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May 10, 2012 /PRNewswire/ -- Starwood Property Trust (NYSE: STWD) today announced that it has originated a
$170 million first mortgage loan on two Class B office buildings located in the SoHo district of Midtown Manhattan. Collectively known as
One SoHo Square, the two properties located at 161 Avenue of the Americas and 233 Spring Street comprise over 600,000 square feet of office and retail space, which is currently 96 percent occupied. Stellar Management is the sponsor.
The first mortgage loan will have an initial funding of
$135 million, with
$35 million available for future advances to pay for tenant improvements, leasing commissions and redevelopment costs. The interest rate for the loan floats over LIBOR, matures in 3 years with 2 one-year extension options, and has a loan-to-value ratio of approximately 65 percent.
"The One SoHo Square deal is another example of our ability to provide borrowers with creative lending solutions. Our large scale and flexible capital made it possible for us to principal this relatively large and complex loan," said
Boyd Fellows, Director and President of Starwood Property Trust.
"Starwood's tailored financing solution and superb execution made a complex transaction a seamless acquisition," noted
Laurence Gluck of Stellar Management.
One SoHo Square occupies the majority of a city block on the corner of Avenue of the Americas and
Spring Street and is situated four blocks east of the Hudson River and the Holland Tunnel. The Sponsor's redevelopment plan is designed to reposition
One SoHo Square into a Class A property.
About Starwood Property Trust, Inc. Starwood Property Trust, Inc. focuses primarily on originating, investing in, financing and managing commercial mortgage loans and other commercial and residential real estate-related investments. Starwood Property Trust, Inc. is externally managed and advised by SPT Management, LLC, an affiliate of Starwood Capital Group, and has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.
SOURCE Starwood Property Trust, Inc.