Sunrise Realty Trust completes merger with Southern Realty Trust
Sunrise Realty Trust, a Nasdaq-listed commercial real estate lender, completed the merger of Southern Realty Trust into a wholly owned subsidiary. On a pro forma basis the combined company had about $285 million of book value, $534 million of total assets and $604 million of loan commitments across 14 loans, mainly in Southern U.S. markets. It continues to trade as SUNS.
Why it matters: The combination puts the two lenders' co-investments on one balance sheet, which the company expects to lower costs and broaden capital access.
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