Starwood Property Trust amends facility to increase size to $1 billion

By Jennifer Chiou

New York, Jan. 30 - Starwood Property Trust Inc. announced that it has amended its credit facility with Wells Fargo Bank, NA to lift available borrowings by $450 million to $1 billion.

According to a news release, the facility was also extended to January 2019 with improved pricing.

Starwood said that it also made other structural changes to conform the facility to current market standards. It entered into the facility in December 2010.

Proceeds will be used to fund the company's loan origination and acquisition pipeline.

The amendment increased the term of the facility a minimum of an additional five years, chief financial officer Stew Ward said in the release.

Starwood is a Greenwich, Conn.-based commercial real estate finance company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.