Starwood Capital Group plans to issue a CMBS backed by a $760 million loan that was jointly originated by Barclays, The Royal Bank of Scotland and JPMorgan Chase Bank.
The loan collateralizing the CMBS transaction has an initial three-year term and provides for two, one-year extension options. The loan requires monthly interest-only payments based on one month LIBOR plus a spread of 2.35%.
The loan is backed by five regional malls located in California, Ohio and Washington.
The malls are all owned by affiliates of Starwood Capital Group, which used the mortgage loan proceeds, together with $433.8 million of cash equity, to acquire a 90% interest in the properties from Westfield America, which will retain a 10% ownership interest in the properties.