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NorthStar Realty Finance Corp. Message Board

  • dar200 dar200 Mar 12, 2013 6:50 AM Flag

    More financing for new loans

    Well, this tells us Hamo still has new loan deals in the pipeling for up to 3:1 leverage.

    On March 11, 2013, NRFC DB Loan, LLC, an indirect wholly owned subsidiary of NorthStar Realty Finance Corp. (the "Company"), entered into a credit facility (the "Credit Facility") with Deutsche Bank AG, Cayman Islands Branch. The Credit Facility will be used to finance first mortgage loans and senior interests therein secured by commercial real estate ("Eligible Loans") as more particularly described in the Credit Facility. The Credit Facility, together with the related transaction documents, provides up to $200 million of financing for Eligible Loans (the "Facility"). Additionally, on March 11, 2013, one of the Company's sponsored non-traded REITs, NorthStar Real Estate Income Trust, Inc., entered into a credit facility with Deutsche Bank AG, Cayman Islands Branch that provides up to $200 million of financing on terms similar to the Facility.

    Advances under the Credit Facility accrue interest at per annum pricing rates ranging from LIBOR plus 2.50% to LIBOR plus 3.00%, with advance rates of up to 75%, depending on asset type, subject to adjustment and as further described in the Facility. The Credit Facility has a term of five years, inclusive of extension options, which may be exercised by the Company upon the satisfaction of certain conditions set forth in the Credit Facility.

    Not as cheap as the cmbs deal, but likely to be well under 3% until Uncle Ben starts tightening. Hamo still rolling the new growth ball. Ride the momo for as long as it lasts, imo.

 
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