NorthStar Realty Florida and Salt Lake City, Utah) for an aggregate purchase price of $865 million, inclusive of all costs, escrows and reserves. NorthStar financed this transaction with a $640 million non-recourse, 10-year mortgage with a fixed interest rate of 4.02 percent. NorthStar expects to earn an initial current yield of approximately 14 percent on its equity investment.Corp.closed on the acquisition of a manufactured housing portfolio comprised of 71 communities containing approximately 17,000 pad rental sites located throughout five states (primarily in
David Hamamoto , chairman and chief executive officer, commented "We are extremely pleased with the acquisition of a second large portfolio in a sector of commercial real estate which has consistently demonstrated stable cash flows, steady rental growth, very low turn-over rates and minimal capital expenditures. Given the portfolio's strong cash flow characteristics and our long-term, low-cost financing, we expect to generate attractive risk adjusted returns and substantial gross dollar profits on this portfolio."
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