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NEW YORK CITY-The first round of funding for NorthStar Funding LLC has been closed, providing it with a total commitment of $100 million in capital. The new fund, which will be managed by NorthStar Capital Investment Corp., based here, plans to seek an additional $150 million in capital.

The fund will invest in subordinate debt, including second mortgage and mezzanine loans, secured by real estate. It will focus on deals worth $10 to $30 million and above with maturities of two to seven years. All asset classes in the US and Puerto Rico will be considered for its portfolio.

NorthStar Capital, which has real estate assets worth approximately $2.5 billion, was co-founded by David Hamamoto and Edward Scheetz, the former co-heads, respectively, of Whitehall Real Estate Investment Funds at Goldman Sachs and Apollo Real Estate Advisors. The firm has approximately 140 institutional investors, including George Soros and his Quantum Realty Fund.

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