ROCKVILLE, MD-The last major financing Starwood PropertyTrust closed in the DC area was a complex $238-million package it co-originated forMonday Properties in the Spring. Now the REIT isback, financing a $46-million first mortgage loanon a 315-room Hilton here owned by JBGCos.
The transitional loan, which JBG will be using to recapitalizethe property and invest in a renovation, is a far morestraightforward transaction than the Monday deal. However, Starwoodpresident and director Boyd Fellows tellsGlobeSt.com that the REIT is working on another complex transactionthat it hopes to close by year-end that is valued at $300million. “There are definitely more deals to come for usin the DC area.”
The JBG loan is important to the company as well, Starwood’sStuart Silberberg says. “This was a goodopportunity to do business with a prime sponsor.”
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
