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    <link:label id="lab_clnc_MortgageLoansonRealEstateNumberofLoansCollateralforSecuredBorrowings_d2304e68-9dda-47ac-8d05-5be053bea32e_verboseLabel_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateNumberofLoansCollateralforSecuredBorrowings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of underlying mortgage loans</link:label>
    <link:label id="lab_clnc_MortgageLoansonRealEstateNumberofLoansCollateralforSecuredBorrowings_0c2f4696-be95-4d9d-a2dc-5767bb6030e5_terseLabel_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateNumberofLoansCollateralforSecuredBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of loans</link:label>
    <link:label id="lab_clnc_MortgageLoansonRealEstateNumberofLoansCollateralforSecuredBorrowings_label_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateNumberofLoansCollateralforSecuredBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loans on Real Estate, Number of Loans, Collateral for Secured Borrowings</link:label>
    <link:label id="lab_clnc_MortgageLoansonRealEstateNumberofLoansCollateralforSecuredBorrowings_documentation_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateNumberofLoansCollateralforSecuredBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loans on Real Estate, Number of Loans, Collateral for Secured Borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MortgageLoansonRealEstateNumberofLoansCollateralforSecuredBorrowings" xlink:href="clnc-20201231.xsd#clnc_MortgageLoansonRealEstateNumberofLoansCollateralforSecuredBorrowings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_MortgageLoansonRealEstateNumberofLoansCollateralforSecuredBorrowings" xlink:to="lab_clnc_MortgageLoansonRealEstateNumberofLoansCollateralforSecuredBorrowings" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_LiabilitiesRelatedtoAssetsHeldforSaleNotPartofDisposalGroup_1cf30575-b8bd-4c41-aae0-2cffb8357aae_terseLabel_en-US" xlink:label="lab_clnc_LiabilitiesRelatedtoAssetsHeldforSaleNotPartofDisposalGroup" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities related to assets held for sale</link:label>
    <link:label id="lab_clnc_LiabilitiesRelatedtoAssetsHeldforSaleNotPartofDisposalGroup_c4b62f7c-2cbc-404f-bf63-b3f9df2121c8_totalLabel_en-US" xlink:label="lab_clnc_LiabilitiesRelatedtoAssetsHeldforSaleNotPartofDisposalGroup" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total liabilities related to assets held for sale</link:label>
    <link:label id="lab_clnc_LiabilitiesRelatedtoAssetsHeldforSaleNotPartofDisposalGroup_label_en-US" xlink:label="lab_clnc_LiabilitiesRelatedtoAssetsHeldforSaleNotPartofDisposalGroup" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities Related to Assets Held for Sale, Not Part of Disposal Group</link:label>
    <link:label id="lab_clnc_LiabilitiesRelatedtoAssetsHeldforSaleNotPartofDisposalGroup_documentation_en-US" xlink:label="lab_clnc_LiabilitiesRelatedtoAssetsHeldforSaleNotPartofDisposalGroup" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities Related to Assets Held for Sale, Not Part of Disposal Group</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_LiabilitiesRelatedtoAssetsHeldforSaleNotPartofDisposalGroup" xlink:href="clnc-20201231.xsd#clnc_LiabilitiesRelatedtoAssetsHeldforSaleNotPartofDisposalGroup"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_LiabilitiesRelatedtoAssetsHeldforSaleNotPartofDisposalGroup" xlink:to="lab_clnc_LiabilitiesRelatedtoAssetsHeldforSaleNotPartofDisposalGroup" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NumberofSecuritizationTrustsSold_711ced18-e6f0-45bd-859b-e4fdc8d1c713_terseLabel_en-US" xlink:label="lab_clnc_NumberofSecuritizationTrustsSold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of securitization trusts sold</link:label>
    <link:label id="lab_clnc_NumberofSecuritizationTrustsSold_label_en-US" xlink:label="lab_clnc_NumberofSecuritizationTrustsSold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of Securitization Trusts Sold</link:label>
    <link:label id="lab_clnc_NumberofSecuritizationTrustsSold_documentation_en-US" xlink:label="lab_clnc_NumberofSecuritizationTrustsSold" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of Securitization Trusts Sold</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NumberofSecuritizationTrustsSold" xlink:href="clnc-20201231.xsd#clnc_NumberofSecuritizationTrustsSold"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_NumberofSecuritizationTrustsSold" xlink:to="lab_clnc_NumberofSecuritizationTrustsSold" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NumberOfResidentialUnits_4c1494a5-a328-4723-94da-9a1389b77357_terseLabel_en-US" xlink:label="lab_clnc_NumberOfResidentialUnits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of residential units</link:label>
    <link:label id="lab_clnc_NumberOfResidentialUnits_label_en-US" xlink:label="lab_clnc_NumberOfResidentialUnits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Residential Units</link:label>
    <link:label id="lab_clnc_NumberOfResidentialUnits_documentation_en-US" xlink:label="lab_clnc_NumberOfResidentialUnits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Residential Units</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NumberOfResidentialUnits" xlink:href="clnc-20201231.xsd#clnc_NumberOfResidentialUnits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_NumberOfResidentialUnits" xlink:to="lab_clnc_NumberOfResidentialUnits" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate_eca3ecfc-288b-429b-86f2-6b34eb2fe46d_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign income tax rate change</link:label>
    <link:label id="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:to="lab_us-gaap_IncomeTaxReconciliationChangeInEnactedTaxRate" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_BankEightFacilityOneMember_e13905cd-a106-4612-8580-028a0a20fd58_terseLabel_en-US" xlink:label="lab_clnc_BankEightFacilityOneMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank 8 facility 1</link:label>
    <link:label id="lab_clnc_BankEightFacilityOneMember_label_en-US" xlink:label="lab_clnc_BankEightFacilityOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank Eight Facility One [Member]</link:label>
    <link:label id="lab_clnc_BankEightFacilityOneMember_documentation_en-US" xlink:label="lab_clnc_BankEightFacilityOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank Eight Facility One [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_BankEightFacilityOneMember" xlink:href="clnc-20201231.xsd#clnc_BankEightFacilityOneMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_BankEightFacilityOneMember" xlink:to="lab_clnc_BankEightFacilityOneMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_GoldmanSachsAssetManagementMember_e31b99d6-ed5a-4aba-9ed5-12f0f69da4c0_terseLabel_en-US" xlink:label="lab_clnc_GoldmanSachsAssetManagementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">GS</link:label>
    <link:label id="lab_clnc_GoldmanSachsAssetManagementMember_label_en-US" xlink:label="lab_clnc_GoldmanSachsAssetManagementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Goldman Sachs Asset Management [Member]</link:label>
    <link:label id="lab_clnc_GoldmanSachsAssetManagementMember_documentation_en-US" xlink:label="lab_clnc_GoldmanSachsAssetManagementMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Goldman Sachs Asset Management</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_GoldmanSachsAssetManagementMember" xlink:href="clnc-20201231.xsd#clnc_GoldmanSachsAssetManagementMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_GoldmanSachsAssetManagementMember" xlink:to="lab_clnc_GoldmanSachsAssetManagementMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_PrepaidRentandUnearnedRevenue_b8dbd9b4-1639-496f-a146-63fc598639ea_terseLabel_en-US" xlink:label="lab_clnc_PrepaidRentandUnearnedRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prepaid rent and unearned revenue</link:label>
    <link:label id="lab_clnc_PrepaidRentandUnearnedRevenue_label_en-US" xlink:label="lab_clnc_PrepaidRentandUnearnedRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prepaid Rent and Unearned Revenue</link:label>
    <link:label id="lab_clnc_PrepaidRentandUnearnedRevenue_documentation_en-US" xlink:label="lab_clnc_PrepaidRentandUnearnedRevenue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prepaid Rent and Unearned Revenue</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_PrepaidRentandUnearnedRevenue" xlink:href="clnc-20201231.xsd#clnc_PrepaidRentandUnearnedRevenue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_PrepaidRentandUnearnedRevenue" xlink:to="lab_clnc_PrepaidRentandUnearnedRevenue" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_HospitalityMember_9c51891b-c7cc-4e5d-a865-a8bd96df6d6f_terseLabel_en-US" xlink:label="lab_clnc_HospitalityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hospitality</link:label>
    <link:label id="lab_clnc_HospitalityMember_label_en-US" xlink:label="lab_clnc_HospitalityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hospitality [Member]</link:label>
    <link:label id="lab_clnc_HospitalityMember_documentation_en-US" xlink:label="lab_clnc_HospitalityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hospitality [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_HospitalityMember" xlink:href="clnc-20201231.xsd#clnc_HospitalityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_HospitalityMember" xlink:to="lab_clnc_HospitalityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_BorrowerEscrowDepositsPayable_aa16e31f-d10d-4e03-8736-4919c513df31_terseLabel_en-US" xlink:label="lab_clnc_BorrowerEscrowDepositsPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Escrow deposits payable</link:label>
    <link:label id="lab_clnc_BorrowerEscrowDepositsPayable_label_en-US" xlink:label="lab_clnc_BorrowerEscrowDepositsPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrower Escrow Deposits Payable</link:label>
    <link:label id="lab_clnc_BorrowerEscrowDepositsPayable_documentation_en-US" xlink:label="lab_clnc_BorrowerEscrowDepositsPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrower Escrow Deposits Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_BorrowerEscrowDepositsPayable" xlink:href="clnc-20201231.xsd#clnc_BorrowerEscrowDepositsPayable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_BorrowerEscrowDepositsPayable" xlink:to="lab_clnc_BorrowerEscrowDepositsPayable" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_CompanysLegacyNonStrategicPortfolioMember_cbb1b639-705c-4fb5-9b07-6f39cf059983_terseLabel_en-US" xlink:label="lab_clnc_CompanysLegacyNonStrategicPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Company's Legacy, Non-Strategic Portfolio</link:label>
    <link:label id="lab_clnc_CompanysLegacyNonStrategicPortfolioMember_label_en-US" xlink:label="lab_clnc_CompanysLegacyNonStrategicPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Company's Legacy, Non-Strategic Portfolio [Member]</link:label>
    <link:label id="lab_clnc_CompanysLegacyNonStrategicPortfolioMember_documentation_en-US" xlink:label="lab_clnc_CompanysLegacyNonStrategicPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Company's Legacy, Non-Strategic Portfolio [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_CompanysLegacyNonStrategicPortfolioMember" xlink:href="clnc-20201231.xsd#clnc_CompanysLegacyNonStrategicPortfolioMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_CompanysLegacyNonStrategicPortfolioMember" xlink:to="lab_clnc_CompanysLegacyNonStrategicPortfolioMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_RangeMember_580ad625-df64-46a1-9e1b-d8e0a7467e9e_terseLabel_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statistical Measurement [Domain]</link:label>
    <link:label id="lab_srt_RangeMember_label_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statistical Measurement [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RangeMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeMember" xlink:to="lab_srt_RangeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_a4a07898-b4b5-4a3c-abb4-6899cff57be8_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities</link:label>
    <link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities and Equity [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_LoansHeldforsaleFairValue_cdb2aa30-d179-46c5-a89d-eb916756f6eb_terseLabel_en-US" xlink:label="lab_clnc_LoansHeldforsaleFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans held for sale</link:label>
    <link:label id="lab_clnc_LoansHeldforsaleFairValue_label_en-US" xlink:label="lab_clnc_LoansHeldforsaleFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans Held-for-sale, Fair Value</link:label>
    <link:label id="lab_clnc_LoansHeldforsaleFairValue_documentation_en-US" xlink:label="lab_clnc_LoansHeldforsaleFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans Held-for-sale, Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_LoansHeldforsaleFairValue" xlink:href="clnc-20201231.xsd#clnc_LoansHeldforsaleFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_LoansHeldforsaleFairValue" xlink:to="lab_clnc_LoansHeldforsaleFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears_611b1e28-b6aa-4410-b3a3-016cb2214318_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2025</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears_5810bd77-f5ed-4460-8d86-d780d81fec8d_verboseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2024</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessor, Operating Lease, Payment to be Received, Year Five</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems"/>
