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Starwood Property Trust closes $1.1B commercial real estate CLO

Starwood Property Trust Inc. on Aug. 15 closed STWD 2019-FL1, a $1.1 billion managed commercial real estate collateralized loan obligation.

The CRE CLO, which features a two-year reinvestment period, accretively finances interests in 21 loans with an 85.125% initial advance rate at a weighted average coupon at issuance of LIBOR plus 1.34%, before transaction costs.

Wells Fargo Securities LLC was the sole structuring agent. Wells Fargo Securities LLC, BofA Securities Inc. and Citigroup Global Markets Inc. acted as co-lead managers and joint book runners. Capital One Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC served as co-managers.