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NorthStar Prices $351 Million CMBS Transaction

NEW YORK, Oct. 26, 2012 /PRNewswire/ -- NorthStar Realty Finance Corp. (NYSE: NRF) ("NorthStar") announced today the pricing of a $351 million CMBS transaction at a weighted average coupon of LIBOR + 1.63%.  The CMBS transaction is collateralized by commercial real estate first mortgages originated by NorthStar and one of its sponsored non-traded REITs, NorthStar Real Estate Income Trust, Inc. ("NorthStar Income").  A total of $228 million of investment grade bonds will be issued, representing an advance rate of approximately 65%.  NorthStar and NorthStar Income will retain an equity interest in the CMBS transaction equal to $54 million and $69 million, respectively. NorthStar expects to earn a yield of approximately 20% on its invested equity in the CMBS transaction, inclusive of fees and estimated transaction expenses, assuming all of the underlying loans are repaid at their initial maturity.     

The bonds are being offered inside the United States to (1) qualified institutional buyers within the meaning of Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and (2) to other institutional investors that are accredited investors within the meaning of rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act, and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.  The bonds have not been registered under the Securities Act or applicable state or foreign securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the bonds.

About NorthStar Realty Finance Corp.

NorthStar Realty Finance Corp. is a diversified commercial real estate investment and asset management company that is organized as a REIT.

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