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Boyd Fellows, Starwood Property Trust

Starwood Property Trust announces USD126m loan on Class A office building in San Francisco

Starwood Property Trust has originated a USD126.0 million first mortgage loan and mezzanine loan on a 25-storey, Class A office building located in the heart of San Francisco's Financial District.

The property, known as 100 Montgomery, is situated on the corner of Sutter and Montgomery Streets and totals more than 420,000 square feet. Blackstone Real Estate Partners VII is the sponsor.

The total financing will have an initial funding of USD115.5 million with USD10.5 million of future funding for tenant improvements and leasing commissions. The interest rate floats over LIBOR and the loan matures in three years with two one-year extension options. Starwood intends to sell the first mortgage in the near term to increase its investment returns while retaining the mezzanine loan.

"We are excited to complete another complex financing transaction with Blackstone," says Boyd Fellows (pictured), President and Director of Starwood Property Trust. "Similar to the USD61 million Glendale transaction we announced earlier this quarter, we funded the entire capital stack with a flexible structure which meets Blackstone's exact financing needs. Our ability to act as a 'one stop financing solution' for borrowers looking to finance large transitional assets is a significant strategic advantage."

100 Montgomery has undergone USD54.0 million of capital improvements, including a comprehensive renovation in 2009 that allowed for a new crystallized glass facade, lobby and common area updates and new retail storefronts. Additionally, the building achieved LEED Gold Certification. 100 Montgomery is conveniently located one block from Market Street and the Montgomery Street BART station, the transit system serving the San Francisco Bay Area.

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