New York, NY (June 27, 2016) – NorthStar Real Estate Income II, Inc. (NorthStar Income II) announced today that, through a subsidiary of its operating partnership, it originated a $21.6 million senior loan secured by a retail property located in Colton, California.
Investment highlights include:
- 91% occupied by a diverse array of national and local retailers;
- The borrower, an affiliate of a Los Angeles-based real estate investor, plans to invest an additional $1.96 million (approximately $16.75 per square foot) in capital expenditures, tenant improvements and leasing commissions over the term of the loan; and
- Located in the densely populated Inland Empire metropolitan area in close proximity to primary interstate highways.
As of March 31, 2016, adjusted for acquisitions and commitment to purchase and sell through May 6, 2016 and this $21.6 million senior loan, NorthStar Income II’s $1.3 billion portfolio consists of 16 senior mortgage loans, 24 real estate operating portfolios, three subordinate interest investments, one mezzanine loan, two portfolios of real estate private equity funds and six commercial mortgage-backed securities investments.