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Article: NorthStar Realty Finance Announces First Closing of NorthStar Real Estate Securities Opportunity Fund.
- Article from:
- PR Newswire
- Article date:
- July 9, 2007
CopyrightCOPYRIGHT 2007 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, July 9 /PRNewswire-FirstCall/ -- NorthStar Realty Finance Corp. today announced that on July 5, 2007 it closed on $109.0 million of commitments for NorthStar Real Estate Securities Opportunity Fund, an investment vehicle in which NorthStar intends to prospectively conduct its real estate securities investment business.
NorthStar is the manager and general partner of the fund. NorthStar will typically receive base management fees ranging from 1.0% to 2.0% per annum on third party capital, and is entitled to annual incentive management fees ranging from 20% of the increase in the fund's net asset value to 25% of the increase in net asset value in excess ...