Sunrise Realty Trust Announces $44.0 Million Commitment to Shell Plaza Construction in New Orleans
West Palm Beach, FL – Sunrise Realty Trust, Inc. (SUNS), a lender on the TCG Real Estate platform, recently announced the closing of a $44.0 million commitment to a $74.5 million senior loan for the construction of Shell Plaza in New Orleans. This build-to-suit net lease property will serve as the regional headquarters for Shell USA Inc. (Tenant) and will be located on a 1.6-acre parcel at Convention Center Boulevard and Henderson Street.
Partnership Between Lauricella and Cypress
The sponsor of the project is a partnership between Lauricella Land Company (Lauricella) and Cypress Equities (Cypress). Lauricella, a well-established New Orleans-based real estate development firm, brings long-standing relationships with the Shell team in the area to the table. Cypress Equities, known for their expertise in large-scale build-to-suit developments, will contribute their experience to the project.
Loan Syndication
The remaining $30.5 million of the loan was syndicated to two affiliates on the TCG Real Estate platform, totaling $20.5 million, and another affiliated lending partner, contributing $10.0 million.
Impact on the Local Community
The construction of Shell Plaza in New Orleans will bring significant economic benefits to the local community. The project is expected to create hundreds of jobs during the construction phase and will provide a modern, state-of-the-art headquarters for Shell USA Inc. once completed. Additionally, the property’s prime location near the Ernest N. Morial Convention Center and the French Quarter will attract businesses and visitors to the area, further boosting the local economy.
Global Implications
Beyond the local impact, the successful completion of Shell Plaza in New Orleans is a testament to the strength of the commercial real estate market, particularly in the context of the ongoing economic recovery from the COVID-19 pandemic. The transaction also highlights the continued collaboration between Sunrise Realty Trust, TCG Real Estate platform, Lauricella Land Company, and Cypress Equities in delivering high-quality real estate projects.
Conclusion
Sunrise Realty Trust’s commitment to the $74.5 million senior loan for the construction of Shell Plaza in New Orleans marks an important step in the revitalization of the local economy and the continued growth of the commercial real estate sector. The partnership between Lauricella Land Company and Cypress Equities, along with the support from TCG Real Estate platform and affiliated lending partners, will result in a modern, sustainable, and innovative office space for Shell USA Inc. This project represents a promising investment opportunity and a significant contribution to the New Orleans community.
- Sunrise Realty Trust closes $44.0 million commitment to Shell Plaza construction in New Orleans.
- The project will serve as regional headquarters for Shell USA Inc. and will be located on a prime 1.6-acre parcel.
- Lauricella Land Company and Cypress Equities form a partnership to develop the project.
- Hundreds of jobs will be created during construction, and the property’s location will attract businesses and visitors to the area.
- The transaction highlights the resilience of the commercial real estate market and the successful collaboration between key players in the industry.
