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Schedule IV-Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2016
Schedule IV-Mortgage Loans on Real Estate  
Schedule IV-Mortgage Loans on Real Estate

Starwood Property Trust, Inc. and Subsidiaries

Schedule IV—Mortgage Loans on Real Estate

December 31, 2016

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior

 

Face

 

Carrying

 

 

 

Payment

 

Maturity

 

Principal Amount of

Description/ Location

 

Liens (1)

    

Amount

    

Amount

    

Interest Rate (2)

    

Terms (3)

    

Date (4)

    

Delinquent Loans

Individually Significant First Mortgages: (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office, New York, NY-1

 

$

 —

 

$
150,000

 

$
149,275

 

L+1.70%

 

I/O

 

12/20/2017

 

$

 —

Office, New York, NY-2

 

 

 —

 

 
100,000

 

 
99,523

 

L+3.40%

 

I/O

 

12/20/2017

 

 

 —

Aggregated First Mortgages: (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospitality, Midwest, Floating (4 mortgages)

 

 

N/A

 

 

N/A

 

 
48,773

 

L+2.75% to 9.13%

 

N/A

 
2019

 

 

 —

Hospitality, North East, Floating (2 mortgages)

 

 

N/A

 

 

N/A

 

 
44,879

 

L+4.00% to 5.40%

 

N/A

 
2017

 

 

 —

Hospitality, South East, Floating (2 mortgages)

 

 

N/A

 

 

N/A

 

 
79,887

 

L+2.75% to 11.15%

 

N/A

 
2019

 

 

 —

Hospitality, Various, Floating (5 mortgages)

 

 

N/A

 

 

N/A

 

 
278,169

 

L+2.40% to 9.90%

 

N/A

 

2017-2018

 

 

 —

Hospitality, West, Floating (18 mortgages)

 

 

N/A

 

 

N/A

 

 
491,761

 

L+2.25% to 14.00%

 

N/A

 

2018-2020

 

 

 —

Industrial, North East, Fixed (1 mortgage)

 

 

N/A

 

 

N/A

 

 
80

 
7.45%

 

N/A

 
2018

 

 

 —

Industrial, South East, Fixed (6 mortgages)

 

 

N/A

 

 

N/A

 

 
28,298

 

7.80% to 8.18%

 

N/A

 

2017-2024

 

 

 —

Mixed Use, North East, Floating (6 mortgages)

 

 

N/A

 

 

N/A

 

 
308,318

 

L+2.75% to 11.34%

 

N/A

 
2018

 

 

 —

Mixed Use, South East, Fixed (2 mortgages)

 

 

N/A

 

 

N/A

 

 
114,799

 

5.00% to 12.00%

 

N/A

 
2024

 

 

 —

Mixed Use, South West, Floating (6 mortgages)

 

 

N/A

 

 

N/A

 

 
218,023

 

L+2.25% to 10.00%

 

N/A

 

2019-2020

 

 

 —

Mixed Use, West, Floating (4 mortgages)

 

 

N/A

 

 

N/A

 

 
105,774

 

L+1.00% to 7.50%

 

N/A

 

2017-2018

 

 

 —

Mixed Use, International, Floating (1 mortgage)

 

 

N/A

 

 

N/A

 

 
17,684

 

GBP+5.75%

 

N/A

 
2019

 

 

 —

Multi-family, Midwest, Fixed (1 mortgage)

 

 

N/A

 

 

N/A

 

 
1,401

 
6.54%

 

N/A

 
2018

 

 

 —

Multi-family, North East, Floating (11 mortgages)

 

 

N/A

 

 

N/A

 

 
403,080

 

L+2.50% to 15.00%

 

N/A

 

2016-2020

 

 
209,160

Multi-family, South East, Fixed (1 mortgage)

 

 

N/A

 

 

N/A

 

 
2,053

 
6.28%

 

N/A

 
2024

 

 

 —

Multi-family, West, Floating (19 mortgages)

 

 

N/A

 

 

N/A

 

 
137,991

 

L+1.15% to 9.25%

 

N/A

 

2017-2020

 

 

 —

Multi-family, International, Fixed (1 mortgage)

 

 

N/A

 

 

N/A

 

 
18,431

 
8.55%

 

N/A

 
2017

 

 

 —

Multi-family, International, Floating (1 mortgage)

 

 

N/A

 

 

N/A

 

 
86,384

 

GBP+7.65%

 

N/A

 
2017

 

 

 —

Multi-family, International, Floating (2 mortgages)

 

 

N/A

 

 

N/A

 

 
101,013

 

3GBP+7.00%

 

N/A

 
2017

 

 

 —

Office, Mid Atlantic, Fixed (1 mortgage)

 

 

N/A

 

 

N/A

 

 
46,514

 
5.25%

 

N/A

 
2017

 

 

 —

Office, Mid Atlantic, Floating (3 mortgages)

 

 

N/A

 

 

N/A

 

 
119,656

 

L+2.25% to 11.25%

 

N/A

 
2019

 

 

 —

Office, Midwest, Floating (13 mortgages)

