Starwood Property Trust
STWD today announced that it has originated a $126.0 million first
mortgage loan and mezzanine loan on a 25-story, Class A office building
located in the heart of San Francisco's Financial District. The property,
known as 100 Montgomery, is situated on the corner of Sutter and Montgomery
Streets and totals more than 420,000 square feet. Blackstone Real Estate
Partners VII is the sponsor.
The total financing will have an initial funding of $115.5 million with
$10.5 million of future funding for tenant improvements and leasing
commissions. The interest rate floats over LIBOR and the loan matures in
three years with two one-year extension options. Starwood intends to sell
the first mortgage in the near term to increase its investment returns while
retaining the mezzanine loan.
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