GREENWICH, CT-Starwood Property Trust is purchasing a performing commercial mortgage portfolio from TIAA-CREF, which is valued at $503 million. The fixed-rate portfolio will command a $510 million tag, plus accrued interest.

The portfolio is comprised of 18 senior first mortgage A-notes and 2 junior first mortgage B-notes, secured by 4.5 million square feet of retail and office assets across 10 states. The property is currently 96% occupied and anticipates 5.7% and 5.2% tenant turnover in 2010 and 2011, respectively. The weighted average debt yield on the portfolio is 17.7% for 1.7 years and a weighted average coupon of 7.75%.

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