 

 

N/A

 

 

N/A

 

 
161,046

 

L+2.25% to 10.58%

 

N/A

 

2017-2020

 

 

 —

Office, North East, Fixed (2 mortgages)

 

 

N/A

 

 

N/A

 

 
62,338

 

6.35% to 11.00%

 

N/A

 

2017-2019

 

 

 —

Office, North East, Floating (26 mortgages)

 

 

N/A

 

 

N/A

 

 
833,384

 

L+2.00% to 12.00%

 

N/A

 

2017-2020

 

 

 —

Office, South East, Floating (4 mortgages)

 

 

N/A

 

 

N/A

 

 
91,461

 

L+2.25% to 8.05%

 

N/A

 
2019

 

 

 —

Office, South West, Floating (6 mortgages)

 

 

N/A

 

 

N/A

 

 
135,796

 

L+2.25% to 10.70%

 

N/A

 

2019-2020

 

 

 —

Office, West, Floating (7 mortgages)

 

 

N/A

 

 

N/A

 

 
145,466

 

L+2.25% to 9.75%

 

N/A

 

2017-2018

 

 

 —

Other, South East, Floating (2 mortgages)

 

 

N/A

 

 

N/A

 

 
59,164

 

L+2.75% to 12.75%

 

N/A

 
2018

 

 

 —

Other, Various, Fixed (1 mortgage)

 

 

N/A

 

 

N/A

 

 
41,632

 
10.00%

 

N/A

 
2025

 

 

 —

Other, International, Floating (1 mortgage)

 

 

N/A

 

 

N/A

 

 
173,621

 

3GBP+4.85%

 

N/A

 
2021

 

 

 —

Residential, West, Floating (1 mortgage)

 

 

N/A

 

 

N/A

 

 
66,243

 

L+5.25%

 

N/A

 
2018

 

 

 —

Retail, Mid Atlantic, Fixed (1 mortgage)

 

 

N/A

 

 

N/A

 

 
497

 
7.07%

 

N/A

 
2019

 

 

 —

Retail, Midwest, Fixed (1 mortgage)

 

 

N/A

 

 

N/A

 

 
121

 
10.25%

 

N/A

 
2017

 

 

 —

Retail, Midwest, Floating (4 mortgages)

 

 

N/A

 

 

N/A

 

 
32,415

 

L+2.75% to 10.75%

 

N/A

 
2018

 

 

 —

Retail, North East, Fixed (2 mortgages)

 

 

N/A

 

 

N/A

 

 
3,080

 

5.74% to 7.07%

 

N/A

 

2017-2019

 

 

 —

Retail, North East, Floating (8 mortgages)

 

 

N/A

 

 

N/A

 

 
64,913

 

L+2.25% to 8.05%

 

N/A

 
2017

 

 

 —

Retail, South East, Fixed (4 mortgages)

 

 

N/A

 

 

N/A

 

 
18,531

 

6.64% to 10.00%

 

N/A

 

2017-2019

 

 

 —

Retail, South West, Fixed (5 mortgages)

 

 

N/A

 

 

N/A

 

 
3,070

 

6.03% to 8.04%

 

N/A

 

2017-2022

 

 

 —

Retail, South West, Floating (4 mortgages)

 

 

N/A

 

 

N/A

 

 
52,311

 

L+2.25% to 15.25%

 

N/A

 
2018

 

 

 —

Retail, Various, Floating (2 mortgages)

 

 

N/A

 

 

N/A

 

 
11,167

 

L+2.25% to 9.25%

 

N/A

 
2017

 

 

 —

Retail, West, Fixed (7 mortgages)

 

 

N/A

 

 

N/A

 

 
10,639

 

5.82% to 7.53%

 

N/A

 

2017-2023

 

 

 —

Loans Held-for-Sale, Various, Fixed

 

 

N/A

 

 

N/A

 

 
63,279

 

5.12% to 5.53%

 

N/A

 
2026

 

 

 —

Aggregated Subordinated and Mezzanine Loans: (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospitality, Midwest, Floating (2 mortgages)

 

 

N/A

 

 

N/A

 

 
16,653

 

L+8.11%

 

N/A

 
2018

 

 

 —

Hospitality, South East, Floating (5 mortgages)

 

 

N/A

 

 

N/A

 

 
57,012

 

L+3.49% to 10.00%

 

N/A

 

2017-2019

 

 

 —

Hospitality, Various, Floating (4 mortgages)

 

 

N/A

 

 

N/A

 

 
152,201

 

L+7.50% to 11.13%

 

N/A

 

2017-2018

 

 

 —

Industrial, South East, Fixed (8 mortgages)

 

 

N/A

 

 

N/A

 

 
66,861

 
8.18%

 

N/A

 
2024

 

 

 —

Mixed Use, North East, Floating (2 mortgages)

 

 

N/A

 

 

N/A

 

 
112,999

 

L+10.00% to 11.75%

 

N/A

 

2018-2020

 

 

 —

Multi-family, Mid Atlantic, Fixed (1 mortgage)

 

 