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    <link:label id="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_b27f59d1-28dc-45b5-b8b5-f88b19f0da91_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in unconsolidated ventures</link:label>
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    <link:label id="lab_dei_SecurityExchangeName_37a91932-f36b-44ba-b60b-2c049d7504ed_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Security Exchange Name</link:label>
    <link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Security Exchange Name</link:label>
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    <link:label id="lab_clnc_OtherRealEstate5Member_825b985c-7416-490f-af24-66508641ff49_terseLabel_en-US" xlink:label="lab_clnc_OtherRealEstate5Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other real estate 5</link:label>
    <link:label id="lab_clnc_OtherRealEstate5Member_label_en-US" xlink:label="lab_clnc_OtherRealEstate5Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate 5 [Member]</link:label>
    <link:label id="lab_clnc_OtherRealEstate5Member_documentation_en-US" xlink:label="lab_clnc_OtherRealEstate5Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate 5 [Member]</link:label>
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    <link:label id="lab_us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock_9c4bfc0f-47a6-4827-a27c-c2208a158173_terseLabel_en-US" xlink:label="lab_us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Long-lived Assets by Geographic Areas</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock"/>
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    <link:label id="lab_clnc_SeniorMezzanineLenderMember_edd2a0a7-f168-4c29-930a-877ccdfd8b22_terseLabel_en-US" xlink:label="lab_clnc_SeniorMezzanineLenderMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior Mezzanine Lender</link:label>
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    <link:label id="lab_clnc_SeniorMezzanineLenderMember_documentation_en-US" xlink:label="lab_clnc_SeniorMezzanineLenderMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior Mezzanine Lender</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_SeniorMezzanineLenderMember" xlink:href="clnc-20201231.xsd#clnc_SeniorMezzanineLenderMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_SeniorMezzanineLenderMember" xlink:to="lab_clnc_SeniorMezzanineLenderMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_WestRegionalMallMember_52ad7973-fde7-4cb1-9cd0-9dfb99bf6601_terseLabel_en-US" xlink:label="lab_clnc_WestRegionalMallMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">West Regional Mall</link:label>
    <link:label id="lab_clnc_WestRegionalMallMember_label_en-US" xlink:label="lab_clnc_WestRegionalMallMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">West Regional Mall [Member]</link:label>
    <link:label id="lab_clnc_WestRegionalMallMember_documentation_en-US" xlink:label="lab_clnc_WestRegionalMallMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">West Regional Mall [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_WestRegionalMallMember" xlink:href="clnc-20201231.xsd#clnc_WestRegionalMallMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_WestRegionalMallMember" xlink:to="lab_clnc_WestRegionalMallMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_LoansAndPreferredEquityHeldForInvestmentNetMember_83ad8039-902a-4796-ac05-2e6404ba6d5f_terseLabel_en-US" xlink:label="lab_clnc_LoansAndPreferredEquityHeldForInvestmentNetMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CECL reserve on Loans and preferred equity held for investment, net</link:label>
    <link:label id="lab_clnc_LoansAndPreferredEquityHeldForInvestmentNetMember_b6f1004a-f267-4f1a-b507-cf16d1595d94_verboseLabel_en-US" xlink:label="lab_clnc_LoansAndPreferredEquityHeldForInvestmentNetMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans and preferred equity held for investment, net</link:label>
    <link:label id="lab_clnc_LoansAndPreferredEquityHeldForInvestmentNetMember_label_en-US" xlink:label="lab_clnc_LoansAndPreferredEquityHeldForInvestmentNetMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans And Preferred Equity Held For Investment, Net [Member]</link:label>
    <link:label id="lab_clnc_LoansAndPreferredEquityHeldForInvestmentNetMember_documentation_en-US" xlink:label="lab_clnc_LoansAndPreferredEquityHeldForInvestmentNetMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans And Preferred Equity Held For Investment, Net [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_LoansAndPreferredEquityHeldForInvestmentNetMember" xlink:href="clnc-20201231.xsd#clnc_LoansAndPreferredEquityHeldForInvestmentNetMember"/>
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    <link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember_d6f06ea7-404f-4e38-a447-af38aab8a3f3_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reclassification out of AOCI</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember"/>
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    <link:label id="lab_clnc_FinancingReceivableNetProvision_ffb2625f-1f45-4d25-bba8-b3a706eb8d9d_terseLabel_en-US" xlink:label="lab_clnc_FinancingReceivableNetProvision" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net impairment</link:label>
    <link:label id="lab_clnc_FinancingReceivableNetProvision_label_en-US" xlink:label="lab_clnc_FinancingReceivableNetProvision" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Net Provision</link:label>
    <link:label id="lab_clnc_FinancingReceivableNetProvision_documentation_en-US" xlink:label="lab_clnc_FinancingReceivableNetProvision" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Net Provision</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_FinancingReceivableNetProvision" xlink:href="clnc-20201231.xsd#clnc_FinancingReceivableNetProvision"/>
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    <link:label id="lab_us-gaap_GainLossOnSaleOfNotesReceivable_89ce3d86-b2d5-4c99-80f0-45274c00b88b_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnSaleOfNotesReceivable" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Realized loss on sale of loans receivable</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnSaleOfNotesReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnSaleOfNotesReceivable"/>
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    <link:label id="lab_clnc_SECSchedule1228RealEstateCompaniesInvestmentinRealEstateAcquisitionsThroughMergers_6c23f328-a6b9-4755-8b73-fcbc3219a52b_terseLabel_en-US" xlink:label="lab_clnc_SECSchedule1228RealEstateCompaniesInvestmentinRealEstateAcquisitionsThroughMergers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real estate acquired in the Combination (Note 3)</link:label>
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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_cfd1c216-98fe-4f02-b04e-efa15fddb98e_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unvested Shares at beginning of period, weighted average grant date fair value (in dollars per share)</link:label>
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    <link:label id="lab_us-gaap_RestrictedCashAndCashEquivalentsItemsLineItems_87e00cd2-f62d-479e-8cda-677842479d32_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedCashAndCashEquivalentsItemsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Cash and Cash Equivalents Items [Line Items]</link:label>
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    <link:label id="lab_us-gaap_VariableRateDomain_label_en-US" xlink:label="lab_us-gaap_VariableRateDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Rate [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableRateDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableRateDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateDomain" xlink:to="lab_us-gaap_VariableRateDomain" xlink:type="arc" order="1"/>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss"/>
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    <link:label id="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_fa6dbe96-22bf-42d0-bb3f-b61bb5d53403_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate, Type of Property [Axis]</link:label>
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    <link:label id="lab_us-gaap_AssetsAbstract_5636f401-3c5f-4e53-a231-15e819ec3f47_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets</link:label>
    <link:label id="lab_us-gaap_AssetsAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets [Abstract]</link:label>
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    <link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_989d7953-6853-492d-95d5-954203685762_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment, Name [Axis]</link:label>
    <link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_label_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment, Name [Axis]</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_e11d7de5-0811-4bff-9acf-7f4f049a22ec_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, Plant and Equipment [Table]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingPoliciesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract"/>
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    <link:label id="lab_clnc_BParticipationMember_addb33f0-6616-45c1-a20a-05dd474b7ffb_terseLabel_en-US" xlink:label="lab_clnc_BParticipationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">B-Participation</link:label>
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    <link:label id="lab_us-gaap_BelowMarketLeaseNetAbstract_540a75ff-c7ca-4f36-8d96-988e87ebfa0e_terseLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible Liabilities - Below-market lease values</link:label>
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    <link:label id="lab_clnc_DeferredLeasingCostsAmortizationExpenseAfterYearFive_be884da8-1608-4d0b-9162-e7af9db7d41d_terseLabel_en-US" xlink:label="lab_clnc_DeferredLeasingCostsAmortizationExpenseAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2026 and thereafter</link:label>
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    <link:label id="lab_clnc_VariousOfficesUSAMember_debb4216-16b4-44d9-b1f7-2c84cb5503f0_terseLabel_en-US" xlink:label="lab_clnc_VariousOfficesUSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Various Offices, USA</link:label>
    <link:label id="lab_clnc_VariousOfficesUSAMember_label_en-US" xlink:label="lab_clnc_VariousOfficesUSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Various Offices, USA [Member]</link:label>
    <link:label id="lab_clnc_VariousOfficesUSAMember_documentation_en-US" xlink:label="lab_clnc_VariousOfficesUSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Various Offices, USA</link:label>
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    <link:label id="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_1d7bae59-2520-488c-bb65-5f6f064f6e93_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value of Financial Instruments</link:label>
    <link:label id="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems"/>
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    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleMeasurementInput_05863bf4-5f28-407e-927e-436ee1d47cc5_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discount rate</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleMeasurementInput" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleMeasurementInput"/>
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    <link:label id="lab_clnc_CapitalExpenditureReservesMember_372ac43c-6ea6-467c-a643-96382f809d1e_terseLabel_en-US" xlink:label="lab_clnc_CapitalExpenditureReservesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital expenditure reserves</link:label>
    <link:label id="lab_clnc_CapitalExpenditureReservesMember_label_en-US" xlink:label="lab_clnc_CapitalExpenditureReservesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital Expenditure Reserves [Member]</link:label>
    <link:label id="lab_clnc_CapitalExpenditureReservesMember_documentation_en-US" xlink:label="lab_clnc_CapitalExpenditureReservesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capital Expenditure Reserves [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_CapitalExpenditureReservesMember" xlink:href="clnc-20201231.xsd#clnc_CapitalExpenditureReservesMember"/>
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    <link:label id="lab_us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1_e9affdd0-2b06-4426-8c9c-3c2b7dde2c60_terseLabel_en-US" xlink:label="lab_us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt assumed related to acquisition of real estate</link:label>
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    <link:label id="lab_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_a4d0c55f-6e8a-4ee3-aece-0f55d4215e12_terseLabel_en-US" xlink:label="lab_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful lives of intangibles acquired (in years)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife"/>
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    <link:label id="lab_clnc_MultifamilyCaliforniaMember_b8d2460f-e084-49af-8cd0-5771c322375d_terseLabel_en-US" xlink:label="lab_clnc_MultifamilyCaliforniaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Multifamily, California</link:label>
    <link:label id="lab_clnc_MultifamilyCaliforniaMember_label_en-US" xlink:label="lab_clnc_MultifamilyCaliforniaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Multifamily, California [Member]</link:label>
