GREENWICH, CONN. AND ANNAPOLIS, MD. — Realterm and Starwood Property Trust (NYSE: STWD) have provided a $672 million loan for an industrial outdoor storage (IOS) portfolio spanning 33 markets.
The 78-property portfolio, which is owned by affiliates of Atlanta-based Stonemont and New York City-based Cerberus Capital Management, stretches 830 acres. Stonemont and Cerberus will continue to own and operate the properties.
The proceeds will refinance an existing $486 million mortgage, return a portion of the money to primary investors and fund closing costs. Eastdil Secured Savills arranged the transaction. Additional details of the deal, including the portfolio’s location and tenant information, were not disclosed.
The IOS sites support fleet parking, equipment storage and other logistics activities.
According to the press release, the loan is recognized as the largest financing deal of its kind in the IOS sector.
“This financing marks a significant milestone for our credit platform and underscores our ability to execute sophisticated solutions that drive industry-making deals,” says Paul Sisson, head of credit at Realterm. “Borrowers are continuing to seek lenders with a deep understanding of the industrial real estate and logistics sectors.”
Realterm acquires, develops, finances and manages differentiated real estate and infrastructure assets serving global land, air, sea and rail networks. The Annapolis, Md.-based company currently has more than $14 billion in assets under management across 500-plus investments.
Starwood Property Trust, the largest commercial mortgage REIT in the United States, has deployed $120 billion of capital since 2009 and manages a portfolio of $32 billion across debt and equity investments. The Greenwich, Conn.-based company’s stock price closed on Thursday, Aug. 20 at $16.41 per share, down from $19.89 a year ago, a 17.5 percent decrease.
— Abby Cox