N/A

 

 

N/A

 

 
2,977

 
10.50%

 

N/A

 
2024

 

 

 —

Multi-family, Mid Atlantic, Floating (2 mortgages)

 

 

N/A

 

 

N/A

 

 
9,856

 

L+8.35%

 

N/A

 
2019

 

 

 —

Multi-family, North East, Floating (1 mortgage)

 

 

N/A

 

 

N/A

 

 
14,483

 

L+9.08%

 

N/A

 
2018

 

 

 —

Multi-family, South East, Fixed (1 mortgage)

 

 

N/A

 

 

N/A

 

 
2,834

 
5.47%

 

N/A

 
2020

 

 

 —

Multi-family, South East, Floating (1 mortgage)

 

 

N/A

 

 

N/A

 

 
15,107

 

L+9.46%

 

N/A

 
2019

 

 

 —

Multi-family, West, Floating (1 mortgage)

 

 

N/A

 

 

N/A

 

 
100,147

 

L+10.13%

 

N/A

 
2019

 

 

 —

Office, Midwest, Floating (6 mortgages)

 

 

N/A

 

 

N/A

 

 
60,455

 

L+8.25% to 9.00%

 

N/A

 

2017-2019

 

 

 —

Office, North East, Fixed (4 mortgages)

 

 

N/A

 

 

N/A

 

 
56,707

 

6.79% to 8.72%

 

N/A

 

2017-2023

 

 

 —

Office, North East, Floating (3 mortgages)

 

 

N/A

 

 

N/A

 

 
68,083

 

L+8.00% to 10.25%

 

N/A

 

2017-2018

 

 

 —

Office, South East, Fixed (1 mortgage)

 

 

N/A

 

 

N/A

 

 
7,655

 
8.25%

 

N/A

 
2020

 

 

 —

Office, South East, Floating (1 mortgage)

 

 

N/A

 

 

N/A

 

 
26,875

 

L+9.50%

 

N/A

 
2018

 

 

 —

Office, South West, Fixed (3 mortgages)

 

 

N/A

 

 

N/A

 

 
57,575

 

5.92% to 6.13%

 

N/A

 
2017

 

 

 —

Office, West, Floating (2 mortgages)

 

 

N/A

 

 

N/A

 

 
38,249

 

L+7.34%

 

N/A

 
2019

 

 

 —

Other, Midwest, Floating (2 mortgages)

 

 

N/A

 

 

N/A

 

 
27,000

 

L+10.67%

 

N/A

 
2018

 

 

 —

Other, South East, Fixed (1 mortgage)

 

 

N/A

 

 

N/A

 

 
4,494

 
12.02%

 

N/A

 
2021

 

 

 —

Other, West, Floating (2 mortgages)

 

 

N/A

 

 

N/A

 

 
58,573

 

L+6.10% to 10.08%

 

N/A

 
2018

 

 

 —

Residential, West, Floating (1 mortgage)

 

 

N/A

 

 

N/A

 

 
44,142

 

L+7.89%

 

N/A

 
2019

 

 

 —

Retail, Midwest, Fixed (2 mortgages)

 

 

N/A

 

 

N/A

 

 
11,977

 
7.16%

 

N/A

 
2024

 

 

 —

Retail, Midwest, Floating (1 mortgage)

 

 

N/A

 

 

N/A

 

 
8,289

 

L+8.85%

 

N/A

 
2018

 

 

 —

Retail, South West, Floating (1 mortgage)

 

 

N/A

 

 

N/A

 

 
4,600

 

L+8.85%

 

N/A

 
2017

 

 

 —

Retail, Various, Floating (1 mortgage)

 

 

N/A

 

 

N/A

 

 
1,016

 

L+8.85%

 

N/A

 
2017

 

 

 —

Loan Loss Allowance

 

 

 —

 

 

 —

 

 
(9,788)

 

 

 

 

 

 

 

 

 —

Prepaid Loan Costs, Net

 

 

 —

 

 

 —

 

 
(2,698)

 

 

 

 

 

 

 

 

 —

 

 

 

 

 

 

 

 

$
5,946,274

(6)

 

 

 

 

 

 

$
209,160

 

 

 

 

Notes to Schedule IV:

 

(1)

Represents third‑party priority liens. Third party portions of pari‑passu participations are not considered prior liens. Additionally, excludes the outstanding debt on third party joint ventures of underlying borrowers.

 

(2)

L = one month LIBOR rate, GBP=one month GBP LIBOR rate, 3GBP= three month GBP LIBOR rate.

 

(3)

I/O = interest only until final maturity.

 

(4)

Based on management’s judgment of extension options being exercised.

 

(5)

First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected credit quality of these loans is more similar to that of a first mortgage loan. 

 

(6)

The aggregate cost for federal income tax purposes is $5.9 billion.

 

For the activity within our loan portfolio during the years ended December 31, 2016, 2015 and 2014, refer to the loan activity table in Note 5 of our Consolidated Financial Statements.

 

Refer to Note 16 of our Consolidated Financial Statements for a discussion of loan activity with related parties.