On Monday, shares of NorthStar Asset Management Group Inc (NYSE:NSAM), included 1.98% and shut at $14.41 inside the end purchasing and offering session. The last exchanging scope of the stock ranges amongst $14.16 and $14.43. NorthStar Real Estate Income II, Inc. (NorthStar Income II) declared that it priced a $284.2 million non-recourse, match-term, non-mark-to-market financing transaction in the form of a commercial mortgage-backed securitization (CMBS), NorthStar 2016-1, at a weighted average cost of funds of LIBOR + 2.07% and an advance rate of 68% ($193 million of investment grade bonds issued and sold). The transaction is collateralized by a pool of 10 commercial real estate mortgage loans, all but one of which was directly originated by NorthStar Income II and three senior participations originated by NorthStar Real Estate Income Trust, Inc. (NorthStar Income). NorthStar Income II contributed about $254.7 million of collateral to the transaction, and NorthStar Income contributed about $29.5 million of collateral to the transaction.
Both NorthStar Income II and NorthStar Income are public, non-traded real estate investment trusts sponsored by NorthStar Asset Administration Group Inc. (NorthStar, NYSE: NSAM) that together own over $3.6 billion of commercial real estate (CRE) debt and CRE-related investments.
Shares of Cascade Bancorp (NASDAQ:CACB), added 0.43% and shut at $7.08 inside the last exchanging session. The rest of the purchasing and offering scope of the stock levels among $7.00 and $7.08. The association’s commercial center capitalization is $548.50 million with the general uncommon loads of 76.26 million. First Interstate BancSystem, Inc. (“First Interstate”) (FIBK) and Cascade Bancorp (“Cascade”) (CACB) recently declared that they have reached a definitive agreement under which First Interstate, parent company of First Interstate Bank, will acquire Cascade, parent company of Bank of the Cascades, in a cash and stock transaction for total consideration valued at about $589 million in aggregate, or $7.60 per share based on the First Interstate closing price of $38.30 per share on November 16, 2016. The transaction creates an exclusive regional banking franchise that extends from the Mountain West to the Pacific Northwest and provides First Interstate with a presence in several high-growth markets, counting Bend, Oregon and Boise, Idaho.
Cascade is a relationship-oriented community bank based in Bend, Oregon with total assets of $3.2 billion, deposits of $2.7 billion, loans of $2.1 billion and 50 banking offices across Oregon, Idaho and Washington. After completion of the acquisition, First Interstate will have about $12.1 billion in total assets, $10.1 billion in total deposits, $7.6 billion in total loans and 131 banking offices.