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NorthStar Income Deploys $120.6 Million and Increases Credit Facility with Citibank, N.A.

NEW YORK, Dec. 7, 2012 /PRNewswire/ -- NorthStar Real Estate Income Trust, Inc. (NorthStar Income), recently deployed $120.6 million into two senior loans and three commercial real estate securities, with a weighted average leveraged current yield of 11.9%. The two directly originated senior loans totaled $94.0 million and have a weighted average leveraged current yield of 13.6%.  The three commercial real estate securities totaled $26.6 million and have a weighted average leveraged current yield of 8.7%.  A summary of the two originated senior loans is below.

  • $22.0 million loan secured by a three-building office complex located in Moorestown, New Jersey. The proceeds of the loan were combined with $5.6 million of owner equity to acquire the property and to fund reserves for tenant improvements and leasing commissions.
  •  $72.0 million loan, $65.5 million of which was funded on the closing date of the loan and $6.5 million of which will be funded over the next 24 months for leasing expenses and capital expenditures. The loan is secured by and was used to partially refinance a two-building office complex totaling 432,550 square feet, located in Tysons Corner, Virginia.

In addition, NorthStar Income increased its available financing under its credit facility with Citibank, N.A. ("Citibank") from $50.0 million to $100.0 million.  NorthStar Income currently has credit facilities totaling $240 million, $158.2 million of which is currently available after giving effect to the upsizing of the Citibank credit facility.  The credit facilities will continue to be used by NorthStar Income to finance first mortgage loans and senior loan participations, secured by commercial real estate properties.

Daniel R. Gilbert, president and chief investment officer of NorthStar Income remarked, "These investments further demonstrate our ability to source and close accretive new loans.  In addition, our credit facilities and recent securitization transaction continue to highlight our ability to successfully execute our business plan."

NorthStar Income's total portfolio, as of December 7, 2012, consists of $475.6 million in principal of commercial real estate debt and $30.6 million in principal of commercial real estate securities, with an overall weighted average leveraged current yield of approximately 13.5%.

About NorthStar Real Estate Income Trust, Inc. (NorthStar Income)

NorthStar Income is a REIT formed to originate, invest in, and manage a diversified portfolio of commercial real estate debt, commercial real estate securities and select commercial real estate equity investments.  The portfolio will be diversified across a variety of underlying commercial property types and geographic locations and is secured primarily by U.S.-based collateral.  For more information, visit www.northstarreit.com/income.

Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words like "seek," "believe," "will," and similar expressions.  These statements are based on NorthStar Income's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward looking statements; NorthStar Income can give no assurance that its expectations will be attained.  Forward-looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any forward-looking statements will not materialize or will vary significantly from actual results.  Variations of assumptions and results may be material.  Factors that could cause actual results to differ materially from NorthStar Income's expectations include, but are not limited to, whether and to what extent, NorthStar Income's ability to capitalize on desirable opportunities will increase, whether current yields, including weighted averaged leveraged current yields, will continue in the future, whether NorthStar Income will be able to source and make accretive new loans, whether and to what extent NorthStar Income will be able to execute its business plan, future value, income-producing ability, impact of any losses on cash flows and returns, market rental rates and property level cash flows, changes in economic conditions generally and the real estate and debt markets specifically, impact of local economics, availability of investment opportunities, availability of capital, ability to achieve targeted returns, generally accepted accounting principles and policies and rules applicable to REITs.  Factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NorthStar Income's Annual Report on Form 10-K for the year ended December 31, 2011 and its other filings with the Securities and Exchange Commission.  Such forward-looking statements speak only as of the date of this press release.  NorthStar Income expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

SOURCE NorthStar Real Estate Income Trust, Inc.

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