Starwood Lands $483M CMBS Loan to Refi Single-Family Rental Portfolio
By Julia Echikson August 17, 2026 5:35 pm
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Barry Sternlicht’s Starwood Asset Management secured a $482.5 million commercial mortgage-backed securities (CMBS) loan to refinance a nearly full single-family rental portfolio located across 10 states.
The floating-rate, interest-only financing — which Japan’s Nomura Securities originated — backs 1,749 properties, according to Fitch Ratings. The debt, which is scheduled to mature in August 2028, has three 12-month extension options.
The portfolio was just over 96 percent leased in April. On average, the homes span 1,812 square feet and date back to 1992.
Starwood Asset Management paid $674 million for the houses, assembling the portfolio between 2021 and 2022. Nearly a third are located in Georgia, followed by nearly a quarter in Arizona and just under 12 percent in Florida. Within Palm Beach County, there are 27 homes, most of which are located in Lake Worth, according to property records.
The debt comes as Starwood has been making other multifamily inroads, buying four affordable housing properties across Miami-Dade County just last week for a combined $115 million.
For Nomura, the financing marks a sizable loan since re-entering the U.S. market last year after a 27-year hiatus. A division of Nomura Group, one of Japan’s major financial institutions, the firm had helped pioneer the CMBS scheme back in the 1990s.
Representatives for Starwood declined to comment, while representatives for Nomura did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
