Sunrise Realty Trust, Inc. (NASDAQ: SUNS) today announced that a joint venture entity owned by SUNS and its affiliate completed the sale of the Thompson San Antonio to The Loren Group for $41.0 million. The transaction included $9.0 million of purchaser cash, including deposits and payments made prior to closing, and a $32-million senior loan originated by SUNS and its affiliate.
The Loren Group intends to enhance the guest experience over the coming months with plans to spend an additional $10 million on capital expenditures.
Based on SUNS’ 65% ownership interest in the joint venture, SUNS’ share of the gross purchase price was approximately $26.7 million, consisting of approximately $5.9 million of purchaser cash and a $20.8 million principal interest in the senior loan, before SUNS’ proportionate share of closing costs and other transaction expenses. SUNS’ share of the purchase price is consistent with the carrying value of its investment in the joint venture. SUNS and its affiliate also continue to pursue available remedies under the former sponsor’s guarantee.
SUNS and its affiliate took ownership of the Property in March 2026 through the joint venture following the exercise of their foreclosure rights under their prior senior loan secured by the Property. The Thompson San Antonio, located in San Antonio’s Art District, is part of a 20-story mixed-use development completed in 2020.
SUNS shares gained 16 cents to $5.95.
