NorthStar Income Prices $351 Million CMBS Transaction

            NorthStar Income Prices $351 Million CMBS Transaction

PR Newswire

NEW YORK, Oct. 26, 2012

NEW YORK, Oct. 26, 2012 /PRNewswire/ --NorthStar Real Estate Income Trust,
Inc. ("NorthStar Income") announced today the pricing of a $351 million CMBS
transaction at a weighted average coupon of LIBOR + 1.63%. The CMBS
transaction is collateralized by commercial real estate first mortgages
originated by NorthStar Income and its sponsor, NorthStar Realty Finance Corp.
("NRF"). A total of $228 million of investment grade bonds will be issued,
representing an advance rate of approximately 65%. NorthStar Income and NRF
will retain an equity interest in the CMBS transaction equal to $69 million
and $54 million, respectively. NorthStar Income expects to earn a yield of
approximately 15% on its invested equity in the CMBS transaction, inclusive of
fees and estimated transaction expenses, assuming all of the underlying loans
are repaid at their initial maturity.

The bonds are being offered inside the United States to (1) qualified
institutional buyers within the meaning of Rule 144A under the Securities Act
of 1933, as amended (the "Securities Act") and (2) to other institutional
investors that are accredited investors within the meaning of rule 501(a)(1),
(2), (3) or (7) of Regulation D under the Securities Act, and outside the
United States to non-U.S. persons in reliance on Regulation S under the
Securities Act. The bonds have not been registered under the Securities Act
or applicable state or foreign securities laws and may not be offered or sold
in the United States absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable state laws.
This announcement shall not constitute an offer to sell or the solicitation of
an offer to buy the bonds.

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
securities and select commercial real estate equity investments.

Safe-Harbor Statement

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 "will," "expects,""look forward" and
similar expressions. These statements are based on management'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 the CMBS transaction closes on the terms
anticipated, if at all, and the timing of any such closing as well as whether
the underlying loans are repaid at their initial maturity. 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.

SOURCE NorthStar Real Estate Income Trust, Inc.

Contact: Joe Calabrese, +1-212-827-3772,
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