**FIRST      AMENDMENT TO **

**AMENDED      AND RESTATED MASTER REPURCHASE AGREEMENT**

**(NorthStar      Entities)**

**THIS      FIRST AMENDMENT TO AMENDED AND RESTATED MASTER REPURCHASE      AGREEMENT**
**NRFC      WA HOLDINGS, LLC**
**NRFC      WA HOLDINGS II, LLC**
**NRFC      WA HOLDINGS VII, LLC**
**NRFC      WA HOLDINGS X, LLC**
**NRFC      WA HOLDINGS XI, LLC**
**NRFC      WA HOLDINGS XII, LLC**
**WACHOVIA      BANK, NATIONAL ASSOCIATION**
**NORTHSTAR      REALTY FINANCE CORP.**
**NORTHSTAR      REALTY FINANCE L.P.**
**WELLS      FARGO BANK, NATIONAL ASSOCIATION**

**R**

**E**

**C**

**I**

**T**

**A**

**L**

**S**

**WHEREAS**

**WHEREAS**

**WHEREAS**

**WHEREAS**

**NOW      THEREFORE**

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**Section      **
**1**
**.**
**Amendment      to Repurchase Agreement**
**.      **

**Section      **
**2**
**.**
**[**
**Reserved**
**].**

**Section      **
**3**
**.**
**Repurchase      Documents in Full Force and Effect as Modified**
**.**

**Section      **
**4**
**.**
**Representations**
**.**

----

**Section      **
**5**
**.**
**Conditions      Precedent**
**.**

**Section      **
**6**
**.**
**Miscellaneous**
**.**

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**THIS      AMENDMENT**
**NO. 1      AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT NO. 1      SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS      OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS      PROVISIONS.**

**[REMAINDER      OF PAGE INTENTIONALLY LEFT BLANK]**

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**IN      WITNESS WHEREOF**

|                                |                                                                                                                                                                                           |                                            |
|-------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|
|  **THE              SELLERS:** | **NRFC                WA HOLDINGS, LLC,**a                  Delaware limited liability company                                                                                                 |
|                           |                                                                                                                                                                                      |                                       |
|                                     | By:                                                                                                                                                                                  | /s/              Albert Tylis    |
|                                | Name: Albert                Tylis   Title:                Executive                Vice President, General Counseland                Assistant Secretary    |

|   | NRFC                  WA Holdings, LLC                   |
|--------|----------------------------------------------------------|
|   | c/o                  NorthStar Realty Finance Corp.      |
|   | 399                  Park Avenue, 18th floor             |
|   | New                  York, New York 10022                |
|   | Attention:                                               | Andy                  Richardson |
|   |                                                     | Al                  Tylis, Esq. |
|   |                                                     | Daniel                  R. Gilbert |
|   | Facsimile                  No.:                          | (212)                  547-2700 |
|   | Confirmation                  No.:                       | (212)                  547-2650 |
|   |                                                     | (212)                  547-2641 |
|   |                                                     | (212)                  547-2680 |
|   |                                                     |   |
|   | with                  a copy to:                         |   |
|   |                                                     |   |
|   | Paul                  Hastings Janofsky & Walker LLP |
|   | 75                  East 55th                  Street    |   |
|   | New                  York, New York                      | 10022 |
|   | Attention:                                               | Robert                  J. Grados, Esq. |
|   | Facsimile                  No.:                          | (212)                  230-7830 |
|   | Confirmation                  No.:                       | (212)                  318-6923 |

----

|                                        |                                                                                                                                                                                            |                                            |
|---------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|
|  **THE              SELLERS (cont.):** | **NRFC              WA HOLDINGS II, LLC,**a                Delaware limited liability company                                                                                                   |
|                                   |                                                                                                                                                                                       |                                       |
|                                             | By:                                                                                                                                                                                   | /s/              Albert Tylis    |
|                                        | Name:                Albert                Tylis   Title:                Executive Vice President, General Counsel and                Assistant Secretary    |

