Sunrise Realty Trust (SUNS), a lender on the Tannenbaum Capital Group (TCG) Real Estate platform, announced that it had committed $48 million of a $69 million B-note, subordinate to a $337 million A-note held by a third-party lender, on behalf of the borrower, AJ Capital Partners. The combined $406 million in proceeds was used to refinance a 15-property Graduate by Hilton portfolio. An affiliate on the TCG Real Estate Platform holds the remaining $21 million of the B-note.
The project reflects the borrower’s long-term strategy of investing in university-anchored lodging, given its high conviction in collegiate lodging demand and its belief in opportunities for continuing portfolio synergies. The portfolio consists of 15 full-service, upscale hotels in major university markets across the United States, including the University of Michigan, University of Virginia and University of California – Berkeley.
"This transaction exemplifies our ability to identify compelling