    <link:label id="lab_clnc_MultifamilyCaliforniaMember_documentation_en-US" xlink:label="lab_clnc_MultifamilyCaliforniaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Multifamily, California</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MultifamilyCaliforniaMember" xlink:href="clnc-20201231.xsd#clnc_MultifamilyCaliforniaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_MultifamilyCaliforniaMember" xlink:to="lab_clnc_MultifamilyCaliforniaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_2cf67fb6-19b9-4795-81cc-9768abe4b399_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2021</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, Year One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_CRESecuritiesMember_dc6d5bcc-02e2-45f3-a1a4-9c593fca3b37_terseLabel_en-US" xlink:label="lab_clnc_CRESecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CRE Securities</link:label>
    <link:label id="lab_clnc_CRESecuritiesMember_label_en-US" xlink:label="lab_clnc_CRESecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CRE Securities [Member]</link:label>
    <link:label id="lab_clnc_CRESecuritiesMember_documentation_en-US" xlink:label="lab_clnc_CRESecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CRE Securities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_CRESecuritiesMember" xlink:href="clnc-20201231.xsd#clnc_CRESecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_CRESecuritiesMember" xlink:to="lab_clnc_CRESecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_0591293a-d56b-41b0-bdf2-ec55957af4e7_verboseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2024</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_7f99d6a6-56ac-46b3-8432-b30046c9d5e2_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2023</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, Year Four</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_004de1de-a5fc-4b48-98c4-fdd3ef804432_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis</link:label>
    <link:label id="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_46a543f7-fc10-404f-ac44-e03678ff2a60_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Compensation cost not yet recognized</link:label>
    <link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized"/>
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    <link:label id="lab_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_daea8af9-81a4-4d51-8aa1-0cfd43da8695_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income allocated to participating securities (non-vested shares)</link:label>
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    <link:label id="lab_clnc_VariableInterestEntityNumberofEntities_d4190fcc-2ad4-472d-b830-3de12e226c1e_terseLabel_en-US" xlink:label="lab_clnc_VariableInterestEntityNumberofEntities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of investing VIEs</link:label>
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    <link:label id="lab_us-gaap_BuildingMember_55c66fdd-c6c0-474d-99e5-b62994844b12_terseLabel_en-US" xlink:label="lab_us-gaap_BuildingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buildings</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BuildingMember" xlink:to="lab_us-gaap_BuildingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_5d78d605-7fca-4306-91b2-ac9e24b4ffef_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common stock, par value (in dollars per share)</link:label>
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    <link:label id="lab_clnc_ManagementAgreementMember_documentation_en-US" xlink:label="lab_clnc_ManagementAgreementMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Agreement</link:label>
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    <link:label id="lab_clnc_DeferredLeasingCostsAndIntangibleAssetsNet_185abf5b-abb0-45ac-817b-5008d574e6ec_terseLabel_en-US" xlink:label="lab_clnc_DeferredLeasingCostsAndIntangibleAssetsNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred leasing costs and intangible assets, net</link:label>
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    <link:label id="lab_clnc_COVID19Member_3780d334-4985-4e1d-b7dc-64a10cbded9f_terseLabel_en-US" xlink:label="lab_clnc_COVID19Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">COVID-19</link:label>
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    <link:label id="lab_clnc_BorrowerEscrowDepositsMember_adda646d-5730-489d-afab-435f5ba9c6d8_terseLabel_en-US" xlink:label="lab_clnc_BorrowerEscrowDepositsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrower escrow deposits</link:label>
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    <link:label id="lab_us-gaap_StatementTable_label_en-US" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statement [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementTable" xlink:to="lab_us-gaap_StatementTable" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MasterRepurchaseFacilitiesMember_4c4bc3e3-47d8-4a68-81ff-c613892dd730_terseLabel_en-US" xlink:label="lab_clnc_MasterRepurchaseFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Master repurchase facilities</link:label>
    <link:label id="lab_clnc_MasterRepurchaseFacilitiesMember_label_en-US" xlink:label="lab_clnc_MasterRepurchaseFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Master Repurchase Facilities [Member]</link:label>
    <link:label id="lab_clnc_MasterRepurchaseFacilitiesMember_documentation_en-US" xlink:label="lab_clnc_MasterRepurchaseFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Master Repurchase Facilities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MasterRepurchaseFacilitiesMember" xlink:href="clnc-20201231.xsd#clnc_MasterRepurchaseFacilitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_MasterRepurchaseFacilitiesMember" xlink:to="lab_clnc_MasterRepurchaseFacilitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_RangeAxis_7cb92e74-93e3-4ea4-9282-0a27291c37aa_terseLabel_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statistical Measurement [Axis]</link:label>
    <link:label id="lab_srt_RangeAxis_label_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Statistical Measurement [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RangeAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeAxis" xlink:to="lab_srt_RangeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_CLNC2019FL1Member_94b6f78a-1a1c-4d42-8037-c83d0ffa42d9_terseLabel_en-US" xlink:label="lab_clnc_CLNC2019FL1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CLNC 2019-FL1</link:label>
    <link:label id="lab_clnc_CLNC2019FL1Member_label_en-US" xlink:label="lab_clnc_CLNC2019FL1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CLNC 2019-FL1 [Member]</link:label>
    <link:label id="lab_clnc_CLNC2019FL1Member_documentation_en-US" xlink:label="lab_clnc_CLNC2019FL1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CLNC 2019-FL1 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_CLNC2019FL1Member" xlink:href="clnc-20201231.xsd#clnc_CLNC2019FL1Member"/>
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    <link:label id="lab_clnc_NetLeaseFourMember_4754635d-d38c-4208-8fc8-0beda3af59ab_terseLabel_en-US" xlink:label="lab_clnc_NetLeaseFourMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net lease 4</link:label>
    <link:label id="lab_clnc_NetLeaseFourMember_label_en-US" xlink:label="lab_clnc_NetLeaseFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Lease Four [Member]</link:label>
    <link:label id="lab_clnc_NetLeaseFourMember_documentation_en-US" xlink:label="lab_clnc_NetLeaseFourMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Lease Four [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NetLeaseFourMember" xlink:href="clnc-20201231.xsd#clnc_NetLeaseFourMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_NetLeaseFourMember" xlink:to="lab_clnc_NetLeaseFourMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_SecuritizedMortgageLoansMember_7edee326-229e-4e1a-8473-61cf94e2005e_terseLabel_en-US" xlink:label="lab_clnc_SecuritizedMortgageLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Securitized loans</link:label>
    <link:label id="lab_clnc_SecuritizedMortgageLoansMember_label_en-US" xlink:label="lab_clnc_SecuritizedMortgageLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Securitized Mortgage Loans [Member]</link:label>
    <link:label id="lab_clnc_SecuritizedMortgageLoansMember_documentation_en-US" xlink:label="lab_clnc_SecuritizedMortgageLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Securitized Mortgage Loans [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_SecuritizedMortgageLoansMember" xlink:href="clnc-20201231.xsd#clnc_SecuritizedMortgageLoansMember"/>
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    <link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossWriteoffAfterRecovery_51edebbf-c6ac-4548-83c0-3fabec0eea71_negatedLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossWriteoffAfterRecovery" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Charge-off</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableAllowanceForCreditLossWriteoffAfterRecovery_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableAllowanceForCreditLossWriteoffAfterRecovery" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableAllowanceForCreditLossWriteoffAfterRecovery" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableAllowanceForCreditLossWriteoffAfterRecovery"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableAllowanceForCreditLossWriteoffAfterRecovery" xlink:to="lab_us-gaap_FinancingReceivableAllowanceForCreditLossWriteoffAfterRecovery" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward_6982fb9b-3c03-4191-a689-783306aa5f8a_terseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Allowance for Loan and Lease Losses [Roll Forward]</link:label>
    <link:label id="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward_label_en-US" xlink:label="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Allowance for Loan and Lease Losses [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForLoanAndLeaseLossesRollForward"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:to="lab_us-gaap_AllowanceForLoanAndLeaseLossesRollForward" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueMeasurementsNonrecurringMember_1b2eaf62-1a89-4576-be49-2b631d63005d_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value, measurements, nonrecurring</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementsNonrecurringMember_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Nonrecurring [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementsNonrecurringMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:to="lab_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearThree_50e412ef-bb11-42b8-8dc3-717da8c57bb9_terseLabel_en-US" xlink:label="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2023</link:label>
    <link:label id="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearThree_label_en-US" xlink:label="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Leasing Costs, Amortization Expense, Year Three</link:label>
    <link:label id="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearThree_documentation_en-US" xlink:label="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Leasing Costs, Amortization Expense, Year Three</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_DeferredLeasingCostsAmortizationExpenseYearThree" xlink:href="clnc-20201231.xsd#clnc_DeferredLeasingCostsAmortizationExpenseYearThree"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_DeferredLeasingCostsAmortizationExpenseYearThree" xlink:to="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearThree" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_WeightedAverageMember_3c06a1fd-59f2-4c6d-b71b-2e5a21904587_terseLabel_en-US" xlink:label="lab_srt_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average</link:label>
    <link:label id="lab_srt_WeightedAverageMember_label_en-US" xlink:label="lab_srt_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted Average [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_WeightedAverageMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_WeightedAverageMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_WeightedAverageMember" xlink:to="lab_srt_WeightedAverageMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_CreditAgreementMember_65db7c7a-16d0-48f4-840f-a07baa16ba5e_terseLabel_en-US" xlink:label="lab_clnc_CreditAgreementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Credit agreement</link:label>
    <link:label id="lab_clnc_CreditAgreementMember_label_en-US" xlink:label="lab_clnc_CreditAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Credit Agreement [Member]</link:label>
    <link:label id="lab_clnc_CreditAgreementMember_documentation_en-US" xlink:label="lab_clnc_CreditAgreementMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Credit Agreement [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_CreditAgreementMember" xlink:href="clnc-20201231.xsd#clnc_CreditAgreementMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_CreditAgreementMember" xlink:to="lab_clnc_CreditAgreementMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MarketableSecuritiesPolicy_9744344f-57c9-4ac2-a443-7810ba95c37e_terseLabel_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Securities</link:label>
