Starwood Property Trust Announces $126 Million Loan on Class A Office Building in San Francisco
Starwood Property Trust (NYSE: 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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.