NorthStar Closes RE Securities Fund

NorthStar Realty Finance Corp., a New York-based real estate investment trust, has announced the closing of $109 million of commitments for North Star Real Estate Securities Opportunity Fund.NorthStar, the manager and general partner of the fund, said it intends to conduct its real estate securities investment business through the fund. The company said it will typically receive annual base management fees of 1%-2% on third-party capital and is entitled to annual incentive management fees ranging from 20% of the increase in the fund's net asset value to 25% of the increase in net asset value in excess of an 8% return. "This closing represents an important beginning to our strategy of increasing fee-based revenues and returns on our invested capital and diversifying our funding sources," said David Hamamoto, NorthStar's president and chief executive officer. The company can be found online at http://www.nrfc.com.