NorthStar Income Announces Closing of a New $50 Million Credit Facility

NEW YORK, July 20, 2012 /PRNewswire/ -- NorthStar Real Estate Income Trust, Inc. (NorthStar Income) announced today that it has entered into a $50 million credit facility with Citibank, N.A. (Citibank).  The credit facility will be used by NorthStar Income to finance first mortgage loans and senior loan participations, secured by commercial real estate properties.  The facility has a two-year revolving period, plus three one-year extension options.

Daniel Gilbert, president and chief investment officer, commented, "We are extremely pleased to have obtained this new credit facility to complement our existing credit facility.  Closing this facility further demonstrates the strength of our platform and the confidence which Citibank has in NorthStar Income's financial strength, long term strategic outlook and sponsorship.  Mr. Gilbert continued, "This new credit facility, combined with our strong investment pace, is another important step as we continue to enhance NorthStar Income's earnings, cash flows and overall value to our stockholders."

As of July 20, 2012, NorthStar Income's total portfolio consists of sixteen loans and one commercial real estate security with an overall weighted average current levered yield of approximately 11.4%.  In addition, NorthStar Income has utilized $75 million of its $100 million credit facility with Wells Fargo Bank, N.A.

About NorthStar Real Estate Income Trust, Inc.
NorthStar Income is a REIT formed to originate, invest in, and manage a diversified portfolio of commercial real estate debt, commercial real estate debt-related securities and select commercial real estate equity investments. The portfolio will be diversified across a variety of underlying commercial property types and geographic locations. It will be secured primarily by U.S.-based collateral. For more information, visit www.northstarreit.com/income.

Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words like "seek," "believe," "will," and similar expressions.  These statements are based on NorthStar Income's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward looking statements; NorthStar Income can give no assurance that its expectations will be attained.  Forward-looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any forward-looking statements will not materialize or will vary significantly from actual results.  Variations of assumptions and results may be material.  Factors that could cause actual results to differ materially from NorthStar Income's expectations include, but are not limited to, whether and to what extent NorthStar Income will be able to utilize the Citibank credit facility and avail itself of any or all of the extension options, NorthStar Income's ability to continue to execute its investment strategy, continue its strong investment pace and maintain the strength of its platform, whether NorthStar Income will be able to continue to enhance its earnings, cash flows and overall value to its stockholders, whether current yields will continue in the future, whether NorthStar Income will be able to take advantage of opportunities in the market, future value, income-producing ability, impact of any losses on cash flows and returns, market rental rates and property level cash flows, changes in economic conditions generally and the real estate and debt markets specifically, impact of local economics, availability of investment opportunities, availability of capital, ability to achieve targeted returns, generally accepted accounting principles and policies and rules applicable to REITs.  Factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NorthStar Income's Annual Report on Form 10-K for the year ended December 31, 2011 and its other filings with the Securities and Exchange Commission.  Such forward-looking statements speak only as of the date of this press release.  NorthStar Income expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

THIS IS NEITHER AN OFFER TO SELL NOR AN OFFER TO BUY ANY SECURITIES DESCRIBED HEREIN. OFFERINGS ARE MADE ONLY BY MEANS OF A PROSPECTUS.

SOURCE NorthStar Real Estate Income Trust, Inc.