|   | NRFC                  WA Holdings II, LLC                |
|--------|----------------------------------------------------------|
|   | c/o                  NorthStar Realty Finance Corp.      |
|   | 399                  Park Avenue, 18th floor             |
|   | New                  York, New York 10022                |
|   | Attention:                                               | Andy                  Richardson |
|   |                                                     | Al                  Tylis, Esq. |
|   |                                                     | Daniel                  R. Gilbert |
|   | Facsimile                  No.:                          | (212)                  547-2700 |
|   | Confirmation                  No.:                       | (212)                  547-2650 |
|   |                                                     | (212)                  547-2641 |
|   |                                                     | (212)                  547-2680 |
|   |                                                     |   |
|   | with                  a copy to:                         |   |
|   |                                                     |   |
|   | Paul                  Hastings Janofsky & Walker LLP |
|   | 75                  East 55th                  Street    |   |
|   | New                  York, New York                      | 10022 |
|   | Attention:                                               | Robert                  J. Grados, Esq. |
|   | Facsimile                  No.:                          | (212)                  230-7830 |
|   | Confirmation                  No.:                       | (212)                  318-6923 |

----

|                                          |                                                                                                                                                                                              |                                              |
|-----------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|
|  **THE                SELLERS (cont.):** | **NRFC                WA HOLDINGS  VII, LLC,**a                  Delaware limited liability company                                                                                          |
|                                     |                                                                                                                                                                                         |                                         |
|                                               | By:                                                                                                                                                                                     | /s/                Albert Tylis    |
|                                          | Name:                  Albert                  Tylis   Title:                  Executive Vice President, General Counsel and                  Assistant Secretary   |

|   | NRFC                WA Holdings VII, LLC          |
|--------|--------------------------------------------------------|
|   | c/o                NorthStar Realty Finance Corp.      |
|   | 399                Park Avenue, 18th floor             |
|   | New                York, New York 10022                |
|   | Attention:                                             | Andy                Richardson |
|   |                                                   | Al                Tylis, Esq. |
|   |                                                   | Daniel                R. Gilbert |
|   | Facsimile                No.:                          | (212)                547-2700 |
|   | Confirmation                No.:                       | (212)                547-2650 |
|   |                                                   | (212)                547-2641 |
|   |                                                   | (212)                547-2680 |
|   |                                                   |   |
|   | with                a copy to:                         |   |
|   |                                                   |   |
|   | Paul                Hastings Janofsky & Walker LLP |
|   | 75                East 55th                Street      |   |
|   | New                York, New York                      | 10022 |
|   | Attention:                                             | Robert                J. Grados, Esq. |
|   | Facsimile                No.:                          | (212)                230-7830 |
|   | Confirmation                No.:                       | (212)                318-6923 |

----

|                                        |                                                                                                                                                                                      |                                            |
|---------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|
|  **THE              SELLERS (cont.):** | **NRFC              WA HOLDINGS  X, LLC,**a                Delaware limited liability company                                                                                        |
|                                   |                                                                                                                                                                                 |                                       |
|                                             | By:                                                                                                                                                                             | /s/              Albert Tylis    |
|                                        | Name:                Albert                Tylis   Title:                Executive Vice President, General Counsel and                Assistant Secretary   |

|   | NRFC                  WA Holdings X, LLC            |
|--------|----------------------------------------------------------|
|   | c/o                  NorthStar Realty Finance Corp.      |
|   | 399                  Park Avenue, 18th floor             |
|   | New                  York, New York 10022                |
|   | Attention:                                               | Andy                  Richardson |
|   |                                                     | Al                  Tylis, Esq. |
|   |                                                     | Daniel                  R. Gilbert |
|   | Facsimile                  No.:                          | (212)                  547-2700 |
|   | Confirmation                  No.:                       | (212)                  547-2650 |
|   |                                                     | (212)                  547-2641 |
|   |                                                     | (212)                  547-2680 |
|   |                                                     |   |
|   | with                  a copy to:                         |   |
|   |                                                     |   |
|   | Paul                  Hastings Janofsky & Walker LLP |
|   | 75                  East 55th                  Street    |   |
|   | New                  York, New York                      | 10022 |
|   | Attention:                                               | Robert                  J. Grados, Esq. |
|   | Facsimile                  No.:                          | (212)                  230-7830 |
|   | Confirmation                  No.:                       | (212)                  318-6923 |

