Starwood Property Trust (STWD) Monday announced it closed a $150 million warehouse financing facility and a $125.2 million asset based credit agreement. The deals will be used to acquire or to originate commercial mortgage loans for the real estate investment trust. The warehouse financing line is arranged through Goldman Sachs Mortgage Company (GS) and the credit agreement with Bank of America (BAC). The Warehouse Facility matures in December 2012 and the Credit Agreement matures in December 2013, with a one-year BofA credit extension option. “The credit agreement was fully drawn at closing to finance the company’s discounted acquisition of a $205 million first mortgage loan secured by substantially all of the assets of a worldwide operator of hotels, resorts and timeshare properties,” Starwood said in a statement. “The company’s expected levered return on the investment is in excess of 12%.” In August 2010, Starwood also closed a $350 million financing facility with Wells Fargo Bank (WFC). Write to Jacob Gaffney. The author holds no relevant investments.
Starwood closes $150 million warehouse facility for CRE financing
Most Popular Articles
Latest Articles
The best real estate podcasts for agents and brokers in 2024
The best real estate podcasts to motivate, inspire, entertain and enlighten you this year.
-
Home sellers saw their profits shrink in the first quarter: Attom
-
If reelected, Trump could seek greater control over Federal Reserve
-
Acra CEO Keith Lind on staying the course amid choppy waters in non-QM
-
HUD walks back some proposed changes to HECM for Purchase program
-
Retirement confidence hasn’t fully recovered, but survey shows hope for future prospects