About Us

About Us

Management Team

Daniel R. Gilbert | Chairman of the Board, Chief Executive Officer and President

Mr. Gilbert has been an Interested Trustee, Chief Executive Officer and President since October 2, 2015, Chairman since March 3, 2016 and is a director and member of the Advisor’s investment committee. Mr. Gilbert has also been an Interested Trustee, Chief Executive Officer and President of the Master Fund since October 2, 2015, and Chairman since March 3, 2016.

Mr. Gilbert has also been an Interested Trustee, Chief Executive Officer and President of NorthStar Real Estate Capital Income Fund-T since December 15, 2015, and Chairman since March 3, 2016. He has been an Interested Trustee, Chief Executive Officer and President of NorthStar Corporate Income Fund and NorthStar Corporate Income Master Fund since July 2015 and Chairman since January 15, 2016, an Interested Trustee, Chief Executive Officer and President of NorthStar Corporate Income Fund-T since November 2015 and Chairman since January 15, 2016. Mr. Gilbert has served as Chief Investment and Operating Officer of NorthStar Asset Management Group, Ltd, a wholly owned subsidiary of NorthStar and parent company of the Advisor, since June 2014 and of NorthStar Realty since January 2013. Mr. Gilbert serves as the Chairman, a position he has held since August 2015, and Chief Executive Officer and President, a position he has held since January 2013, of NorthStar Income and served as its President since March 2011 and its Chief Investment Officer from January 2009 through January 2013. Mr. Gilbert serves as the Executive Chairman of NorthStar Healthcare, a position he has held since January 2014, and served as its Chief Executive Officer from August 2012 to January 2014 and Chief Investment Officer from October 2010 through February 2012. Mr. Gilbert also serves as Chairman, a position he has held since August 2015, and the Chief Executive Officer and President, a position he has held since October 2010, of NorthStar Income II. Mr. Gilbert further serves as Co-Chairman, a position he has held since August 2015, the Chief Executive Officer and President, a position he has held since March 2014, of NorthStar/RXR.

Prior to his current position at NorthStar Realty, Mr. Gilbert served as Co-President of NorthStar Realty from April 2011 until January 2013 and in various other senior management positions since its initial public offering in October 2004. Mr. Gilbert served as an Executive Vice President and Managing Director of Mezzanine Lending of NorthStar Capital Investment Corp., a predecessor company of NorthStar Realty. Prior to that role, Mr. Gilbert was with Merrill Lynch & Co. in its Global Principal Investments and Commercial Real Estate Department and prior to joining Merrill Lynch, held accounting and legal-related positions at Prudential Securities Incorporated.

Mr. Gilbert holds a Bachelor of Arts degree from Union College in Schenectady, New York.


Frank V. Saracino | Chief Financial Officer and Treasurer

Mr. Saracino joined NorthStar in August 2015, and has served as the Trust’s and the Master Fund’s Chief Financial Officer and Treasurer since inception. Mr. Saracino has also served as the Chief Financial Officer and Treasurer of NorthStar Real Estate Capital Income Fund-T since December 2015. Mr. Saracino has served as Chief Financial Officer and Treasurer of NorthStar Corporate Income Fund and NorthStar Corporate Income Master Fund since July 2015 and Chief Financial Officer and Treasurer of NorthStar Corporate Income Fund-T since November 2015. In addition, Mr. Saracino has served as Chief Financial Officer and Treasurer of each of NorthStar Income, NorthStar Income II, NorthStar Healthcare and NorthStar/RXR since August 2015.

Prior to joining NorthStar, from July 2012 to December 2014, Mr. Saracino was with Prospect Capital Corporation, or Prospect, where he concentrated on portfolio management, strategic and growth initiatives and other management functions. In addition, during his tenure at Prospect, Mr. Saracino served as Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary of each of Priority Income Fund, Inc. and Pathway Energy Infrastructure Fund, Inc., and their respective investment advisers, and served as a Managing Director of Prospect Administration, LLC. Previously, Mr. Saracino was a Managing Director at Macquarie Group, and Head of Finance from August 2008 to June 2012 for its Americas non-traded businesses which included private equity, asset management, lease financing, private wealth, and investment banking. From 2004 to 2008, he served first as Controller and then as Chief Accounting Officer of eSpeed, Inc. (now BGC Partners, Inc.), a publicly-traded subsidiary of Cantor Fitzgerald.

Prior to that, Mr. Saracino worked as an investment banker at Deutsche Bank advising clients in the telecom industry. Mr. Saracino started his career in public accounting at Coopers & Lybrand (now PricewaterhouseCoopers) where he earned a CPA and subsequently worked in internal auditing for The Dun & Bradstreet Corporation. He holds a Bachelor of Science degree from Syracuse University.