----

|                                          |                                                                                                                                                                                              |                                              |
|-----------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|
|  **THE                SELLERS (cont.):** | **NRFC                WA HOLDINGS  XI, LLC,**a                  Delaware limited liability company                                                                                           |
|                                     |                                                                                                                                                                                         |                                         |
|                                               | By:                                                                                                                                                                                     | /s/                Albert Tylis    |
|                                          | Name:                  Albert                  Tylis   Title:                  Executive Vice President, General Counsel and                  Assistant Secretary   |

|   | NRFC                    WA Holdings  XI, LLC          |
|--------|------------------------------------------------------------|
|   | c/o                    NorthStar Realty Finance Corp.      |
|   | 399                    Park Avenue, 18th floor             |
|   | New                    York, New York 10022                |
|   | Attention:                                                 | Andy                    Richardson |
|   |                                                       | Al                    Tylis, Esq. |
|   |                                                       | Daniel                    R. Gilbert |
|   | Facsimile                    No.:                          | (212)                    547-2700 |
|   | Confirmation                    No.:                       | (212)                    547-2650 |
|   |                                                       | (212)                    547-2641 |
|   |                                                       | (212)                    547-2680 |
|   |                                                       |   |
|   | with                    a copy to:                         |   |
|   |                                                       |   |
|   | Paul                    Hastings Janofsky & Walker LLP |
|   | 75                    East 55th                    Street  |   |
|   | New                    York, New York                      | 10022 |
|   | Attention:                                                 | Robert                    J. Grados, Esq. |
|   | Facsimile                    No.:                          | (212)                    230-7830 |
|   | Confirmation                    No.:                       | (212)                    318-6923 |

----

|                                            |                                                                                                                                                                                                      |                                                |
|-------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|
|  **THE                  SELLERS (cont.):** | **NRFC                  WA HOLDINGS  XII, LLC,**a                    Delaware limited liability company                                                                                              |
|                                       |                                                                                                                                                                                                 |                                           |
|                                                 | By:                                                                                                                                                                                             | /s/                  Albert Tylis    |
|                                            | Name:                    Albert                    Tylis   Title:                    Executive Vice President, General Counsel and                    Assistant Secretary   |

|   | NRFC                WA Holdings  XII, LLC         |
|--------|--------------------------------------------------------|
|   | c/o                NorthStar Realty Finance Corp.      |
|   | 399                Park Avenue, 18th floor             |
|   | New                York, New York 10022                |
|   | Attention:                                             | Andy                Richardson |
|   |                                                   | Al                Tylis, Esq. |
|   |                                                   | Daniel                R. Gilbert |
|   | Facsimile                No.:                          | (212)                547-2700 |
|   | Confirmation                No.:                       | (212)                547-2650 |
|   |                                                   | (212)                547-2641 |
|   |                                                   | (212)                547-2680 |
|   |                                                   |   |
|   | with                a copy to:                         |   |
|   |                                                   |   |
|   | Paul                Hastings Janofsky & Walker LLP |
|   | 75                East 55th                Street      |   |
|   | New                York, New York                      | 10022 |
|   | Attention:                                             | Robert                J. Grados, Esq. |
|   | Facsimile                No.:                          | (212)                230-7830 |
|   | Confirmation                No.:                       | (212)                318-6923 |

----

**THE      PURCHASER:**

|         |                                                                                                                    |                                                |
|--------------|-------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|
|         | **WACHOVIA              BANK, NATIONAL ASSOCIATION**                                                                    |
|    |                                                                                                               |                                           |
|              | By:                                                                                                           | /s/              H. Lee Goins III    |
|         | Name: H.                Lee Goins III   Title:  Vice                President   |

|   | Wachovia                    Bank, National Association    |
|--------|-----------------------------------------------------------|
|   | One                    Wachovia Center, Mail Code: NC0166 |
|   | 301                    South College Street               |
|   | Charlotte,                    North Carolina 28288        |
|   | Attention:                                                | Lee                    Goins |
|   | Facsimile                    No.:                         | (704)                    715-0066 |
|   | Confirmation                    No.:                      | (704)                    715-7655 |

