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Starwood Deploys $272M for Loans

STAMFORD, CT-The Starwood Property Trust originated three loans, secured by three portfolios.

By Ryan Clark | Updated on December 29, 2010

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.

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