Starwood Property Trust has deployed $271.9 million of capital through three separate loan originations.
The originations include a $206 million first-mortgage loan, mezzanine loan and bridge loan on a portfolio of 10 full-service hotels; a $33.9 million first-mortgage and mezzanine loan on a portfolio of drug stores; and a $32 million first-mortgage loan on a retail development in Vail, Colo.
‘These latest loans add further scale, diversity and safety to our portfolio,’ says Barry Sternlicht, Starwood's chairman and CEO.
The company says it intends to split the hotel first-mortgage loan into an A note and a B note and contribute the A note into a securitization while retaining the B note, the mezzanine loan and the bridge loan.
SOURCE: Starwood Property Trust