NorthStar Real Estate Income Trust announced this month that it had originated five new real estate loans according to a National Real Estate Investor Online article. The loans, with a total value of $69 million, carry a weighted average 9.15% interest rate. NorthStar said that the proceeds from the loans were used to finance a variety of property types. The loan summary follows:
- January 18, 2012: $13.5 million first mortgage senior loan secured by a 693-unit multifamily property in Jacksonville, Florida
- January 6, 2012: $12.0 million first mortgage senior loan secured by a 69-room hotel located in Miami Beach, Florida
- December 29, 2011: $9.2 million first mortgage senior loan secured by a 111-room hotel located in Panama City, Florida
- 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 Virginia's greater Hampton Roads MSA
- 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
"These five loans are consistent with the investment objectives of NorthStar REIT," said Daniel Gilbert, President and Chief Investment Officer of NorthStar REIT. "We continue to demonstrate NorthStar REIT's ability to identify and capitalize on loans that aim to generate consistent current income while providing downside protection for investor capital."
For more news and information visit Blumberg Capital Partners.
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