WEST PALM BEACH, Fla., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Sunrise Realty Trust, Inc. (Nasdaq: SUNS) (“SUNS” or the “Company”) today announced the successful closing of a new senior secured revolving credit facility with East West Bank serving as agent and the initial lender (the “Revolving Credit Facility”). The Revolving Credit Facility provides access up to $200 million in borrowing capacity, subject to available borrowing base and additional commitments, with an initial commitment of $50 million. With favorable terms, including an interest rate of SOFR plus 2.75% (subject to a SOFR floor of 2.63% and other conditions), the Revolving Credit Facility offers SUNS flexibility to borrow and repay funds as needed. This facility strengthens SUNS’ ability to pursue strategic growth initiatives and capitalize on high-quality investment opportunities across the Southern United States.

East West Bank, headquartered in Pasadena, California, is a leading financial institution with over $74.5 billion in assets.

"Closing this credit facility with East West Bank is an important milestone for SUNS. With an initial $50 million commitment—and the potential to expand up to $200 million—this facility gives us the financial flexibility to drive our strategic growth forward. I am pleased SUNS was able to attract a high-quality institution like East West Bank that provided us a credit facility with a flexible structure at an attractive rate," said Brian Sedrish, Chief Executive Officer of SUNS.

About Sunrise Realty Trust, Inc.
Sunrise Realty Trust, Inc. (Nasdaq: SUNS) is an institutional commercial real estate lender providing flexible financing solutions to sponsors of commercial real estate located in the Southern United States. We focus on transitional commercial real estate business plans with opportunities for near-term value creation, collateralized by top-tier real property assets in established Southern cities and Southern cities presenting strong growth fundamentals. For additional information regarding the Company, please visit www.sunriserealtytrust.com.

About East West Bank
East West provides financial services that help customers reach further and connect to new opportunities. East West Bancorp, Inc. is a public company (Nasdaq: “EWBC”) with total assets of $74.5 billion as of September 30, 2024. The Company’s wholly-owned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California, and operates over 110 locations in the United States and Asia. The Bank’s markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas, and Washington. For more information on East West, visit www.eastwestbank.com.