----

|                                   |                                                                                                                                                                                               |                                                  |
|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|
|  **THE              GUARANTORS:** | **NORTHSTAR                REALTY FINANCE CORP.,**a                Maryland corporation                                                                                                            |
|                              |                                                                                                                                                                                          |                                             |
|                                        | By:                                                                                                                                                                                      |  /s/              Albert Tylis    |
|                                   | Name:                Albert                Tylis   Title:                Executive                Vice President, General Counseland                Assistant Secretary   |

|   | NorthStar                  Realty Finance Corp.          |
|--------|----------------------------------------------------------|
|   | 399                  Park Avenue, 18th floor             |
|   | New                  York, New York 10022                |
|   | Attention:                                               | Andy                  Richardson |
|   |                                                     | Al                  Tylis, Esq. |
|   |                                                     | Daniel                  R. Gilbert |
|   | Facsimile                  No.:                          | (212)                  547-2700 |
|   | Confirmation                  No.:                       | (212)                  547-2650 |
|   |                                                     | (212)                  547-2641 |
|   |                                                     | (212)                  547-2680 |
|   |                                                     |   |
|   | with                  a copy to:                         |   |
|   |                                                     |   |
|   | Paul                  Hastings Janofsky & Walker LLP |
|   | 75                  East 55th                  Street    |   |
|   | New                  York, New York                      | 10022 |
|   | Attention:                                               | Robert                  J. Grados, Esq. |
|   | Facsimile                  No.:                          | (212)                  230-7830 |
|   | Confirmation                  No.:                       | (212)                  318-6923 |

----

|                                           |                                                                                                                                                                                             |                                                                                                      |
|------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|
|  **THE              GUARANTORS (cont.):** | **NORTHSTAR              REALTY FINANCE L.P.,**a                Delaware limited partnership,                                                                                                    |
|                                      |                                                                                                                                                                                        |                                                                                                 |
|                                                | By:                                                                                                                                                                                              | NorthStar                Realty Finance Corp., a Maryland corporation, its general                partner |
|                                           |                                                                                                                                                                                             |                                                                                                 |
|                                           | By:                                                                                                                                                                                    | /s/              Albert Tylis                                                                             |
|                                           | Name: Albert                Tylis   Title:   Executive                Vice President, General Counseland                Assistant Secretary    |

|   | NorthStar                  Realty Finance L.P.           |
|--------|----------------------------------------------------------|
|   | c/o                  NorthStar Realty Finance Corp.      |
|   | 399                  Park Avenue, 18th floor             |
|   | New                  York, New York 10022                |
|   | Attention:                                               | Andy                  Richardson |
|   |                                                     | Al                  Tylis, Esq. |
|   |                                                     | Daniel                  R. Gilbert |
|   | Facsimile                  No.:                          | (212)                  547-2700 |
|   | Confirmation                  No.:                       | (212)                  547-2650 |
|   |                                                     | (212)                  547-2641 |
|   |                                                     | (212)                  547-2680 |
|   |                                                     |   |
|   | with                  a copy to:                         |   |
|   |                                                     |   |
|   | Paul                  Hastings Janofsky & Walker LLP |
|   | 75                  East 55th                  Street    |   |
|   | New                  York, New York                      | 10022 |
|   | Attention:                                               | Robert                  J. Grados, Esq. |
|   | Facsimile                  No.:                          | (212)                  230-7830 |
|   | Confirmation                  No.:                       | (212)                  318-6923 |

----

**Acknowledged      and Agreed to:**

|                            |                                                                                                                                          |                                                  |
|---------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|
| **THE              CUSTODIAN:** | **WELLS              FARGO BANK, NATIONAL ASSOCIATION**                                                                                       |
|                       |                                                                                                                                     |                                             |
|                            | By:                                                                                                                                 | /s/              Christina Hatfield    |
|                            | Name:                Christina                Hatfield   Title: Assistant                Vice President    |

|   | Wells                  Fargo Bank, National Association |
|--------|---------------------------------------------------------|
|   | 1055                  10th Avenue SE                    |   |
|   | Minneapolis,                  Minnesota                 | 55414 |
|   | Attention:                                              | Tina                  Hatfield, |
|   |                                                    | Assistant                  Vice President |
|   | Facsimile:                  No:                         | (612)                  466-5416 |
|   | Confirmation                  No:                       | (612)                  466-5252 |

----