Starwood Lands $930M CMBS Loan for Five-State Industrial Portfolio
By Andrew Coen September 8, 2025 12:05 pm
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An affiliate of Starwood Capital Group has sealed a $930 million commercial mortgage-backed securities (CMBS) debt package to refinance a portfolio of 54 industrial properties in five states, according to a ratings agency’s analysis of the deal.
The floating rate nonrecourse loan was co-originated by Goldman Sachs, Barclays, Morgan Stanley, Natixis and UBS with an expected closing date around Sept. 26, according to data from ratings agency KBRA, which analyzed the deal.
The single-borrower WFCM 2025-B33RP CMBS transaction was structured with an initial two-year term with three one-year extension options and required monthly interest-only payments.
The portfolio consists of 54 industrial assets encompassing 8.2 million square feet in Nevada, Arizona, Colorado, Maryland and Tennessee. The properties are 88.3 percent leased to more than 230 tenants including Amazon, UPS and FedEx.
Single-tenant properties comprise a quarter of the portfolio (24.9 percent). The single-tenant assets include 8410 Kelso Drive in Essex, Md., which is fully occupied by manufacturer DAP Products with multiple leases set to expire in May 2030.
Officials at Starwood, Goldman Sachs, Barclays, Morgan Stanley, Natixis and UBS did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
