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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON, D.C. 20549</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT<br> Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Securities Exchange Act of 1934</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of report (Date of earliest event reported):<b><br> May&nbsp;28, 2013</b></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">NorthStar Real Estate Income Trust,&nbsp;Inc.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant as Specified in Charter)</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">000-54671</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">26-4141646</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of Incorporation)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification No.)</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">399 Park Avenue, 18th Floor, New York, New York 10022</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area code:<b> (212)&nbsp;547-2600</b></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not applicable</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<i>see </i>General Instruction A.2. below):</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.01 Other Events.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;28, 2013, NorthStar Real Estate Income Trust,&nbsp;Inc. (the &#147;Company&#148;), through a subsidiary, directly originated a $26.1 million senior loan (the &#147;Senior Loan&#148;) secured by a high-end 2.3 acre beachfront residential property set in a prime location in Southampton, New York and a development site on which a five-story luxury townhouse will soon be constructed on the Upper East Side of New York City (collectively, the &#147;Property&#148;).</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The borrower (the &#147;Borrower&#148;) is a developer and designer of luxury residential properties and has a track record of successfully purchasing and selling townhouses.&#160; In addition, the Borrower owns a private interior design firm whose work has received national awards.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Senior Loan bears interest at a floating rate of 5.5% over the one-month London Interbank Offered Rate (the &#147;LIBOR Rate&#148;), but at no point shall the LIBOR Rate be less than 5.0%, resulting in a minimum interest rate of 10.5% per annum. The Company earned an upfront fee equal to 1.0% of the Senior Loan and will earn a fee equal to 1.0% of the outstanding principal amount at the time of repayment.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The initial term of the Senior Loan is 36 months, with four, six-month extension options, subject to the satisfaction of certain performance tests and the Borrower paying a fee equal to 0.1875% of the amount being extended for each extension option.&#160; The Senior Loan may be prepaid during the first 18 months, provided the Borrower pays the remaining interest due on the Senior Loan.&#160; Thereafter, the Senior Loan may be prepaid in whole or in part without penalty.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Property&#146;s loan-to-value ratio (&#147;LTV Ratio&#148;) is 55.1%.&#160; The LTV Ratio is the Senior Loan amount net of reserves funded and controlled by the Company over the current appraised value of the Property as of April&nbsp;2013.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Safe-Harbor Statement</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain items in this Current Report on Form&nbsp;8-K may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words like &#147;anticipate,&#148; &#147;believe,&#148; &#147;plan,&#148; &#147;hope,&#148; &#147;goal,&#148; &#147;expect,&#148; &#147;future,&#148; &#147;intend,&#148; &#147;will,&#148; &#147;could&#148; and &#147;should&#148; and similar expressions.&#160; These statements are based on the Company&#146;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; the Company can give no assurance that its expectations will be attained.&#160; 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.&#160; Variations of assumptions and results may be material.&#160; Factors that could cause actual results to differ materially from the Company&#146;s expectations include, but are not limited to, the Borrower&#146;s ability to perform under the terms of the Senior Loan, the Borrower&#146;s ability to successfully develop a five-story luxury townhouse, future property value, income-producing ability, market rates, changes in economic conditions generally and the real estate and debt markets specifically, availability of capital, ability to achieve targeted returns, generally accepted accounting principles and policies and rules&nbsp;applicable to REITs.&#160; Factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2012 and its other filings with the Securities and Exchange Commission.&#160; Such forward-looking statements speak only as of the date of this Current Report on Form&nbsp;8-K.&#160; The Company 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.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_070251_5335"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NORTHSTAR   REAL ESTATE INCOME TRUST,&nbsp;INC.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   May&nbsp;30, 2013</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Ronald J. Lieberman</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ronald   J. Lieberman</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General   Counsel and Secretary</font></p>    </td>   </tr>  </table>
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{"company-data": {"conformed-name": "NorthStar Real Estate Income Trust, Inc.", "cik": "0001455650", "assigned-sic": "6798", "irs-number": "264141646", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-54671", "film-number": "13882182"}, "business-address": {"street1": "399 PARK AVENUE, 18TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "(212) 547-2600"}, "mail-address": {"street1": "399 PARK AVENUE, 18TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
May 28, 2013
NorthStar Real Estate Income Trust, Inc.
(Exact Name of Registrant as Specified in Charter)
Maryland
000-54671
26-4141646
(State or Other Jurisdiction
(Commission File Number)
(IRS Employer
of Incorporation)
Identification No.)
399 Park Avenue, 18th Floor, New York, New York 10022
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(212) 547-2600
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On May 28, 2013, NorthStar Real Estate Income Trust, Inc. (the "Company"), through a subsidiary, directly originated a $26.1 million senior loan (the "Senior Loan") secured by a high-end 2.3 acre beachfront residential property set in a prime location in Southampton, New York and a development site on which a five-story luxury townhouse will soon be constructed on the Upper East Side of New York City (collectively, the "Property").
The borrower (the "Borrower") is a developer and designer of luxury residential properties and has a track record of successfully purchasing and selling townhouses.  In addition, the Borrower owns a private interior design firm whose work has received national awards.
The Senior Loan bears interest at a floating rate of 5.5% over the one-month London Interbank Offered Rate (the "LIBOR Rate"), but at no point shall the LIBOR Rate be less than 5.0%, resulting in a minimum interest rate of 10.5% per annum. The Company earned an upfront fee equal to 1.0% of the Senior Loan and will earn a fee equal to 1.0% of the outstanding principal amount at the time of repayment.
The initial term of the Senior Loan is 36 months, with four, six-month extension options, subject to the satisfaction of certain performance tests and the Borrower paying a fee equal to 0.1875% of the amount being extended for each extension option.  The Senior Loan may be prepaid during the first 18 months, provided the Borrower pays the remaining interest due on the Senior Loan.  Thereafter, the Senior Loan may be prepaid in whole or in part without penalty.
The Property's loan-to-value ratio ("LTV Ratio") is 55.1%.  The LTV Ratio is the Senior Loan amount net of reserves funded and controlled by the Company over the current appraised value of the Property as of April 2013.
Safe-Harbor Statement
Certain items in this Current Report on Form 8-K may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words like "anticipate," "believe," "plan," "hope," "goal," "expect," "future," "intend," "will," "could" and "should" and similar expressions.  These statements are based on the Company'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; the Company 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 the Company's expectations include, but are not limited to, the Borrower's ability to perform under the terms of the Senior Loan, the Borrower's ability to successfully develop a five-story luxury townhouse, future property value, income-producing ability, market rates, changes in economic conditions generally and the real estate and debt markets specifically, availability of capital, ability to achieve targeted returns, generally accepted accounting principles and policies and rules applicable to REITs.  Factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and its other filings with the Securities and Exchange Commission.  Such forward-looking statements speak only as of the date of this Current Report on Form 8-K.  The Company 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.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NORTHSTAR   REAL ESTATE INCOME TRUST, INC.
Date:   May 30, 2013
By:
/s/   Ronald J. Lieberman
Ronald   J. Lieberman
Executive   Vice President,
General   Counsel and Secretary
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