WEST PALM BEACH, Fla., Feb. 07, 2024 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (NASDAQ:AFCG) ("AFC Gamma" or the "Company") today announced it committed $56.4 million for two commercial real estate mezzanine loans in January 2024. Southern Realty Trust Inc. ("SRT"), an affiliated fund, originated the loans and is lead agent with AFC Gamma acting as a syndicate partner.
In the first transaction, AFC Gamma funded a $28.2 million mezzanine loan to DC Partners as sponsor of The Allen, a 35-story mixed-used project situated on Allen Parkway and the Buffalo Bayou Park in Houston, Texas. The Allen is comprised of luxury residential condominiums, a Thompson-flagged hotel (Hyatt), various restaurants and retail. The loan is projected to have a high-teens yield to maturity.
In the second transaction, AFC Gamma committed $28.2 million to a mezzanine loan, with $20.7 million funded, to Belpointe PREP, LLC (NYSE:OZ) as sponsor of Aster & Links, a premier ...