REIT NorthStar Secures $100M For CMBS Buys

Law360, New York (October 31, 2011, 2:50 PM EDT) -- NorthStar Realty Finance Corp. has secured access to $100 million in credit from Wells Fargo Bank NA to invest in commercial mortgage-backed securities, the real estate investment trust said Monday.

The credit facility has a term of two years, with a one-year extension option, for NorthStar to purchase AAA-rated securities backed by mortgages on commercial real estate, the REIT said in a statement.

“Obtaining this new credit facility emphasizes the strength of NorthStar's existing CMBS platform and our capital markets relationships,” CEO David Hamamoto said. “We are also close to finalizing...
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