NorthStar Realty Finance Corp. (NorthStar Realty) announced today that it has entered into a $500 million revolving corporate credit facility. The facility has a 3 year term and Deutsche Bank Securities Inc., is the Sole Lead Arranger and Sole Bookrunner.
Advances under the credit facility accrue interest at a per annum rate equal to LIBOR plus 3.50% unless otherwise provided. The agreement is guaranteed by substantially all material wholly-owned subsidiaries of the company and it is secured by a pledge of the equity interests in subsidiaries that own borrowing base assets.
David T. Hamamoto, chairman and chief executive officer of NorthStar Realty, commented, “We are extremely pleased to have entered into a $500 million revolving corporate credit facility, which will afford us substantially greater financial flexibility than we have had in the past. Access to this additional capital source is a testament to the strength and growth of NorthStar Realty.”
NorthStar Realty just yesterday announced its intention to buy Griffin-American Healthcare REIT II in a $4 billion transaction.