Starwood Buys Decatur Apartment Project For $82M
Starwood's acquisition is just 100 yards from the new Whole Foods in Decatur.
Starwood's acquisition is just 100 yards from the new Whole Foods in Decatur.
Apollo's $1B will be used to pay down debt at SREIT, which is facing a liquidity crunch amid a flood of redemption requests.
The flood of redemption requests has slowed, but many nontraded funds are still facing a cash crunch.
Barry Sternlicht's firm raised the capital for Starwood Distressed Opportunity Fund XIII, which will deploy as much as 35% of its capital into data centers.
SREIT faced another $200M in redemption requests on May 1.
Starwood CEO Barry Sternlicht on Wednesday explained the choice to cap withdrawals for SREIT to 0.33% of NAV as it waits out interest rate cuts.
In the face of a competing bid from Starwood, pushback from minority shareholders and a 'no' recommendation from ISS, Sam Zell raised his offer to buy Monmouth.
This is the third time in four months that requests have exceeded the company's stated withdrawal limits.
The addition of BREIT to LODAS Markets' secondary marketplace offers new options for investor liquidity beyond redemptions.
BlackRock's actions come after Blackstone and Starwood have set similar limits on cashouts from clients.
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