GREENWICH, Conn., July 18, 2013 /PRNewswire/ -- Starwood Property Trust (NYSE: STWD) today announced it has originated a $140 million first mortgage loan on the Phelan Building (the "Property"), an 11-story, 300,000 square foot mixed use building located in San Francisco's Union Square area. Thor Equities is the sponsor.
"We are pleased to provide this transitional capital to help further the sponsor's plan to reposition one of San Francisco's most historic buildings to meet the needs of the City's high profile technology firms and other businesses seeking truly creative office space," said Boyd Fellows, President of Starwood Property Trust. "It is our capacity to quickly deliver customized loan solutions that sets us apart from our competitors."
The Property encompasses approximately 250,000 square feet of office space and 50,000 square feet of retail space. The borrower recently signed a lease with Marshall's to occupy a large, corner retail space and has continued to convert office floors from over 500 small jewelry spaces to appealing, full floor creative office use. Most recently, The Obvious Corp., led by Twitter founder Evan Williams, leased three floors of the renovated and repositioned office space. With its unique Victorian architecture, central light well providing ample natural light, two-story marble lobby and operable windows, the building is ideal to meet San Francisco's tenant demand for creative office use.
Built in 1908 by former San Francisco mayor James Phelan, the Phelan Building is one of the city's original flatiron buildings, standing as an architecturally distinct landmark at the junction of Market and O'Farrell Streets and Grant Avenue. The Phelan Building is located in the heart of San Francisco's premier retail shopping district, one block from Westfield San Francisco Centre, an upscale urban shopping center, and across the street from the Four Seasons Hotel.About Starwood Property Trust, Inc. Starwood Property Trust, Inc. is focused on originating, investing in, financing and managing commercial mortgage loans and other commercial real estate debt investments, commercial mortgage-backed securities, and other commercial real estate-related debt investments. Starwood Property Trust, Inc. also invests in residential mortgage-backed securities and residential real estate owned, and may invest in non-performing loans, commercial properties subject to net leases and residential mortgage loans. The Company 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.
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