NorthStar Real Estate Income Trust Inc. reports that it has originated a $9.5 million senior mortgage loan for the refinancing of Ranch Lake Plaza, an approximately 85,000 square-foot grocery-anchored retail center in the Bradenton submarket of Tampa, Fla. The borrower is a full-service real estate company that owns and operates over 4 million square feet of commercial property, NorthStar says.
The senior loan has a minimum interest rate of 8.25% and a 36-month term, with two one-year extension options available. The current occupancy at the property is approximately 96%, its loan-to-value ratio is approximately 76% and its current net operating income is approximately $1.1 million.
Through the end of September, NorthStar says it has directly originated three first-mortgage loans with an outstanding principal amount of approximately $29 million and acquired three commercial mortgage-backed securities totaling approximately $34 million.