    <link:label id="lab_us-gaap_MarketableSecuritiesPolicy_label_en-US" xlink:label="lab_us-gaap_MarketableSecuritiesPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Marketable Securities, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecuritiesPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MarketableSecuritiesPolicy"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketableSecuritiesPolicy" xlink:to="lab_us-gaap_MarketableSecuritiesPolicy" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntitySmallBusiness_c8694b0e-63b3-4e52-b401-386acab8f8e6_terseLabel_en-US" xlink:label="lab_dei_EntitySmallBusiness" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Small Business</link:label>
    <link:label id="lab_dei_EntitySmallBusiness_label_en-US" xlink:label="lab_dei_EntitySmallBusiness" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Small Business</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntitySmallBusiness" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntitySmallBusiness" xlink:to="lab_dei_EntitySmallBusiness" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_bcd51de6-d8ab-4d75-9064-e924f154d996_terseLabel_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Principles of Consolidation</link:label>
    <link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consolidation, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConsolidationPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidationPolicyTextBlock" xlink:to="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember_38e405ad-e2ac-4d99-8c1d-924e919efcc0_terseLabel_en-US" xlink:label="lab_clnc_CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Collateralized by a property in Legacy, Non-Strategic Portfolio</link:label>
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    <link:label id="lab_clnc_CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember_documentation_en-US" xlink:label="lab_clnc_CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Collateralized by One Property in Legacy, Non-Strategic Portfolio [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember" xlink:to="lab_clnc_CollateralizedbyOnePropertyinLegacyNonStrategicPortfolioMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ImpairmentOfRealEstate_af33f9af-1807-4b12-834f-450b37d5e4ee_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairmentOfRealEstate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment of operating real estate</link:label>
    <link:label id="lab_us-gaap_ImpairmentOfRealEstate_d9b21eb8-4075-40df-9e26-5d555ce210d1_verboseLabel_en-US" xlink:label="lab_us-gaap_ImpairmentOfRealEstate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real estate, net</link:label>
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    <link:label id="lab_clnc_AccumulatedUnrealizedGainLossonRealEstateSecuritiesAvailableforSaleAttributabletoParentMember_473041f3-918a-4a4b-8c28-638bdfffecc3_terseLabel_en-US" xlink:label="lab_clnc_AccumulatedUnrealizedGainLossonRealEstateSecuritiesAvailableforSaleAttributabletoParentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized gain (loss) on real estate securities, available for sale</link:label>
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    <link:label id="lab_clnc_SiteImprovementsMember_6ca11755-342b-43aa-b20b-6e93c23d5e55_terseLabel_en-US" xlink:label="lab_clnc_SiteImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Site improvements</link:label>
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    <link:label id="lab_clnc_SiteImprovementsMember_documentation_en-US" xlink:label="lab_clnc_SiteImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Site Improvements [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_SiteImprovementsMember" xlink:href="clnc-20201231.xsd#clnc_SiteImprovementsMember"/>
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    <link:label id="lab_us-gaap_FirstMortgageMember_65d04922-ae11-442f-b7c0-eb1ea7b0d41e_terseLabel_en-US" xlink:label="lab_us-gaap_FirstMortgageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">First mortgage loans</link:label>
    <link:label id="lab_us-gaap_FirstMortgageMember_label_en-US" xlink:label="lab_us-gaap_FirstMortgageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">First Mortgage [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FirstMortgageMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FirstMortgageMember"/>
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    <link:label id="lab_clnc_FairValueMeasurementwithUnobservableInputsReconciliationRecurringBasisAssetEquityinEarnings_66e191a4-74f1-4fb5-9909-f21df572decc_terseLabel_en-US" xlink:label="lab_clnc_FairValueMeasurementwithUnobservableInputsReconciliationRecurringBasisAssetEquityinEarnings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity in earnings</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromSaleOfLoansHeldForSale_692fa757-e1c8-4cb2-8715-093c02b7ed5f_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and restricted cash received related to foreclosure of loans held for investment</link:label>
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    <link:label id="lab_clnc_LoansHeldforsaleMember_1168f642-224d-42d2-9780-2370265499ae_terseLabel_en-US" xlink:label="lab_clnc_LoansHeldforsaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans held for sale</link:label>
    <link:label id="lab_clnc_LoansHeldforsaleMember_label_en-US" xlink:label="lab_clnc_LoansHeldforsaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans Held-for-sale [Member]</link:label>
    <link:label id="lab_clnc_LoansHeldforsaleMember_documentation_en-US" xlink:label="lab_clnc_LoansHeldforsaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans Held-for-sale [Member]</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTable_235e00f0-b15c-4cd0-ab7e-aa1c9be59eb3_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restrictions on Cash and Cash Equivalents [Table]</link:label>
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    <link:label id="lab_clnc_IndustrialArizonaMember_284e9b28-1737-454f-ba8a-5d616c7b41e8_terseLabel_en-US" xlink:label="lab_clnc_IndustrialArizonaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial-Arizona</link:label>
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    <link:label id="lab_dei_AmendmentFlag_12d76661-6bb6-4e49-92fb-69e9a31e9214_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amendment Flag</link:label>
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    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_21fee229-d304-46aa-bac5-8749389c8fb1_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Assets, Major Class Name [Domain]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ParticipatingMortgageLoanNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ParticipatingMortgageLoanNameDomain"/>
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    <link:label id="lab_us-gaap_RealEstateTable_592c5d7b-a1ee-4051-8b12-39d97e10b1c7_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate [Table]</link:label>
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    <link:label id="lab_clnc_RealEstateInvestmentPropertyAccumulatedImpairment_9d942370-101f-48c1-a617-84385b642a89_negatedLabel_en-US" xlink:label="lab_clnc_RealEstateInvestmentPropertyAccumulatedImpairment" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Less: Impairment</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clnc_RealEstateInvestmentPropertyAccumulatedImpairment" xlink:href="clnc-20201231.xsd#clnc_RealEstateInvestmentPropertyAccumulatedImpairment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_RealEstateInvestmentPropertyAccumulatedImpairment" xlink:to="lab_clnc_RealEstateInvestmentPropertyAccumulatedImpairment" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MortgageLoansonRealEstateNumberofLoansImpaired_994c04a7-69e4-4c2d-906f-1c9105d03433_terseLabel_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateNumberofLoansImpaired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of impaired loans</link:label>
    <link:label id="lab_clnc_MortgageLoansonRealEstateNumberofLoansImpaired_label_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateNumberofLoansImpaired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loans on Real Estate, Number of Loans, Impaired</link:label>
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    <link:label id="lab_clnc_RealEstateSecuritiesAvailableForSaleMember_d5e714b8-b119-4184-b42c-8570704a344e_terseLabel_en-US" xlink:label="lab_clnc_RealEstateSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real estate securities, available for sale</link:label>
    <link:label id="lab_clnc_RealEstateSecuritiesAvailableForSaleMember_label_en-US" xlink:label="lab_clnc_RealEstateSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Securities, Available For Sale [Member]</link:label>
    <link:label id="lab_clnc_RealEstateSecuritiesAvailableForSaleMember_documentation_en-US" xlink:label="lab_clnc_RealEstateSecuritiesAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Securities, Available For Sale [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_RealEstateSecuritiesAvailableForSaleMember" xlink:href="clnc-20201231.xsd#clnc_RealEstateSecuritiesAvailableForSaleMember"/>
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    <link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentLineItems_5d1ca9b1-663d-43a4-b161-21e27ba32c1b_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Credit Quality Indicator [Line Items]</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentLineItems_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Credit Quality Indicator [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentLineItems" xlink:to="lab_us-gaap_FinancingReceivableRecordedInvestmentLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseGross_3428cde4-749a-4106-8d66-3fb33c14abf1_terseLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying Amount</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseGross_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Below Market Lease, Gross</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseGross" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BelowMarketLeaseGross"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseGross" xlink:to="lab_us-gaap_BelowMarketLeaseGross" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_5ec7e41a-1ccd-4f6c-aef1-dcb68ddd1e2d_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, Plant and Equipment, Type [Axis]</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-Lived Tangible Asset [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear_07491018-343b-4fe6-86f0-800e4274fef2_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2018</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear" xlink:to="lab_us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_32f2220b-b4f4-44ef-ad8f-d5819d136d19_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Adjustments related to the Combination</link:label>
    <link:label id="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stock Issued During Period, Value, Acquisitions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueAcquisitions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_VariableRateCommercialMortgageMember_a2675a1d-b7b2-4e93-8db9-a583d6e73d9c_terseLabel_en-US" xlink:label="lab_clnc_VariableRateCommercialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable rate</link:label>
    <link:label id="lab_clnc_VariableRateCommercialMortgageMember_label_en-US" xlink:label="lab_clnc_VariableRateCommercialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Rate Commercial Mortgage [Member]</link:label>
    <link:label id="lab_clnc_VariableRateCommercialMortgageMember_documentation_en-US" xlink:label="lab_clnc_VariableRateCommercialMortgageMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Rate Commercial Mortgage [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_VariableRateCommercialMortgageMember" xlink:href="clnc-20201231.xsd#clnc_VariableRateCommercialMortgageMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_VariableRateCommercialMortgageMember" xlink:to="lab_clnc_VariableRateCommercialMortgageMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeStatementLocationDomain_adde8642-9159-450f-9b18-240c180423fc_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Statement Location [Domain]</link:label>
    <link:label id="lab_us-gaap_IncomeStatementLocationDomain_label_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Statement Location [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementLocationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementLocationDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementLocationDomain" xlink:to="lab_us-gaap_IncomeStatementLocationDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_be880e0b-af8b-4b94-9829-d4d9e43dfb27_verboseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2022</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_ec99e74d-510a-4902-b3f6-37e085999c03_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2021</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, Year Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearOne_1a6f9439-2565-44c3-bfe9-1e15dec0e0bb_terseLabel_en-US" xlink:label="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearOne" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2021</link:label>
