Daniel Gilbert has been promoted to chief executive of NorthStar Real Estate Income Trust Inc., as well as getting the same position at NorthStar Realty Asset Management LLC. The latter company is a newly formed subsidiary of NorthStar Realty Finance Corp.
NorthStar Real Estate Income Trust originates, invests in and manages commercial real estate debt, securities and equity investments. Gilbert currently is president and chief investment officer. He has held the president title since March 2011. Gilbert is co-president of NorthStar Realty Finance since April 2011 and was named its chief investment officer in January 2009.
David Hamamoto, chairman of NorthStar Income and chairman and CEO of NorthStar Realty Finance, said the appointment of Gilbert as CEO of the two companies “puts him at the head of NorthStar’s asset management business, including NorthStar income and NorthStar’s other nontraded REITs.
“These positions reflect our confidence in his ability to drive NorthStar forward and also are a formal acknowledgement of his demonstrated leadership and contributions to the growth and success of NorthStar Income.”
NorthStar Income has 24 investments totaling $574 million with a weighted average leveraged current yield of approximately 13.2%.
NorthStar Realty completed two public offerings last year.