The office mortgage has a May 2015 maturity and bears interest at 8% per annum with a debt yield of 11.5%, expecting an unlevered return of 8.8%.

The corporate loan has a maturity of October 2012 with a rate of L+350 basis points and the debt yield of 11.7%. The anticipated return is 13.6% of that loan with the resorts averaging a 97% occupancy rate. The B note loan is in pounds, so the REIT has taken hedge measures against the potential currency risk.

"These new investments are consistent with our investment philosophy of deploying capital in a disciplined manner which will provide predictable growth and safety in our cash flow stream, thereby enabling us to grow our dividend over time," says Leo Huang, head of real estate fixed income for Starwood Capital Group in a release. "We remain confident that we will be able to deploy additional capital at attractive rates of return as spreads widen due to both the uncertainty in the global financial markets and as an increasing volume of loan restructurings and maturities hit the market."