NorthStar Real Estate Income Trust Inc. and NorthStar Realty Finance Corp. have originated a $255 million participating senior loan secured by a leasehold mortgage in the recently renovated 1,331-room Milford Plaza hotel located in Times Square, New York City.
The $255 million loan was financed with $130 million from credit facilities with Deutsche Bank AG. The companies say they intend to securitize an interest in a portion of the $255 million loan.
The Milford Plaza hotel is within walking distance to the Broadway theater district, hundreds of retail shops and more than 31 million square feet of office space.
