WASHINGTON (dpa-AFX) - Sunrise Realty Trust, Inc. Tuesday has expanded its senior secured revolving credit facility to $90 million, following a new $40 million commitment from City National Bank of Florida or CNB, which joins as Joint Lead Arranger.
East West Bank (EWBC), the Administrative Agent, initially committed $50 million when the facility launched in November 2024. The facility remains expandable up to $200 million, subject to standard conditions and participation from additional lenders.
Funds from the facility will be used to support SUNS' commercial real estate lending pipeline, fulfill existing obligations, and cover general working capital needs.
SUNS CEO Brian Sedrish noted that the expanded facility demonstrates market confidence in the company's disciplined lending strategy and enables further regional portfolio growth. CNB's Anthony Martinez highlighted that the commitment reflects the bank's trust in SUNS' leadership and its relationship-driven approach to private credit, aligning with CNB's broader capital markets efforts.
Tuesday, EWBC closed at $94.34, down 0.76%, and is currently trading after hours at $95.82, up 1.56% on the Nasdaq Global Select Market.
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