Home Alts News NorthStar Real Estate Income II Provides $42 Million Senior Secured Loan

NorthStar Real Estate Income II Provides $42 Million Senior Secured Loan

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NorthStar Real Estate Income II, Inc. (NorthStar Income II) announced today that it originated  a $42 million senior loan secured by a Marriot-branded hotel.  The borrower has completed three previous transactions with other investment programs sponsored by NorthStar Asset Management Group, Inc. (NSAM), the REIT’s sponsor. 

“We continue to build upon our existing relationships with established repeat borrowers to identify and source high-quality investments that are accretive to our portfolio,” said Daniel R. Gilbert, chief executive officer and president.

Located in Coraopolis, Pennsylvania the full-service hotel consists of 318 rooms and is about five miles from the Pittsburgh International Airport. The property recently underwent renovations and the borrower expects to use $4 million from the loan proceeds for future capital improvements. 

Gilbert added, “This loan further demonstrates our sponsor’s ability to create flexible, custom-tailored solutions that foster meaningful long-term relationships with our borrowers.”

As of March 9, 2015 NorthStar Income II’s portfolio is made up of ten senior mortgage loans totaling $550.2 million and one subordinate interest valued at $24.9 million.