Sygnus Real Estate Finance reported a net loss for its first quarter which ended in November.
The $100 million loss was a reversal from the $25 million net profit reported in 2020.
Sygnus REF says the loss was caused by delays in returns and earnings from real estate investment assets.
The company's first quarter revenues amounted to $35 million compared to $22 million in the prior year.
During period, Sygnus secured financing and commenced construction of the $3.7 billion One Belmont commercial tower.
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