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SOURCE Starwood Property Trust, Inc.
- Closes Four Complex Loans in Los Angeles, San Jose, Boston and Finland -
GREENWICH, Conn., Sept. 30, 2013 /PRNewswire/ -- Starwood Property Trust, Inc. (the "Company") (NYSE: STWD) today announced that it recently deployed $520 million of capital through four separate transactions: the origination of a $145 million first mortgage and mezzanine loan to refinance The Burbank Studios, a 35-acre media campus located in Burbank, Calif.; the origination of a $138 million first mortgage loan for the acquisition of Cisco Systems' 46 acre West Tasman Campus located in San Jose, Calif.; the origination of a $112 million first mortgage loan collateralized by Seaport Square, which consists of 844,820 square feet of land featuring 15 parking lots that is fully entitled for 5.4 million square feet of mixed-use development in Boston's Seaport District; and the co-origination, with United Kingdom-based Starwood European Real Estate Finance, of a €95 million first mortgage loan to refinance a portfolio of 225 retail and convenience stores located in Finland. The Company expects to leverage the domestic loans through the sale of A-notes or through its lines of credit, ultimately deploying approximately $250 million of equity achieving the target return for our core lending book.
"Our pipeline today, both in the U.S. and Europe, is as robust as it has ever been and our competitive advantages continue to put us in position to originate and close high-quality loans to premier borrowers as exemplified by these four complex transactions," said Boyd Fellows, President of Starwood Property Trust. "All of these loans, as well as the vast majority of our pipeline, float over LIBOR and position us to benefit in a rising interest rate environment."
About Starwood Property Trust, Inc.
Starwood Property Trust, Inc. is focused on originating, investing in, financing and managing commercial mortgage loans and other commercial real estate debt investments, commercial mortgage-backed securities ("CMBS"), and other commercial real estate-related debt investments. The Company through its 2013 acquisition of LNR Property LLC ("LNR") now also operates as special servicer in the United States and a primary and special servicer in Europe and has expanded its product offering to include fixed rate conduit loans. Starwood Property Trust, Inc. also invests in residential mortgage-backed securities ("RMBS") and residential real estate owned, and may invest in non-performing loans, commercial properties subject to net leases and residential mortgage loans. The Company is externally managed and advised by SPT Management, LLC, an affiliate of Starwood Capital Group, and has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.
Investor Relations – Starwood Property Trust
Media Relations – Starwood Property Trust
Jason Chudoba, ICR, Inc.
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