    <link:label id="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearOne_label_en-US" xlink:label="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearOne" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible Assets (Liabilities) And Deferred Leasing Costs, Amortization Expense (Income), Year One</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearOne" xlink:to="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearOne" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateInterestCapitalized_66da9884-4026-464c-8f3e-5e56699bad00_terseLabel_en-US" xlink:label="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateInterestCapitalized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capitalized interest</link:label>
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    <link:label id="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsNetAbstract_dd59fe70-f8e3-47b9-854a-6bbc9c9599b3_terseLabel_en-US" xlink:label="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Leasing Costs and Intangible Assets</link:label>
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    <link:label id="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsNetAbstract_documentation_en-US" xlink:label="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsNetAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Assets And Deferred Leasing Costs, Net [Abstract]</link:label>
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    <link:label id="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearOne_e7d5e578-fb47-4701-8888-6cc01246ad07_terseLabel_en-US" xlink:label="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearOne" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2021</link:label>
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    <link:label id="lab_us-gaap_OtherIntangibleAssetsMember_f27ec483-3602-4378-b90a-96726cc6a206_terseLabel_en-US" xlink:label="lab_us-gaap_OtherIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other intangibles</link:label>
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    <link:label id="lab_clnc_OtherRealEstate1Member_2ce94328-3999-447e-a0ff-b6d9a4054be8_terseLabel_en-US" xlink:label="lab_clnc_OtherRealEstate1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other real estate 1</link:label>
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    <link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_f71c3697-673a-4f79-a83e-d3c42324fabf_verboseLabel_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CRE securities</link:label>
    <link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_ccb2b784-1c11-45ea-bd5c-44add0aae241_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real estate securities, available for sale</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Liabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Liabilities" xlink:to="lab_us-gaap_Liabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_PaymentsForInvestmentDeposits_4b8162ea-3b6e-488c-a929-ec7e81b6cdd8_negatedTerseLabel_en-US" xlink:label="lab_clnc_PaymentsForInvestmentDeposits" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deposit on investments</link:label>
    <link:label id="lab_clnc_PaymentsForInvestmentDeposits_label_en-US" xlink:label="lab_clnc_PaymentsForInvestmentDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments For Investment Deposits</link:label>
    <link:label id="lab_clnc_PaymentsForInvestmentDeposits_documentation_en-US" xlink:label="lab_clnc_PaymentsForInvestmentDeposits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments For Investment Deposits</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_PaymentsForInvestmentDeposits" xlink:href="clnc-20201231.xsd#clnc_PaymentsForInvestmentDeposits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_PaymentsForInvestmentDeposits" xlink:to="lab_clnc_PaymentsForInvestmentDeposits" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MezzanineLoanwithAffiliateMember_2aeb1496-ef55-4982-bfff-18118dfbb433_terseLabel_en-US" xlink:label="lab_clnc_MezzanineLoanwithAffiliateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment in mezzanine loan</link:label>
    <link:label id="lab_clnc_MezzanineLoanwithAffiliateMember_label_en-US" xlink:label="lab_clnc_MezzanineLoanwithAffiliateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mezzanine Loan with Affiliate [Member]</link:label>
    <link:label id="lab_clnc_MezzanineLoanwithAffiliateMember_documentation_en-US" xlink:label="lab_clnc_MezzanineLoanwithAffiliateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mezzanine Loan with Affiliate [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MezzanineLoanwithAffiliateMember" xlink:href="clnc-20201231.xsd#clnc_MezzanineLoanwithAffiliateMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_MezzanineLoanwithAffiliateMember" xlink:to="lab_clnc_MezzanineLoanwithAffiliateMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InternalCreditAssessmentDomain_2f5d6310-6931-4cfe-aae6-cb88d60ece8e_terseLabel_en-US" xlink:label="lab_us-gaap_InternalCreditAssessmentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Internal Credit Assessment [Domain]</link:label>
    <link:label id="lab_us-gaap_InternalCreditAssessmentDomain_label_en-US" xlink:label="lab_us-gaap_InternalCreditAssessmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Internal Credit Assessment [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InternalCreditAssessmentDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InternalCreditAssessmentDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InternalCreditAssessmentDomain" xlink:to="lab_us-gaap_InternalCreditAssessmentDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MortgageandOtherNotesPayableNetMember_cb6d7fc7-2a6a-468f-9036-9caeb9c47bb3_terseLabel_en-US" xlink:label="lab_clnc_MortgageandOtherNotesPayableNetMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage and other notes payable, net</link:label>
    <link:label id="lab_clnc_MortgageandOtherNotesPayableNetMember_label_en-US" xlink:label="lab_clnc_MortgageandOtherNotesPayableNetMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage and Other Notes Payable, Net [Member]</link:label>
    <link:label id="lab_clnc_MortgageandOtherNotesPayableNetMember_documentation_en-US" xlink:label="lab_clnc_MortgageandOtherNotesPayableNetMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage and Other Notes Payable, Net [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MortgageandOtherNotesPayableNetMember" xlink:href="clnc-20201231.xsd#clnc_MortgageandOtherNotesPayableNetMember"/>
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    <link:label id="lab_clnc_HospitalityLoanMember_82d32c23-225f-4a5f-abef-36f0454a3770_terseLabel_en-US" xlink:label="lab_clnc_HospitalityLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hospitality loan</link:label>
    <link:label id="lab_clnc_HospitalityLoanMember_label_en-US" xlink:label="lab_clnc_HospitalityLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hospitality Loan [Member]</link:label>
    <link:label id="lab_clnc_HospitalityLoanMember_documentation_en-US" xlink:label="lab_clnc_HospitalityLoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hospitality Loan [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_HospitalityLoanMember" xlink:href="clnc-20201231.xsd#clnc_HospitalityLoanMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_HospitalityLoanMember" xlink:to="lab_clnc_HospitalityLoanMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDeconsolidation_aa0a41e2-e953-49ab-a2b2-d85630f235bc_negatedLabel_en-US" xlink:label="lab_clnc_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDeconsolidation" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deconsolidation of securitization trust</link:label>
    <link:label id="lab_clnc_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDeconsolidation_label_en-US" xlink:label="lab_clnc_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDeconsolidation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset, Deconsolidation</link:label>
    <link:label id="lab_clnc_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDeconsolidation_documentation_en-US" xlink:label="lab_clnc_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDeconsolidation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Measurement With Unobservable Inputs Reconciliation, Recurring Basis, Asset, Deconsolidation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDeconsolidation" xlink:href="clnc-20201231.xsd#clnc_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDeconsolidation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDeconsolidation" xlink:to="lab_clnc_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetDeconsolidation" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LoansAndFinanceReceivablesMember_632d6dcc-d20b-42bc-9f7a-fcb80c7a0372_terseLabel_en-US" xlink:label="lab_us-gaap_LoansAndFinanceReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior loan</link:label>
    <link:label id="lab_us-gaap_LoansAndFinanceReceivablesMember_label_en-US" xlink:label="lab_us-gaap_LoansAndFinanceReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans and Finance Receivables [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansAndFinanceReceivablesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoansAndFinanceReceivablesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansAndFinanceReceivablesMember" xlink:to="lab_us-gaap_LoansAndFinanceReceivablesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_180db464-dc8c-43b9-b1ac-276c3e91ed3a_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Less: Present value discount</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Operating Lease, Liability, Undiscounted Excess Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_DebtSecuritiesAvailableforSalePrincipalAmount_8a4634a6-dad9-427e-a5a4-1737eefebbc6_terseLabel_en-US" xlink:label="lab_clnc_DebtSecuritiesAvailableforSalePrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Principal Amount</link:label>
    <link:label id="lab_clnc_DebtSecuritiesAvailableforSalePrincipalAmount_label_en-US" xlink:label="lab_clnc_DebtSecuritiesAvailableforSalePrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-Sale, Principal Amount</link:label>
    <link:label id="lab_clnc_DebtSecuritiesAvailableforSalePrincipalAmount_documentation_en-US" xlink:label="lab_clnc_DebtSecuritiesAvailableforSalePrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-Sale, Principal Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_DebtSecuritiesAvailableforSalePrincipalAmount" xlink:href="clnc-20201231.xsd#clnc_DebtSecuritiesAvailableforSalePrincipalAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_DebtSecuritiesAvailableforSalePrincipalAmount" xlink:to="lab_clnc_DebtSecuritiesAvailableforSalePrincipalAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition_e6857018-7ff3-438b-8dae-9b743d4b995b_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Securities in unrealized loss position</link:label>
    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition_label_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-sale, Unrealized Loss Position</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_9c4d7c81-2e61-43c9-b612-7d057e974057_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Related Party Transactions, by Related Party [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Related Party Transactions, by Related Party [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsGross_9918348a-11f9-4fcb-8582-aaed143896d0_terseLabel_en-US" xlink:label="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying Amount</link:label>
    <link:label id="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsGross_label_en-US" xlink:label="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Assets And Deferred Leasing Costs, Gross</link:label>
    <link:label id="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsGross_documentation_en-US" xlink:label="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsGross" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Assets And Deferred Leasing Costs, Gross</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsGross" xlink:href="clnc-20201231.xsd#clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsGross"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsGross" xlink:to="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsGross" xlink:type="arc" order="1"/>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueInputsLevel1Member_da97b249-ae47-4c66-91dd-80c44646466f_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Level 1</link:label>
    <link:label id="lab_us-gaap_FairValueInputsLevel1Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Inputs, Level 1 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel1Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel1Member" xlink:to="lab_us-gaap_FairValueInputsLevel1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateAbstract_a893a23b-8a52-4c12-a1fd-6910b8bc0ab3_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate [Abstract]</link:label>
    <link:label id="lab_us-gaap_RealEstateAbstract_label_en-US" xlink:label="lab_us-gaap_RealEstateAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateAbstract"/>
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    <link:label id="lab_clnc_ScheduleOfMortgageLoansOnRealEstateTableTextBlock_39a0d36a-2e2c-49fe-8d5f-9f09a5ed1104_terseLabel_en-US" xlink:label="lab_clnc_ScheduleOfMortgageLoansOnRealEstateTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Mortgage Loans on Real Estate</link:label>
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    <link:label id="lab_us-gaap_LoansReceivableHeldForSaleAmount_48044ac6-8d80-474c-a069-d09269953737_terseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableHeldForSaleAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans held for sale</link:label>
