OZ - Southern Realty Trust Provides $56.4 Million Mezzanine Financing for 650000+ SF Multi-Family Community | Benzinga
WEST PALM BEACH, Fla., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Southern Realty Trust Inc. ("SRT" or the "Company") today announced that it originated a mezzanine loan in the aggregate amount of $56.4 million for Aster & Links (the "Project"), a multi-family community development with ground floor retail located on Main Street and Links Avenue in Sarasota, Florida. Spanning over 650,000 square feet, the Project is located in downtown Sarasota, which has attractive supply/demand fundamentals and strong population growth in recent years.
The Sponsor is Belpointe PREP, LLC (NYSE:OZ) ("Belpointe OZ"), a Connecticut based real estate investment firm that specializes in developing properties in federally designated opportunity zones. The borrower was advised by Lantern Real Estate (www.lanterncompany.com). With expected completion in the second half of 2024, the Project is comprised of two distinct luxury 10-story residential buildings with over 51,000 square-foot of ground floor retail anchored by a nationally recognized grocer with over 400 stores in 23 states. The Aster & Links ...