Starwood Property Trust is set to issue a $450 million construction loan for the Hudson Yards project in New York, according to sources. The REIT has stepped up lending in recent months, carving a competitive niche. "There's a very limited amount of people in the commercial real estate world today that can cut a $300 million, $400 million check," says Josh Barber, an analyst at Stifel, Nicolaus & Co.

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