NorthStar REIT Recently Closes Five Loans Totaling $69 Million
NEW YORK CITY—NorthStar Real Estate Income Trust Inc. is pleased to announce the direct origination of five new real estate loans totaling $69.0 million, with a weighted average current interest rate of 9.15%. The proceeds from the loans, which are summarized below, were used to finance a variety of different real estate properties, further diversifying NorthStar REIT's portfolio.
*January 18, 2012: $13.5 million first mortgage senior loan secured by a 693-unit multifamily property in Jacksonville, Fla.
*January 6, 2012: $12.0 million first mortgage senior loan secured by a 69-room hotel located in Miami Beach, Fla.
*December 29, 2011: $9.2 million first mortgage senior loan secured by a 111-room hotel located in Panama City, Fla.
*December 16, 2011: $29.8 million in four cross-collateralized, cross-defaulted first mortgage loans secured by four hotel properties containing 500 rooms located in Va.
*December 9, 2011: $4.5 million mezzanine loan secured by a pledge of ownership interests in four assisted living facilities containing 390 beds located in El Paso, Texas.
Together with these five loans, NorthStar REIT has invested over $132.7 million of capital in eight loans and three Commercial Mortgage Backed Securities. The portfolio has an overall current yield of approximately 8.9%.
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© 2012 Penton Media Inc.
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