Starwood, Trez Capital Target More Than $1 Billion in Annual U.S. Land Loan Originations

Starwood Capital Group and Trez Capital announced a U.S. partnership Nov. 3 to finance land acquisition and development for single-family communities, with an annual loan origination target above $1 billion.

The partnership is expected to be seeded with a $450 million portfolio of residential land acquisition and development loans originated by Trez Capital. Separately, the firms are targeting more than $1 billion in originations each year. Both figures are forward-looking: the first is a portfolio amount, while the second is an annual target.

Starwood will bring institutional capital and its investment platform. Trez will handle origination, underwriting, loan servicing and asset management. The announcement did not specify Starwood’s capital commitment, target markets or loan terms.

“Trez Capital has a strong track record in U.S. residential land lending,” said Anthony Murphy, managing director at Starwood Capital.

In April 2025, Starwood acquired 11 Texas projects developed by Hines. Nine had been developed through Trez-Hines joint ventures.