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Prospect News home > News index > List of issuers N > Headlines for NorthStar Realty Finance Corp. > News item
Published on 12/8/2015 in the Prospect News CLO Daily.

NorthStar Realty Finance to price $613 million real estate CLO

By Cristal Cody

Tupelo, Miss., Dec. 8 – NorthStar Realty Finance Corp. intends to price a $612,978,000 commercial real estate collateralized loan obligation transaction, according to a market source.

The NorthStar 2015-1/NorthStar 2015-1, LLC deal includes $319.51 million of class A floating-rate notes (Kroll: AAA); $29.88 million of class B floating-rate notes; $39.4 million of class C deferrable floating-rate notes; $39.4 million of class D deferrable floating-rate notes; $27.58 million of class E deferrable floating-rate notes; $30.64 million of class F deferrable floating-rate notes; $27.58 million of class G deferrable floating-rate notes and $98,108,000 of preferred shares.

The class F notes, class G notes and preferred shares will be purchased by NS Income II Holder 2015-1, LLC, an affiliate of the trust asset sellers, on the closing date.

Deutsche Bank Securities, Inc. and Citigroup Global Markets Inc. are the placement agents.

NS Income II Administration Agent, LLC will act as administration agent.

The notes mature at par in May 2036 unless redeemed or repaid earlier.

The CLO is collateralized by 20 non-recourse loan interests consisting of whole loans and senior or pari-passu funded participations in whole loans originated between September 2013 and September 2015 by affiliates of NorthStar Asset Management Group and secured by the fee simple interests in 81 properties in 11 states.

NorthStar Realty Finance has issued 11 CRE CLO securitizations to date that total $6.4 billion and consist of 65 loans secured by properties in 27 states.

NorthStar Realty Finance is a New York-based real estate investment trust that is managed by NorthStar Asset Management Group.


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