Colony Northstar Credit Real Estate, Inc. Negotiates the Terms of Revolving Credit Facility; Announces Management Appointments
January 29, 2018 at 10:08 pm
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Colony Northstar Credit Real Estate, Inc. announced that the company is currently negotiating the terms of a revolving credit facility in the aggregate principal amount of up to $400 million, including an option to increase the maximum available principal amount to up to $600 million subject to one or more new or existing Lenders agreeing to provide such additional loan commitments and satisfaction of other customary conditions, with JPMorgan Chase Bank, N.A., as administrative agent, and the several lenders from time to time party thereto, which the Company expects to enter into upon closing of the Combination. The Company expects the initial maturity date of the facility to be February 1, 2022, subject to the Company's right to extend the maturity date for two additional terms of six (6) months each (subject to satisfaction of certain conditions), resulting in a latest termination date of February 1, 2023. However, there can be no assurance that the Company will enter into this revolving credit agreement within the timeframe noted above or at all.
On January 29, 2017, in anticipation of the closing of the Combination, the Board of Directors of the company replaced all the current officers of the company by appointing each of the following executive officers to the executive officer position of the company. The company appointed Kevin P. Traenkle as Chief Executive Officer and President; Sujan S. Patel as Chief Financial Officer and Treasurer; Neale W. Redington as Chief Accounting Officer; David A. Palam as General Counsel and Secretary.
BrightSpire Capital, Inc. is a commercial real estate (CRE) credit real estate investment trust. The Company is focused on originating, acquiring, financing and managing a diversified portfolio, consisting primarily of CRE debt investments and net leased properties predominantly in the United States. The Company's segments include Senior and Mezzanine Loans and Preferred Equity, Net Leased and Other Real Estate, and Corporate and Other. The Senior and Mezzanine Loans and Preferred Equity segment has CRE debt investments, including senior loans, mezzanine loans, and preferred equity interests, as well as participation in such loans. Net Leased and Other Real Estate segment include direct investments in commercial real estate with long-term leases to tenants on a net lease basis. The Corporate and Other includes corporate-level asset management and other fees. The Company has offices in New York, New York and Los Angeles, California.