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    <link:label id="lab_clnc_DebtInstrumentNumberOfLoansOriginated_e7552b81-85ca-4e82-ae7a-d7f54cea93c9_terseLabel_en-US" xlink:label="lab_clnc_DebtInstrumentNumberOfLoansOriginated" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of loans originated</link:label>
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    <link:label id="lab_us-gaap_DeferredTaxAssetsNetAbstract_95ea7137-b6f7-47b0-ac6f-e388131487d0_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred tax assets</link:label>
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    <link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Tax Disclosure [Abstract]</link:label>
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    <link:label id="lab_clnc_HotelCalifornia2Member_418e1957-c0b4-47b6-ad74-ad86353a6e74_terseLabel_en-US" xlink:label="lab_clnc_HotelCalifornia2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel, California 2</link:label>
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    <link:label id="lab_clnc_HotelCalifornia2Member_documentation_en-US" xlink:label="lab_clnc_HotelCalifornia2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel, California 2 [Member]</link:label>
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    <link:label id="lab_us-gaap_RevolvingCreditFacilityMember_d6777e46-a111-454a-951b-4f0f0c1b2fcb_terseLabel_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revolving credit facility</link:label>
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    <link:label id="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue_72333409-01ac-4332-9216-75c3ca79fde5_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-designated hedges included in accrued and other liabilities</link:label>
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    <link:label id="lab_clnc_FinancingReceivableNumberofContractsNonAccrualPaydown_3890a658-e3ff-4a82-a69c-89d60725db81_terseLabel_en-US" xlink:label="lab_clnc_FinancingReceivableNumberofContractsNonAccrualPaydown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of loans paydown</link:label>
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    <link:label id="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearFour_78499992-3d1b-42fc-8684-0362075157f2_terseLabel_en-US" xlink:label="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2024</link:label>
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    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans_3f80d420-04c8-4d23-a75d-193d34026d52_verboseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNewMortgageLoans" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans and preferred equity held for investment acquired in the Combination (Note 3)</link:label>
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    <link:label id="lab_clnc_SeniorandMezzanineLoansandPreferredEquitySegmentMember_92a08c97-76d8-4556-a077-091124c08eb7_terseLabel_en-US" xlink:label="lab_clnc_SeniorandMezzanineLoansandPreferredEquitySegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior and Mezzanine Loans and Preferred Equity</link:label>
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    <link:label id="lab_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock_e3012ed7-8e5c-4566-8a79-45e5d2d25427_terseLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Comprehensive Income (Loss)</link:label>
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    <link:label id="lab_us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock_1777ff41-e1f0-43c9-94df-eea293d8f3ba_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Revenue by Geographic Areas</link:label>
    <link:label id="lab_us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock_label_en-US" xlink:label="lab_us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue from External Customers by Geographic Areas [Table Text Block]</link:label>
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    <link:label id="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_a03c8a36-e8c6-4656-9b40-8b555aabc219_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Federal</link:label>
    <link:label id="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Federal Income Tax Expense (Benefit)</link:label>
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    <link:label id="lab_clnc_OfficeCalifornia3Member_ce1737ac-df56-4bf5-9821-73bb9db0f3d1_terseLabel_en-US" xlink:label="lab_clnc_OfficeCalifornia3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office, California 3</link:label>
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    <link:label id="lab_clnc_OfficeCalifornia3Member_documentation_en-US" xlink:label="lab_clnc_OfficeCalifornia3Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office, California 3</link:label>
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    <link:label id="lab_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup_8a966e27-b7af-4fb3-a034-d097c2f52d52_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroup" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets held for sale</link:label>
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    <link:label id="lab_clnc_RetailMaineMember_d55f7be0-8575-4208-9658-f74d97e965c1_terseLabel_en-US" xlink:label="lab_clnc_RetailMaineMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail-Maine</link:label>
    <link:label id="lab_clnc_RetailMaineMember_label_en-US" xlink:label="lab_clnc_RetailMaineMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail, Maine [Member]</link:label>
    <link:label id="lab_clnc_RetailMaineMember_documentation_en-US" xlink:label="lab_clnc_RetailMaineMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail, Maine [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_RetailMaineMember" xlink:href="clnc-20201231.xsd#clnc_RetailMaineMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_RetailMaineMember" xlink:to="lab_clnc_RetailMaineMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_f82919bd-5fc5-4c67-bab9-271c9db73651_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of Segment Reporting</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:to="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_EstimatedIncomeTaxRefund_b9b09021-674e-4f2c-b1f5-5a45de1ac119_terseLabel_en-US" xlink:label="lab_clnc_EstimatedIncomeTaxRefund" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Projected income tax refund</link:label>
    <link:label id="lab_clnc_EstimatedIncomeTaxRefund_label_en-US" xlink:label="lab_clnc_EstimatedIncomeTaxRefund" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Estimated Income Tax Refund</link:label>
    <link:label id="lab_clnc_EstimatedIncomeTaxRefund_documentation_en-US" xlink:label="lab_clnc_EstimatedIncomeTaxRefund" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Estimated Income Tax Refund</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_EstimatedIncomeTaxRefund" xlink:href="clnc-20201231.xsd#clnc_EstimatedIncomeTaxRefund"/>
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    <link:label id="lab_clnc_NetLeaseSixMember_76da7e0e-1dbb-409c-939a-45a742126801_terseLabel_en-US" xlink:label="lab_clnc_NetLeaseSixMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net lease 6</link:label>
    <link:label id="lab_clnc_NetLeaseSixMember_label_en-US" xlink:label="lab_clnc_NetLeaseSixMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Lease Six [Member]</link:label>
    <link:label id="lab_clnc_NetLeaseSixMember_documentation_en-US" xlink:label="lab_clnc_NetLeaseSixMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Lease Six [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NetLeaseSixMember" xlink:href="clnc-20201231.xsd#clnc_NetLeaseSixMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_NetLeaseSixMember" xlink:to="lab_clnc_NetLeaseSixMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock_9485a46e-c927-403f-a694-c4d7b8759cdb_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Operating Real Estate Properties</link:label>
    <link:label id="lab_us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Real Estate Properties [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_CommercialMortgageIncludingPCILoansMember_5ca61650-0c41-49a1-a595-8fdaf99884da_terseLabel_en-US" xlink:label="lab_clnc_CommercialMortgageIncludingPCILoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial mortgage</link:label>
    <link:label id="lab_clnc_CommercialMortgageIncludingPCILoansMember_label_en-US" xlink:label="lab_clnc_CommercialMortgageIncludingPCILoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial Mortgage, Including PCI Loans [Member]</link:label>
    <link:label id="lab_clnc_CommercialMortgageIncludingPCILoansMember_documentation_en-US" xlink:label="lab_clnc_CommercialMortgageIncludingPCILoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial Mortgage, Including PCI Loans [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_CommercialMortgageIncludingPCILoansMember" xlink:href="clnc-20201231.xsd#clnc_CommercialMortgageIncludingPCILoansMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_CommercialMortgageIncludingPCILoansMember" xlink:to="lab_clnc_CommercialMortgageIncludingPCILoansMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInDueToRelatedParties_d49a2f7b-2f08-4d82-a5c9-8621380235c7_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Due to related party</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:to="lab_us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ImpairedFinancingReceivableRelatedAllowance_41dcb893-85a8-408a-b0d6-e74a456ae09d_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairedFinancingReceivableRelatedAllowance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Allowance for loan losses</link:label>
    <link:label id="lab_us-gaap_ImpairedFinancingReceivableRelatedAllowance_label_en-US" xlink:label="lab_us-gaap_ImpairedFinancingReceivableRelatedAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impaired Financing Receivable, Related Allowance</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ImpairedFinancingReceivableRelatedAllowance" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairedFinancingReceivableRelatedAllowance"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairedFinancingReceivableRelatedAllowance" xlink:to="lab_us-gaap_ImpairedFinancingReceivableRelatedAllowance" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeStatementAbstract_ba7d701c-c243-4b01-ab26-3aa61d481e1a_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Statement [Abstract]</link:label>
    <link:label id="lab_us-gaap_IncomeStatementAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Statement [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SeniorLoansMember_071095e2-1a05-4f21-9b8c-f63a347f85e1_terseLabel_en-US" xlink:label="lab_us-gaap_SeniorLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior loans</link:label>
    <link:label id="lab_us-gaap_SeniorLoansMember_label_en-US" xlink:label="lab_us-gaap_SeniorLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Senior Loans [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeniorLoansMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SeniorLoansMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeniorLoansMember" xlink:to="lab_us-gaap_SeniorLoansMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_ad5cfa63-8217-48e0-a70d-9132d58111e0_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Other Comprehensive Income</link:label>
    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">AOCI Attributable to Parent [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MortgageLoansHeldInSecuritizationTrustsMember_68bf7229-6299-4550-9aa3-2fab36ade03e_terseLabel_en-US" xlink:label="lab_clnc_MortgageLoansHeldInSecuritizationTrustsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage loans held in securitization trusts</link:label>
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    <link:label id="lab_clnc_MortgageLoansHeldInSecuritizationTrustsMember_documentation_en-US" xlink:label="lab_clnc_MortgageLoansHeldInSecuritizationTrustsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loans Held In Securitization Trusts</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_MortgageLoansHeldInSecuritizationTrustsMember" xlink:to="lab_clnc_MortgageLoansHeldInSecuritizationTrustsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_41fe1fc3-f06b-47db-86f9-d186cf51cf8d_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred costs and other assets</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_f88d151d-7224-4fc0-95ce-976533943558_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Segment Reporting Information, by Segment [Table]</link:label>
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    <link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_675cc1f4-dedd-471f-92c4-efd198c9ac7e_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary beneficiary</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_1d3e26be-d27d-4497-b576-84e292a9c1e3_verboseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary Beneficiary</link:label>
    <link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Interest Entity, Primary Beneficiary [Member]</link:label>
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    <link:label id="lab_srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_1acbd4fb-b04b-4af6-a0c5-ad05d730691e_terseLabel_en-US" xlink:label="lab_srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Name of Property [Domain]</link:label>
