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NRF > SEC Filings for NRF > Form 8-K on 10-Jun-2014All Recent SEC Filings

Show all filings for NORTHSTAR REALTY FINANCE CORP.

Form 8-K for NORTHSTAR REALTY FINANCE CORP.


10-Jun-2014

Completion of Acquisition or Disposition of Assets


Item 2.01 Completion of Acquisition or Disposition of Assets.
On June 9, 2014, NorthStar Realty Finance Corp. (the "Company"), through a subsidiary, completed its previously announced acquisition of a hotel portfolio comprised of 47 upscale extended stay hotels and premium branded select service hotels with approximately 6,100 rooms (the "Innkeepers Portfolio") for an aggregate purchase price of approximately $1.1 billion, including certain closing costs, pre-funded capital expenditures and other costs. The Innkeepers Portfolio is a geographically diverse, bi-coastal portfolio located primarily in top metropolitan markets, with the largest concentration of net operating income from hotels in California. The Company structured the acquisition as a joint venture with an affiliate of Chatham Lodging L.P., which was the prior minority owner of the portfolio. The Company contributed approximately $193 million for an approximate 90% interest in the joint venture and will predominantly control the joint venture. The joint venture purchased the portfolio from certain entities affiliated with Cerberus Real Estate Capital Management, Inc., a third party. The Company's joint venture obtained $840 million of 5-year, non-recourse financing (including optional extensions), subject to customary exceptions, in connection with the acquisition. The financing has an initial interest rate of 3.54% and is secured by first lien mortgages on the hotels and equity interests in the Innkeepers Portfolio.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.


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