Starwood Property Trust (STWD) secured a $280m term loan facility through Wells Fargo Bank. Starwood — a real estate investment trust (REIT) that focuses on originating, investing in, and financing commercial mortgage loans and other commercial real estate-related debt investments — will use the facility to finance approximately $400m of a recently acquired commercial loan portfolio. The loan facility matures on May 31, 2013 and carries an interest rate based on 30-day LIBOR plus 300 bps. The REIT said last month it completed the purchase of a portfolio of 20 performing commercial mortgage loans and B notes from Teachers Insurance and Annuity Association of America. The facility — announced today — will not finance the $103m of loans that mature over the next 12 months, Starwood said. The REIT said in March that the loans that mature over the next 12 months are at a near cash equivalent “with an attractive yield and provide the company with a near term option to originate new loans.” Starwood paid $512m for the loan portfolio, including $2.5m in accrued interest, all from cash reserves. The loans are secured by 4.5m square feet of retail and office assets across 10 states. Write to Diana Golobay. The author holds no relevant investment positions.