Starwood Buys Shopping Center, Simon Hints Loan Repayment Coming on Eight Malls, Workforce Housing Deal in the Works

Starwood Buys Shopping Center: Starwood Capital Group, the largest buyer of multifamily properties last year with $7.8 billion in acquisitions, according to CoStar data, closed out 2021 making a different play: the purchase of a shopping center. Affiliate Starwood Real Estate Income Trust paid $130 million for Marketplace at the Outlets, a grocery-anchored property in West Palm Beach, Florida, totaling 300,830 square feet, according to a filing on a CMBS offering with the Securities and Exchange Commission. The pickup is a bet on a portion of a re-imagined former shopping mall. A $79 million mortgage financing the deal is the second-largest loan in the first multiborrower CMBS deal of the year, BANK 2022-BNK39.