Starwood To Use Funds To Buy Commercial Mortgages

Starwood Property Trust has closed a $150 million warehouse financing facility with Goldman Sachs Mortgage Co. and a $125.2 million asset-based credit agreement with Bank of America NA. The warehouse facility matures in December 2012 and will be used to finance Starwood's acquisition or origination of commercial mortgage loans.

The credit agreement matures in December 2013 and may be extended by Starwood for an additional one-year period ending in December 2014, the company explains.

Under certain circumstances, the amount available under the credit agreement can be increased to $150 million to purchase additional assets, Starwood adds.

SOURCE: Starwood Property Trust

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