Starwood Property Trust, a real estate investment trust focused primarily on originating, investing in and financing commercial mortgage loans and other commercial real estate-related debt investments, says it has recently closed three newly originated first mortgage loans for $107.8 million. The three loans have an expected unlevered return of approximately 11.3% inclusive of fees and a weighted average loan-to-value ratio of approximately 61.5%.
The loans include the following:
- a $73.8 million loan on a portfolio of 17 extended stay hotels located in Florida, Virginia, Maryland, North Carolina and Georgia;
- an $18 million loan on a beachfront hotel located in Laguna Beach, Calif.; and
- a $16 million loan on a retail center located in Orland Park, Ill.
The company also recently invested approximately $32 million in single-borrower commercial mortgage backed securities that were acquired at a blended purchase price of approximately 79% of face value with an expected unlevered return of 12%.
SOURCE: Starwood Property Trust Inc.