Ronald J. Lieberman | Executive Vice President, General Counsel and Secretary

Mr. Lieberman has served as the Trust’s and the Master Fund’s Executive Vice President, General Counsel and Secretary since inception. In addition, Mr. Lieberman has served as the Executive Vice President, General Counsel and Secretary of NorthStar Real Estate Capital Income Fund-T since December 2015. Mr. Lieberman has served as Executive Vice President, General Counsel and Secretary of NorthStar Corporate Income Fund and NorthStar Corporate Income Master Fund since July 2015 and Executive Vice President, General Counsel and Secretary of NorthStar Corporate Income Fund-T since November 2015.

Mr. Lieberman has also served as the Executive Vice President, General Counsel and Secretary of NorthStar, a position he has held since January 2014. Mr. Lieberman has served as NorthStar Realty’s Executive Vice President, General Counsel and Secretary since April 2012, April 2011 and January 2013, respectively, positions he maintains as a co-employee. Mr. Lieberman previously served as Assistant Secretary of NorthStar Realty from April 2011 until January 2013. Mr. Lieberman has also served as General Counsel and Secretary of and NorthStar Healthcare since April 2011, and as an Executive Vice President of the company since January 2013. Mr. Lieberman also serves as Executive Vice President, General Counsel and Secretary for NorthStar/RXR, positions he has held since March 2014. Mr. Lieberman further serves on the Executive Committee of American Healthcare Investors, LLC. Mr. Lieberman has been a director of Griffin-American Healthcare REIT IV, Inc. since February 2016. Until August 2015, Mr. Lieberman had served as General Counsel and Secretary of NorthStar Income and NorthStar Income II from October 2011 and December 2012, respectively, and as Executive Vice President of each of these companies from January 2013 and March 2013, respectively.

Prior to joining NorthStar Realty, Mr. Lieberman was a partner in the Real Estate Capital Markets practice at the law firm of Hunton & Williams LLP. Mr. Lieberman practiced at Hunton & Williams from September 2000 until March 2011 where he advised numerous REITs, including mortgage REITs and specialized in capital markets transactions, mergers and acquisitions, securities law compliance, corporate governance and other board advisory matters. Prior to joining Hunton& Williams, Mr. Lieberman was the associate general counsel at Entrade, Inc., during which time Entrade was a public company listed on the NYSE.

Mr. Lieberman began his legal career at Skadden, Arps, Slate, Meagher and Flom LLP. Mr. Lieberman holds a Bachelor of Arts, Master of Business Administration and Juris Doctor, each from the University of Michigan in Ann Arbor, Michigan.



Brett S. Klein | Chief Operating Officer

Mr. Klein has served as the Trust’s and the Master Fund’s Chief Operating Officer since inception. In addition, Mr. Klein has served as the Chief Operating Officer of NorthStar Real Estate Capital Income Fund-T since December 2015. Mr. Klein has served as Chief Operating Officer of NorthStar Corporate Income Fund and NorthStar Corporate Income Master Fund since July 2015 and Chief Operating Officer of NorthStar Corporate Income Fund-T since November 2015. Mr. Klein has also served as the Chief Operating Officer of NorthStar/RXR, a position he has held since June 2014.

Mr. Klein currently serves as a Managing Director at NorthStar Asset Management Group, Ltd, a wholly owned subsidiary of NorthStar and parent company of the Advisor, a position he has held since June 2014, and heads its Alternative Products Group. Mr. Klein’s responsibilities include oversight of the operational elements of NorthStar’s retail-focused REITs and alternative retail products as well as coordination of sponsor-related activities of NorthStar’s broker-dealer, NorthStar Securities. Mr. Klein continues to be involved with the investment and portfolio management and servicing businesses and works closely with the accounting and legal departments in connection with the operation of the Managed Companies.

Mr. Klein previously served as a Managing Director at NorthStar Realty and Head of its Structured and Alternative Products Group between January 2011 and June 2014. In addition, from 2004 to 2011, Mr. Klein held similar roles at NorthStar Realty and was responsible for capital markets execution of NorthStar Realty and its retail-focused REIT businesses, including credit facility sourcing/structuring and securitization as well as investments and portfolio management. Mr. Klein joined NorthStar Realty in October 2004, prior to its initial public offering. From August 2004 to October 2004, Mr. Klein was an analyst at NorthStar Capital Investment Corp., a predecessor company of NorthStar Realty.

From 2000 to 2004, Mr. Klein worked in the CMBS group at Fitch Ratings, Inc., as Associate Director, where he focused on commercial real estate related securitization transactions. Mr. Klein holds a Bachelor of Science in Finance, Investment and Banking in addition to Risk Management and Insurance from the University of Wisconsin in Madison, Wisconsin.



Sandra M. Forman | Deputy General Counsel and Chief Compliance Officer, Registered Funds

Ms. Forman has served as the Trust’s and the Master Fund’s Chief Compliance Officer, Associate General Counsel and Assistant Secretary since October 2015 and NorthStar Real Estate Capital Income Fund-T’s Chief Compliance Officer, Associate General Counsel and Assistant Secretary since December 2015.

