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Starwood Property Trust Says Recently Received Full Repayment Of $379M Commitment In Construction Loan For 424 Fifth Avenue

Starwood Property Trust, Inc. (NYSE:STWD) today announced that the Company recently received the full repayment of its $379 million commitment in the construction loan for 424 Fifth Avenue, the former Lord & Taylor

Benzinga · 03/16/2020 11:09

Starwood Property Trust, Inc. (NYSE:STWD) today announced that the Company recently received the full repayment of its $379 million commitment in the construction loan for 424 Fifth Avenue, the former Lord & Taylor Building. The building was acquired by Amazon.

"This repayment enhances our already strong liquidity position which totals $885 million of cash and approved but undrawn financing lines, which we can combine with over $8 billion of available financing sources to fund investments. Given the recent extraordinary volatility in the markets, we're exercising appropriate caution in regards to new investments. Our equity investments are largely in affordable apartments and we expect them to remain a very strong cash flow generator unaffected by this uncertainty. We believe our strong balance sheet will support us as we navigate current market conditions," commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust.