Starwood Property Trust Announces $225 Million Loan On Four Seasons Resort Hualalai
GREENWICH, Conn.,?July 9, 2013?/PRNewswire/ –?Starwood Property Trust?(NYSE:?STWD) today announced that it has originated a?$225 million?first mortgage loan on the Four Seasons Resort Hualalai at Historic Ka’upulehu (the “Resort”), a luxury resort and residential community situated on an 865-acre oceanfront property along the North Kona Coast of?Hawaii’s?Big Island. The loan is sponsored by a joint venture between Rockpoint Real Estate Fund II, L.P. and MSD Capital, L.P. (collectively, the “Sponsor”).
The interest rate floats over LIBOR and the loan matures in five years with two one-year extension options.
“We are pleased to leverage our scale, flexible capital and deep underwriting experience to provide this large, complex loan, secured by one of?Hawaii’s?most high profile properties, to world class sponsors,” said?Boyd Fellows, President of Starwood Property Trust. “This transaction further illustrates our unique ability to quickly meet the needs of sophisticated borrowers that require highly tailored financing solutions.”
The Resort offers an unparalleled array of luxury facilities and amenities highlighted by the renowned 243-room Four Seasons Hualalai. In addition to featuring two award-winning restaurants, an oceanfront lounge, four pools, and more than 23,000 square feet of meeting space, the Resort includes the 28,000 square foot Hualalai Sports Club and Spa, a member-only clubhouse and Canoe Club, two 18-hole championship golf courses, an eight court tennis facility and three boutique retail outlets. The Resort also offers immediate beach access along with a full list of outdoor activities including scuba diving, snorkeling, hiking, biking and fishing.
The loan is collateralized by the Four Seasons Hualalai, the remaining developer-owned residential inventory in a luxury 500-unit residential master-planned community, The Hualalai Resort & Club and related amenities, and three ancillary real estate service businesses and two local utility companies, which provide water and wastewater treatment to the Resort, owned by the Sponsor.
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.