Ms. Forman has served as Chief Compliance Officer, Associate General Counsel and Assistant Secretary of NorthStar Corporate Income Fund and NorthStar Corporate Income Master Fund since October 2015 and Chief Compliance Officer, Associate General Counsel and Assistant Secretary of NorthStar Corporate Income Fund-T since November 2015. Ms. Forman has also served as Senior Counsel for NorthStar since October 2015.

Prior to joining NorthStar, Ms. Forman was Senior Counsel at Proskauer Rose LLP from July 2014 to October 2015, where she represented investment companies, including registered closed-end funds and business development companies, and REITs regarding legal, corporate governance and compliance issues. In addition, from August 2004 to June 2014, she served as General Counsel, Chief Compliance Officer and Director of Human Resources and from January 2009 to June 2014 as Secretary of Harris & Harris Group, Inc., a publicly traded business development company. From January 2012 to June 2014, she served as General Counsel, Chief Compliance Officer and Secretary of H&H Ventures Management, Inc., a wholly owned subsidiary of Harris & Harris Group, Inc.

Ms. Forman began her legal career in the Investment Management Group at Skadden, Arps, Slate, Meagher & Flom LLP. She holds a Bachelor of Arts from New York University in New York, New York, and a Juris Doctor from the University of California Los Angeles in Los Angeles, California.



Executive Officers

Frank V. Saracino | Chief Financial Officer and Treasurer

Mr. Saracino is the Managing Director, Chief Financial Officer – Retail Companies of Colony NorthStar, Inc. (Colony NorthStar), a position he has held since January 2017. Mr. Saracino has served as the Trust’s and the Master Fund’s Chief Financial Officer and Treasurer since inception. Mr. Saracino has also served as the Chief Financial Officer and Treasurer of NorthStar Real Estate Capital Income Fund-T since December 2015.

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Brett S. Klein | Chief Operating Officer

Mr. Klein has been an Interested Trustee since May 2017, has served as the Feeder Funds’ and the Master Fund’s Chief Operating Officer since inception and has served as Director of the REIT subsidiary since February 2017. Mr. Klein has served as Chief Operating Officer of NorthStar/Townsend Institutional Real Estate Fund Inc. since May 2017. Mr. Klein also serves as the Chief Operating Officer of NorthStar/RXR, a position he has held since June 2014.

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Sandra M. Forman | General Counsel, Chief Compliance Officer and Secretary

Ms. Forman has served as the Trust’s and the Master Fund’s General Counsel and Secretary since October 2016 and Chief Compliance Officer since October 2015. Previously, Ms. Forman served as the Trust's and the Master Fund’s Associate General Counsel and Assistant Secretary from October 2015 to October 2016. Ms. Forman has served as NorthStar Real Estate Capital Income Fund-T’s General Counsel and Secretary since October 2016, and Chief Compliance Officer since October 2015, having previously served as Associate General Counsel and Assistant Secretary from December 2015 to October 2016.

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NorthStar Real Estate Capital Income Master Fund (NorthStar Capital) is a master fund in a master/feeder structure, which pools investor capital raised through its feeder funds, NorthStar Real Estate Capital Income Fund and NorthStar Real Estate Income Fund-T (each a Fund and together the Funds). Each Fund invests substantially all of its assets in NorthStar Capital. Investors in a Fund are purchasing shares of a feeder fund, not NorthStar Capital. The investment results of each of the Funds are directly dependent on the investment results of NorthStar Capital, which seeks to execute the investment strategies described in each Fund’s prospectus. An investment in either Fund involves a high degree of risk and may be considered speculative as well as illiquid and a prospective investor should invest only if they can sustain a complete loss of their investment. Fund shares are not listed on any securities exchange and it is not anticipated that a secondary market will develop. NorthStar Capital and the Funds are recently organized companies and have limited operating history.

This website is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the applicable Fund prospectus. This website must be read in conjunction with the applicable Fund’s prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. Before investing, investors are advised to carefully read and consider the investment objectives, risks, charges and expenses of NorthStar Capital and the Fund in which they are considering an investment. Each Fund’s prospectus contains this and other information about the Fund. Investors may obtain a copy of a Fund’s prospectus by visiting www.NorthStarSecurities.com/CREfund or by calling 877.940.8777. No offering is made except pursuant to a registration statement declared effective by the U.S. Securities and Exchange Commission (the SEC). Neither the SEC nor any state securities regulator has approved or disapproved of the Funds’ common shares, determined if a prospectus is truthful or complete or passed on or endorsed the merits of the Funds’ offerings. Any representation to the contrary is a criminal offense. NorthStar Securities, LLC is the exclusive wholesale marketing agent for NorthStar Capital. NorthStar Securities, LLC is the exclusive wholesale marketing agent for the Funds. ALPS Distributors, Inc., member FINRA, is the distributor of the Funds. NorthStar Securities, LLC and ALPS Distributors, Inc. are not affiliated. NorthStar Securities, LLC is doing business as NorthStar BD Securities, LLC (DE) in the following states: FL, GA, TX and WA.

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