Starwood Property Trust, Greenwich, Conn. has recently deployed $271.9 million of capital through three separate loan originations: a $206 million first mortgage loan, mezzanine loan and bridge loan on a portfolio of ten full service hotels located throughout the United States, a $33.9 million first mortgage and mezzanine loan on a portfolio of drug stores located throughout the United States, and a $32 million first mortgage loan on a retail development in Vail, Colorado.
The company recently raised net proceeds of approximately $434.8 million through the sale of shares of its common stock and these investments represent the deployment of existing cash on hand as well as a portion of the proceeds from the offering.
The $206 million hotel loan was structured as a $155 million first mortgage loan secured by eight full service hotels located in eight states and containing over 2,300 rooms, a $37 million mezzanine loan and a $14 million full recourse bridge loan secured by two full service hotels.
The drug store loan was structured as a first mortgage loan and mezzanine loan secured by six retail properties that are fully leased to Walgreen Co. with an average remaining lease term of 20 years.
The retail loan was used to refinance the Shops at Solaris, a new 70,000 s.f. specialty retail and three-story, 304-space parking structure in the heart of Vail, Colorado.