Who can buy shares? How do I subscribe for shares? Is there any minimum initial investment required? How long will our offering last? What is the liquidity event history of programs sponsored by our sponsor?

x distributions paid with respect to all Class T shares, including those issued pursuant to our DRP, will be lower than those paid with respect to Class A shares because the amount available for distributions on all Class T shares will be reduced by the amount of distribution fees payable with respect to the Class T shares issued in the primary offering. The distribution fees are ongoing fees that are not paid at the time of purchase. To the extent the offering price increases, the amount of this fee may also increase. In the event of any voluntary or involuntary liquidation, dissolution or winding up of us, or any liquidating distribution of our assets, then such assets, or the proceeds therefrom, will be distributed between the holders of Class A and Class T shares ratably in proportion to the respective net asset value for each class until the net asset value for each class has been paid. We expect the estimated net asset value per share of each Class A share and Class T share to be the same, except in the unlikely event that the distribution fees exceed the amount otherwise available for distribution to holders of Class T shares in a particular period prior to the deduction of the distribution fees, in which case the excess will be accrued as a reduction to the estimated net asset value per share of each Class T share, which would result in the net asset value and distributions upon liquidation with respect to Class T shares being lower than the net asset value and distributions upon liquidation with respect to Class A shares. Each holder of shares of a particular class of common stock will be entitled to receive, proportionately with each other holder of shares of such class, that portion of the aggregate assets available for distribution as the number of outstanding shares of the class held by such holder bears to the total number of outstanding shares of such class then outstanding. Q: Who can buy shares? A: Generally, you may purchase shares if you have either: • a minimum net worth excluding the value of your home, furnishings and personal automobiles of at least 70,000 and a minimum annual gross income of at least 70,000; or • a minimum net worth not including home, furnishings and personal automobiles of at least 250,000. However, these minimum levels may vary from state to state, so you should carefully read the suitability requirements explained in the “Suitability Standards” section of this prospectus. Q: How do I subscribe for shares? A: If you choose to purchase shares of our common stock in our offering, you will need to contact your broker-dealer or financial advisor and fill out a subscription agreement like the one attached to this prospectus as Appendix B for a certain investment amount and pay for the shares at the time you subscribe. Q: Is there any minimum initial investment required? A: Yes. You must initially invest at least 4,000 in shares. After you have satisfied the minimum investment requirement, any additional purchases must be in increments of at least 100. The investment minimum for subsequent purchases does not apply to shares purchased pursuant to our DRP. Q: How long will our offering last? A: On April 28, 2016, we filed a registration statement with the SEC for a follow-on offering of up to 200 million in shares of our common stock and, as a result, our offering may continue until November 6, 2016, or such longer period as permitted under applicable law and regulations. In addition, we reserve the right to terminate our offering for any other reason at any time. Q: What is the liquidity event history of programs sponsored by our sponsor? A: The prospectuses of each of the Sponsored Companies disclose that, subject to then-existing market conditions, each expects to consider alternatives for providing liquidity to their stockholders beginning five years from the completion of their respective offering stages. Each of NorthStar Income and NorthStar Healthcare has completed its offering stage as of the date of this prospectus. While each of the Sponsored Companies expects to seek a liquidity transaction in this time frame, there can be no assurance that a suitable transaction will be available or that market conditions for a transaction will be favorable during that time frame. The board of directors of each of the Sponsored Companies has the discretion to consider a liquidity transaction at any time if it determines such event to be in its best interests. A liquidity transaction could consist of a sale or partial sale or roll-off, as applicable, to scheduled maturity of their assets, a sale or merger of such Sponsored Company, a listing of such Sponsored Company’s shares on a national securities exchange or a similar transaction. Some types of liquidity transactions require, after approval by their board of directors, approval of each company’s stockholders. xi Q: Will I be notified of how my investment is doing?