facility remains expandable to $200 million, subject to certain conditions and additional lender participation.

The company stated proceeds from the credit facility will be used to finance ongoing originations across its target commercial real estate markets, fund future draws and unfunded commitments under existing loans, and manage liquidity and capital needs associated with portfolio growth.

"We're excited to add Customers to our financing group as we continue to broaden and diversify our bank relationships," said Leonard Tannenbaum, Executive Chairman of SUNS. "Increasing total commitments to $165 million further strengthens our liquidity profile and enhances our ability to act quickly on attractive, well-structured opportunities while maintaining a disciplined approach to credit and portfolio construction."

Sunrise Realty Trust is a commercial real estate lender providing financing solutions to sponsors of commercial real estate projects primarily in the Southern United States. The company operates as part of the Tannenbaum Capital Group Real Estate platform.

Customers Bancorp Inc. (NYSE: CUBI) operates with over $24 billion in assets. East West Bancorp Inc. (NASDAQ: EWBC) reported total assets of $76 billion as of December 31, 2024.

You May Also Be Interested In

• CalPrivate Bank names Andra Frazier as chief credit officer
• BD names Gary Sorsher as chief quality officer, replacing retiree
• Indaptus Therapeutics (INDP) files for 59M share offering by selling stockholders