    <link:label id="lab_srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_label_en-US" xlink:label="lab_srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Name of Property [Domain]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:to="lab_srt_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AmortizationOfAboveAndBelowMarketLeases_ab6cd9e9-ad56-4231-a6ba-6fda43b41d15_terseLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfAboveAndBelowMarketLeases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization of above/below market lease values, net</link:label>
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    <link:label id="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock_81fab2d0-5275-4fdd-aec3-7f5eae0b8c8e_terseLabel_en-US" xlink:label="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of Awards Granted or Vested</link:label>
    <link:label id="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Nonvested Restricted Stock Shares Activity [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:to="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_UseOfEstimates_a79dc817-dafe-4f09-81f3-0498e860d730_terseLabel_en-US" xlink:label="lab_us-gaap_UseOfEstimates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Use of Estimates</link:label>
    <link:label id="lab_us-gaap_UseOfEstimates_label_en-US" xlink:label="lab_us-gaap_UseOfEstimates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Use of Estimates, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UseOfEstimates" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UseOfEstimates"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UseOfEstimates" xlink:to="lab_us-gaap_UseOfEstimates" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable_e11e2c58-d05e-425f-91e2-cf1253e2bdf6_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Long Lived Assets Held-for-sale [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Long Lived Assets Held-for-sale [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable" xlink:to="lab_us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MidwestRegionalMallMember_615d016c-ff3c-44a2-882f-ce1ad1756cf0_terseLabel_en-US" xlink:label="lab_clnc_MidwestRegionalMallMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Midwest Regional Mall</link:label>
    <link:label id="lab_clnc_MidwestRegionalMallMember_label_en-US" xlink:label="lab_clnc_MidwestRegionalMallMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Midwest Regional Mall [Member]</link:label>
    <link:label id="lab_clnc_MidwestRegionalMallMember_documentation_en-US" xlink:label="lab_clnc_MidwestRegionalMallMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Midwest Regional Mall</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MidwestRegionalMallMember" xlink:href="clnc-20201231.xsd#clnc_MidwestRegionalMallMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_MidwestRegionalMallMember" xlink:to="lab_clnc_MidwestRegionalMallMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NYHospitalityLoansMember_f9550496-9258-4324-99eb-04ec2ca5f6f8_terseLabel_en-US" xlink:label="lab_clnc_NYHospitalityLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NY hospitality loans</link:label>
    <link:label id="lab_clnc_NYHospitalityLoansMember_label_en-US" xlink:label="lab_clnc_NYHospitalityLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NY Hospitality Loans [Member]</link:label>
    <link:label id="lab_clnc_NYHospitalityLoansMember_documentation_en-US" xlink:label="lab_clnc_NYHospitalityLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NY Hospitality Loans [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NYHospitalityLoansMember" xlink:href="clnc-20201231.xsd#clnc_NYHospitalityLoansMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_NYHospitalityLoansMember" xlink:to="lab_clnc_NYHospitalityLoansMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_BankOneFacilityOneMember_44e65e6d-bb48-4a77-995f-c3d8c20a01f8_terseLabel_en-US" xlink:label="lab_clnc_BankOneFacilityOneMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank 1 facility 1</link:label>
    <link:label id="lab_clnc_BankOneFacilityOneMember_label_en-US" xlink:label="lab_clnc_BankOneFacilityOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank One Facility One [Member]</link:label>
    <link:label id="lab_clnc_BankOneFacilityOneMember_documentation_en-US" xlink:label="lab_clnc_BankOneFacilityOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank One Facility One [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_BankOneFacilityOneMember" xlink:href="clnc-20201231.xsd#clnc_BankOneFacilityOneMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_BankOneFacilityOneMember" xlink:to="lab_clnc_BankOneFacilityOneMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MixeduseDevelopmentProjectinIrelandMember_7493c28a-0f1d-499b-ba9e-47197c8002ae_terseLabel_en-US" xlink:label="lab_clnc_MixeduseDevelopmentProjectinIrelandMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mixed-use development project in Ireland</link:label>
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    <link:label id="lab_clnc_MixeduseDevelopmentProjectinIrelandMember_documentation_en-US" xlink:label="lab_clnc_MixeduseDevelopmentProjectinIrelandMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mixed-use Development Project in Ireland [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MixeduseDevelopmentProjectinIrelandMember" xlink:href="clnc-20201231.xsd#clnc_MixeduseDevelopmentProjectinIrelandMember"/>
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    <link:label id="lab_us-gaap_Dividends_951f5d77-38de-4632-be99-bc03b3d22aa9_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_Dividends" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends and distributions declared</link:label>
    <link:label id="lab_us-gaap_Dividends_label_en-US" xlink:label="lab_us-gaap_Dividends" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Dividends" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Dividends"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Dividends" xlink:to="lab_us-gaap_Dividends" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ConsolidatedEntitiesAxis_02dee907-31b9-411f-ac88-ac704b0cff58_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consolidated Entities [Axis]</link:label>
    <link:label id="lab_srt_ConsolidatedEntitiesAxis_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consolidated Entities [Axis]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesAxis" xlink:to="lab_srt_ConsolidatedEntitiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateImprovements_4b5e0940-11e3-4a77-8ce3-db7dc968393d_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateImprovements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Improvements and capitalized costs</link:label>
    <link:label id="lab_us-gaap_RealEstateImprovements_label_en-US" xlink:label="lab_us-gaap_RealEstateImprovements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Improvements</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateImprovements" xlink:to="lab_us-gaap_RealEstateImprovements" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_TransfersAndServicingOfFinancialAssetsTransfersOfFinancialAssetsPolicy_9ca81be3-5c0a-4aa9-b961-fa19e4c8dfde_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialAssetsTransfersOfFinancialAssetsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transfers of Financial Assets</link:label>
    <link:label id="lab_us-gaap_TransfersAndServicingOfFinancialAssetsTransfersOfFinancialAssetsPolicy_label_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialAssetsTransfersOfFinancialAssetsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialAssetsTransfersOfFinancialAssetsPolicy" xlink:to="lab_us-gaap_TransfersAndServicingOfFinancialAssetsTransfersOfFinancialAssetsPolicy" xlink:type="arc" order="1"/>
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    <link:label id="lab_clnc_OtherComprehensiveIncomeLossNetForeignInvestmentHedgesGainLossNetofTax_bf1c89a2-dafc-45a1-b89e-5e9253978094_verboseLabel_en-US" xlink:label="lab_clnc_OtherComprehensiveIncomeLossNetForeignInvestmentHedgesGainLossNetofTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Change in fair value of net investment hedges</link:label>
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    <link:label id="lab_clnc_MortgageLoansonRealEstateCollateralforSecuredBorrowingsWeightedAverageInterestRate_e591c0e8-b017-435e-ba9d-1abe9396c992_terseLabel_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateCollateralforSecuredBorrowingsWeightedAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average coupon (in percentage)</link:label>
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    <link:label id="lab_us-gaap_DisclosureOfLongLivedAssetsHeldForSaleTextBlock_bafbb30c-4eb3-4be7-af7a-323464ac5585_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfLongLivedAssetsHeldForSaleTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Assets Held for Sale Related to Loans and Preferred Equity</link:label>
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    <link:label id="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList_a09fd6b3-cf84-4ef2-b72f-43a2f6cb8a9f_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating lease liability [Extensible List]</link:label>
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    <link:label id="lab_clnc_RealEstateRevenueNetAndOtherIncome_d0747018-b4c2-4dc8-bb9a-83a998ed53e3_terseLabel_en-US" xlink:label="lab_clnc_RealEstateRevenueNetAndOtherIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property and other income</link:label>
    <link:label id="lab_clnc_RealEstateRevenueNetAndOtherIncome_label_en-US" xlink:label="lab_clnc_RealEstateRevenueNetAndOtherIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Revenue, Net And Other Income</link:label>
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    <link:label id="lab_dei_EntityDomain_34b33576-2d09-4091-a8f6-2a1fa6ae574f_terseLabel_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity [Domain]</link:label>
    <link:label id="lab_dei_EntityDomain_label_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity [Domain]</link:label>
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    <link:label id="lab_clnc_BelowmarketGroundLeaseMember_033cdc44-2139-4046-a76f-92e84a3f607a_terseLabel_en-US" xlink:label="lab_clnc_BelowmarketGroundLeaseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Below-market ground Lease obligations</link:label>
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    <link:label id="lab_clnc_BelowmarketGroundLeaseMember_documentation_en-US" xlink:label="lab_clnc_BelowmarketGroundLeaseMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Below-market Ground Lease [Member]</link:label>
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    <link:label id="lab_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation_017999ee-d4b6-4898-8504-68f2c77c6408_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shares canceled for tax withholding on vested stock awards</link:label>
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    <link:label id="lab_us-gaap_DesignatedAsHedgingInstrumentMember_a6eb2060-82e7-4f09-842e-2cf2ed9d25b5_terseLabel_en-US" xlink:label="lab_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Designated</link:label>
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    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract_36594d50-c341-4d59-8a0e-08c4b57494d1_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsFiscalYearMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]</link:label>
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    <link:label id="lab_clnc_SoutheastRegionalMallMember_06d10cbd-6233-43c4-82ee-cefdaa1eb838_terseLabel_en-US" xlink:label="lab_clnc_SoutheastRegionalMallMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Southeast regional mall</link:label>
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    <link:label id="lab_clnc_SoutheastRegionalMallMember_documentation_en-US" xlink:label="lab_clnc_SoutheastRegionalMallMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Southeast Regional Mall [Member]</link:label>
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    <link:label id="lab_clnc_MortgageLoansonRealEstateCommercialandConsumerNetInterestReceivable_e2313372-a739-4cb8-b30e-9c10fcbce466_terseLabel_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateCommercialandConsumerNetInterestReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest receivable</link:label>
    <link:label id="lab_clnc_MortgageLoansonRealEstateCommercialandConsumerNetInterestReceivable_label_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateCommercialandConsumerNetInterestReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loans on Real Estate, Commercial and Consumer, Net, Interest Receivable</link:label>
    <link:label id="lab_clnc_MortgageLoansonRealEstateCommercialandConsumerNetInterestReceivable_documentation_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateCommercialandConsumerNetInterestReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loans on Real Estate, Commercial and Consumer, Net, Interest Receivable</link:label>
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    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest_66496abc-25f7-4406-9c03-45bd9a5e14e1_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income (loss)</link:label>
