NorthStar Completes $40M Private Placement

NorthStar Realty Finance, a New York-based real estate investment trust, has reported the completion of a private placement of $40 million of trust preferred securities through its subsidiary NorthStar Realty Finance Trust.The net proceeds will be used to finance future investments in subordinate real estate debt, real estate securities, and net-lease properties, the commercial REIT said. The 30-year securities bear interest at 8.15% for the first 10 years, whereupon the rate floats at a rate of 3.25% above the three-month London interbank offered rate, the company reported.