Southern Realty Trust Invests in Innovative Mixed-Use Development in Miami
WEST PALM BEACH, Fla., Jan. 29, 2025 — Southern Realty Trust Inc. (SRT), a member of TCG Real Estate, has announced a significant financial move by committing $10.3 million to a $41.0 million note-on-note bridge loan. This financing will completely pay off an existing senior mortgage for a mixed-use property featuring senior living, medical offices, and retail in an upscale suburb of Miami, Florida.
Project Overview
The property, often referred to as the “Project” or “Property,” consists of:
-
4-Story Medical Office Building (MOB)
- Total Retail Space: 6,411 square feet
- Total Medical Office Condos: 25,244 square feet (37 of 39 units pre-sold)
- 10-Story Senior Living Tower (SL Tower)
- Ground-floor Retail: 22,097 square feet
- Senior Housing: 108,188 square feet across 163 units
Key Features
-
Amenities:
- 166-space garage
- Fitness center
- Pool and outdoor patio
- Indoor dining options, coffee shop, lounge
- Salon, theater, arts & crafts room, and private offices
- Location Benefits:
Situated in a burgeoning medical hub in Southern Florida, this property addresses the high unmet demand for medical care housing.
Partnership and Execution
The financing was represented by Mike Guterman, Senior Vice President at Bellwether Enterprise, who facilitated the deal swiftly and efficiently. Guterman noted, “The lender wanted to move the note quickly and quietly, and Dornin was my first and only call for the purchase.”
Sponsor Expertise: Dornin Investment Group
The investment is backed by the Dornin Investment Group (DIG), a reputable operator with a strong track record in addressing non-performing loans. Over the last decade, DIG has successfully managed seven non-performing loan transactions leading to positive returns totaling over $725 million.
Strategic Insight on Investment
Brian Sedrish, CEO of SRT, expressed excitement about the investment, stating:
“This investment exemplifies our ability to identify overlooked opportunities and de-risk the transaction through deep diligence and innovative deal structuring.”
Chris Dornin, President and CEO of DIG, added:
“SRT was fast, creative, flexible, and diligent in their financing and execution. We look forward to many more financings with them.”
About Southern Realty Trust Inc.
Formed in 2023, SRT focuses on originating commercial real estate debt investments in the Southern U.S. The firm provides capital to quality borrowers, targeting a diversified investment portfolio that includes first mortgages, B-notes, mezzanine loans, and debt-like preferred securities across various commercial real estate asset classes. For more details, visit SRT’s official website.
About TCG Real Estate
TCG Real Estate includes a collection of affiliated funds dedicated to commercial real estate (CRE) financing. Their focus is on transitional properties with immediate value creation potential. More information is available through their platform.
About Dornin Investment Group
DIG is a comprehensive real estate investment firm operational in Laguna Beach, CA, and Las Vegas, NV. With a strong focus on distressed and value-add investments, they have executed over $1.9 billion in investments through 81 transactions since 2010. Explore more about their ventures at Dornin Investment Group.
Looking Ahead
This investment marks a substantial addition to SRT’s portfolio, positioning them strategically within the competitive landscape of commercial real estate. The property’s favorable location and planned amenities make it an attractive option for prospective investors and tenants alike.
For investor inquiries, please contact:
Robyn Tannenbaum
561-510-2293
ir@thesrtgroup.com
For media inquiries, reach out to:
Profile Advisors
Rich Myers & Rachel Goun
347-774-1125
srt@profileadvisors.com
This investment in Miami represents an exciting chapter for Southern Realty Trust, aligning well with their broader objectives in commercial real estate investment.