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The 8.2M SF portfolio owned by Starwood REIT has more than 200 tenants, including Amazon, FedEx, UPS and a major defense and aerospace firm.
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John Gonnella will serve as a senior managing director for Starwood Capital Group, starting April 20.
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Starwood Capital Group secured a $76.16 million construction loan to build its 144,430 SF headquarters facility in Miami Beach.
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Barry Sternlicht's investment firm says "the issue we are addressing is not the real estate" but a flood of requests to pull capital from SREIT.
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The portfolio is only generating 65% of what's needed to cover debt payments.
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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.
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Starwood Fund Buys One Atlantic Center From Hines
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Starwood's REIT is the second major nontraded REIT to halt investor withdrawals.
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Starwood's loan matured on July 9 and the investor was unable to repay the loan, reports say.
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Despite the results, the billionaire investor said he sees opportunity in this environment.
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