STAMFORD, CT-The Starwood Property Trust is deploying $271.9 million for three loan originations secured by separate portfolios. There is a $206-million first mortgage, mezz and bridge loans for a 10-property portfolio of full service hotels; as well as $33.9 million for first and mezz loans on a portfolio of drug store locations throughout the US; and a $32-million first mortgage loan for a retail development in Vail, CO.

A recent stock offering supplied the cash for the originations. The hotel loans break down to a $155-million first mortgage loan, secured by eight full service hotels; a $37-million mezzanine loan and a $14-million bridge loans secured by two full service hotels. On aggregate the LTV of the three loans is less than 62%. The first and mezz loans mature in 2016, while the bridge’s maturity is 2012. Starwood will keep the mezz and bridge loans, as well as a B note from the first mortgage loan, while securitizing the A note.

The drug stores are all six Walgreens, leased on NNN for the next 20 years, and secure the first mortgage and mezz loans. Both loans mature in 2012, while the first mortgage will be contributed to a securitization, the mezz loan will stay in Starwood’s hands.