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GREENWICH, CT-Starwood Property Trust has completed a $280-million term loan facility with Wells Fargo Bank, National Association. Starwood will use this facility to finance $400 million of the Teachers Insurance and Annuity Association of America portfolio. Starwood recently purchased TIAA’s diversified loan portfolio for just over $500 million.

There is $103 million of loans within the portfolio that will reach maturity over the next 12 months, however this facility will not be used to finance any of those. The facility will mature on May 31, 2013 and carries a 30-day LIBOR interest rate plus 300 basis points. Starwood has also entered into an interest rate swap “which corresponds to the maturities of the loans financed by the facility to effectively fix borrowing costs at 4.155% for the term,” according to the company’s release.

According to the SEC 8-K filing, the facility “may not be prepaid by SPM Sub-1 prior to the maturity date, subject to certain exceptions including in connection with:

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