As of March 31, 2016, NorthStar had $15.4 billion in assets.1
NorthStar’s overarching objectives are to make commercial real estate (CRE) investments that produce attractive risk-adjusted returns, generate stable cash flows for distribution to our stockholders and ultimately build long-term franchise value. We have created a unique investing platform that positions us well to achieve these goals.
Our business lines are complementary to one another due to their overlapping sources of investment opportunities, common reliance on commercial real estate fundamentals and application of similar skills to maximize value and to protect capital. We gain uncommon insights into managing risk and our credit underwriting and capital markets expertise helps us optimize risk-return for our stockholders. The overlap between business lines also increases the access to a sustainable pipeline of investment opportunities.
Our commercial real estate business explores various types of investments in CRE located throughout the United States and internationally, including healthcare, hotels, manufactured housing communities, net lease, multifamily and other real estate assets. In addition, our real estate business includes indirect investments in real estate through joint ventures owning limited partnership interests in private equity funds managed by top institutional-quality sponsors.
Additionally, our commercial real estate debt platform focuses on originating, structuring, acquiring and managing senior and subordinate debt investments secured primarily by commercial, multifamily and healthcare properties and includes first mortgage loans, subordinate mortgage interests, mezzanine loans, credit tenant and other loans and preferred equity interests, including any potential upside from such loans.
(1) Based on cost for real estate investments which includes net purchase price allocation related to net intangibles, deferred costs and other assets, if any, fair value for PE Investments, carrying value for our corporate investments, principal amount for our CRE debt and securities investments and amortized cost for N-Star CDO equity. Represents 100% of all real estate assets in consolidated joint ventures. (2) Includes $471 million of Sterling denominated real estate in the United Kingdom owned in connection with the acquisition of the Griffin-American Portfolio. Represents our corporate investments in RXR Realty LLC, Aerium Group and SteelWave, LLC (formerly known as Legacy Partners Commercial LLC). (3) Represents assets of deconsolidated N-Star CDOs and is based on the respective remittance report issued on the date nearest to March 31, 2016. This amount excludes $432 million of aggregate principal amount of N-Star CDO bonds and amortized cost of N-Star CDO equity of such deconsolidated N-Star CDOs included in CRE securities. (4) Includes N-Star CDO bonds with a principal amount of $142 million related to CRE securities CDOs that are eliminated in consolidation. (5) In the first quarter of 2016, we sold seven debt investments with a total principal amount of $225 million at par and used $47 million of proceeds to pay down our loan facility, resulting in $178 million of net proceeds.