NEW YORK—NorthStar Real Estate Income Trust Inc. originated a $43.3 million senior loan for three contiguous office properties in Richmond, Va. Commonly known as the SunTrust Center, the properties will be refinanced with a portion of the proceeds from the loan, while other monies will be used for tenant improvements and leasing commissions.
A majority of the property is currently leased to SunTrust Banks Inc. through 2017, with eight consecutive renewal options for five years each. SunTrust has been a tenant since 1998.
Since acquiring the property in 2007 for $75.6 million, the owner has invested more than $4.3 million in maintenance and improvements to the property.