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    <link:label id="lab_us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock_2dba689a-9e30-4688-a223-f58ca4bcac48_terseLabel_en-US" xlink:label="lab_us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of the CMBS Investments</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock" xlink:to="lab_us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MortgageLoansOnRealEstateInterestRate_22170a0f-5111-477d-8d28-4fbd552dc854_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average coupon (in percentage)</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateInterestRate_a45885f7-6979-4c80-a311-2dd13c0cbad1_netLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateInterestRate" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred equity debt investment fixed interest rate (in percentage)</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateInterestRate_8d3c4983-f8ff-49eb-a74b-c58830e9578c_verboseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateInterestRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest rate</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateInterestRate_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateInterestRate" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoansOnRealEstateInterestRate"/>
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    <link:label id="lab_clnc_OtherPortfolioNetMember_264115c3-205c-414d-ae38-43bdb3047577_terseLabel_en-US" xlink:label="lab_clnc_OtherPortfolioNetMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other portfolio, net</link:label>
    <link:label id="lab_clnc_OtherPortfolioNetMember_label_en-US" xlink:label="lab_clnc_OtherPortfolioNetMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Portfolio, Net [Member]</link:label>
    <link:label id="lab_clnc_OtherPortfolioNetMember_documentation_en-US" xlink:label="lab_clnc_OtherPortfolioNetMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Portfolio, Net [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_OtherPortfolioNetMember" xlink:href="clnc-20201231.xsd#clnc_OtherPortfolioNetMember"/>
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    <link:label id="lab_us-gaap_FixturesAndEquipmentGross_5a287967-1049-48fc-84f8-c8813923850f_terseLabel_en-US" xlink:label="lab_us-gaap_FixturesAndEquipmentGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Furniture, fixtures and equipment</link:label>
    <link:label id="lab_us-gaap_FixturesAndEquipmentGross_label_en-US" xlink:label="lab_us-gaap_FixturesAndEquipmentGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fixtures and Equipment, Gross</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FixturesAndEquipmentGross" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FixturesAndEquipmentGross"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FixturesAndEquipmentGross" xlink:to="lab_us-gaap_FixturesAndEquipmentGross" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_a8844b1a-675e-4df0-8aac-dc051199a6da_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Useful life (in years)</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, Plant and Equipment, Useful Life</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_PrepaidExpenseExcludingPrepaidTaxes_218e9ce9-a98e-4e37-9751-0c1256131e7c_terseLabel_en-US" xlink:label="lab_clnc_PrepaidExpenseExcludingPrepaidTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prepaid expenses</link:label>
    <link:label id="lab_clnc_PrepaidExpenseExcludingPrepaidTaxes_label_en-US" xlink:label="lab_clnc_PrepaidExpenseExcludingPrepaidTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prepaid Expense Excluding Prepaid Taxes</link:label>
    <link:label id="lab_clnc_PrepaidExpenseExcludingPrepaidTaxes_documentation_en-US" xlink:label="lab_clnc_PrepaidExpenseExcludingPrepaidTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prepaid Expense Excluding Prepaid Taxes</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_PrepaidExpenseExcludingPrepaidTaxes" xlink:href="clnc-20201231.xsd#clnc_PrepaidExpenseExcludingPrepaidTaxes"/>
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    <link:label id="lab_clnc_BankFIveFacilityTwoMember_98c71720-8e37-4d9d-a72f-0283445549ca_terseLabel_en-US" xlink:label="lab_clnc_BankFIveFacilityTwoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank 5 facility 2</link:label>
    <link:label id="lab_clnc_BankFIveFacilityTwoMember_label_en-US" xlink:label="lab_clnc_BankFIveFacilityTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank FIve Facility Two [Member]</link:label>
    <link:label id="lab_clnc_BankFIveFacilityTwoMember_documentation_en-US" xlink:label="lab_clnc_BankFIveFacilityTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank FIve Facility Two [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_BankFIveFacilityTwoMember" xlink:href="clnc-20201231.xsd#clnc_BankFIveFacilityTwoMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_BankFIveFacilityTwoMember" xlink:to="lab_clnc_BankFIveFacilityTwoMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_AffiliatedEntityMember_53373862-6c49-42eb-8db8-fac21625a347_terseLabel_en-US" xlink:label="lab_srt_AffiliatedEntityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Affiliated Entity</link:label>
    <link:label id="lab_srt_AffiliatedEntityMember_label_en-US" xlink:label="lab_srt_AffiliatedEntityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Affiliated Entity [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_AffiliatedEntityMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_AffiliatedEntityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_AffiliatedEntityMember" xlink:to="lab_srt_AffiliatedEntityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock_248738b3-cf95-444d-9d14-6984f9023e25_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in Unconsolidated Ventures</link:label>
    <link:label id="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock_label_en-US" xlink:label="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in and Advances to Affiliates, Schedule of Investments [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xlink:to="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_TenantImprovements_c252dd43-d893-4c98-b8ff-b52768a147f1_terseLabel_en-US" xlink:label="lab_us-gaap_TenantImprovements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tenant improvements</link:label>
    <link:label id="lab_us-gaap_TenantImprovements_label_en-US" xlink:label="lab_us-gaap_TenantImprovements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tenant Improvements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TenantImprovements" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TenantImprovements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TenantImprovements" xlink:to="lab_us-gaap_TenantImprovements" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherNoncashExpense_d26fc215-ba47-418d-99a2-08f670d42763_terseLabel_en-US" xlink:label="lab_us-gaap_OtherNoncashExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other (gain) loss, net</link:label>
    <link:label id="lab_us-gaap_OtherNoncashExpense_label_en-US" xlink:label="lab_us-gaap_OtherNoncashExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Noncash Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNoncashExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherNoncashExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNoncashExpense" xlink:to="lab_us-gaap_OtherNoncashExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_DebtFinancedAmountofLoansAvailableforRecoursePercent_a99fa33d-e167-4c76-9a31-44dd5ee00e50_terseLabel_en-US" xlink:label="lab_clnc_DebtFinancedAmountofLoansAvailableforRecoursePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percent of recourse of the financed amount</link:label>
    <link:label id="lab_clnc_DebtFinancedAmountofLoansAvailableforRecoursePercent_label_en-US" xlink:label="lab_clnc_DebtFinancedAmountofLoansAvailableforRecoursePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt, Financed Amount of Loans Available for Recourse, Percent</link:label>
    <link:label id="lab_clnc_DebtFinancedAmountofLoansAvailableforRecoursePercent_documentation_en-US" xlink:label="lab_clnc_DebtFinancedAmountofLoansAvailableforRecoursePercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt, Financed Amount of Loans Available for Recourse, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_DebtFinancedAmountofLoansAvailableforRecoursePercent" xlink:href="clnc-20201231.xsd#clnc_DebtFinancedAmountofLoansAvailableforRecoursePercent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_DebtFinancedAmountofLoansAvailableforRecoursePercent" xlink:to="lab_clnc_DebtFinancedAmountofLoansAvailableforRecoursePercent" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueDisclosuresAbstract_1571ab28-d1b4-40e9-8b54-951a6b9e87fc_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Disclosures [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueDisclosuresAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract" xlink:to="lab_us-gaap_FairValueDisclosuresAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_RightOfUseLeaseAssetsAndOperatingLeaseLiabilities_9bc801cc-fe0c-475c-bd52-ab5bdb53405e_terseLabel_en-US" xlink:label="lab_clnc_RightOfUseLeaseAssetsAndOperatingLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Right-of-use lease assets and operating lease liabilities</link:label>
    <link:label id="lab_clnc_RightOfUseLeaseAssetsAndOperatingLeaseLiabilities_label_en-US" xlink:label="lab_clnc_RightOfUseLeaseAssetsAndOperatingLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Right-Of-Use Lease Assets And Operating Lease Liabilities</link:label>
    <link:label id="lab_clnc_RightOfUseLeaseAssetsAndOperatingLeaseLiabilities_documentation_en-US" xlink:label="lab_clnc_RightOfUseLeaseAssetsAndOperatingLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Right-Of-Use Lease Assets And Operating Lease Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_RightOfUseLeaseAssetsAndOperatingLeaseLiabilities" xlink:href="clnc-20201231.xsd#clnc_RightOfUseLeaseAssetsAndOperatingLeaseLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_RightOfUseLeaseAssetsAndOperatingLeaseLiabilities" xlink:to="lab_clnc_RightOfUseLeaseAssetsAndOperatingLeaseLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RestrictedCashAndCashEquivalents_4cec2cfa-93ac-49f6-8fab-c97e19791591_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted cash</link:label>
    <link:label id="lab_us-gaap_RestrictedCashAndCashEquivalents_label_en-US" xlink:label="lab_us-gaap_RestrictedCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Cash and Cash Equivalents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedCashAndCashEquivalents" xlink:to="lab_us-gaap_RestrictedCashAndCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherNonoperatingGainsLosses_e292a52a-cad0-4570-9435-db4424a26b01_terseLabel_en-US" xlink:label="lab_us-gaap_OtherNonoperatingGainsLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other loss, net</link:label>
    <link:label id="lab_us-gaap_OtherNonoperatingGainsLosses_6740693e-3489-4007-8382-9ce328bb46c7_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherNonoperatingGainsLosses" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other gain (loss), net</link:label>
    <link:label id="lab_us-gaap_OtherNonoperatingGainsLosses_label_en-US" xlink:label="lab_us-gaap_OtherNonoperatingGainsLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Nonoperating Gains (Losses)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingGainsLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherNonoperatingGainsLosses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNonoperatingGainsLosses" xlink:to="lab_us-gaap_OtherNonoperatingGainsLosses" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities_da1ffc58-4de4-4add-b2e5-052dfa434832_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real estate securities, available for sale, at fair value</link:label>
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    <link:label id="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateTransferofLoansHeldforSale_d90d5ba2-23db-4491-9747-61d28f6ef979_negatedTerseLabel_en-US" xlink:label="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateTransferofLoansHeldforSale" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transfer to loans held for sale</link:label>
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    <link:label id="lab_clnc_HotelMinnesotaMember_5fe28bc4-2c06-4be2-9dba-9e8553f94dfa_terseLabel_en-US" xlink:label="lab_clnc_HotelMinnesotaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel, Minnesota</link:label>
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    <link:label id="lab_clnc_NumberofBuildingsAcquired_6bade2cd-0ef7-4807-a3ba-1d8ef149265c_terseLabel_en-US" xlink:label="lab_clnc_NumberofBuildingsAcquired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of Buildings</link:label>
    <link:label id="lab_clnc_NumberofBuildingsAcquired_label_en-US" xlink:label="lab_clnc_NumberofBuildingsAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of Buildings Acquired</link:label>
    <link:label id="lab_clnc_NumberofBuildingsAcquired_documentation_en-US" xlink:label="lab_clnc_NumberofBuildingsAcquired" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of Buildings Acquired</link:label>
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    <link:label id="lab_clnc_MultifamilyVariousUSAMember_f4c09ff8-c558-4ea5-8be7-fbd3627e95fd_terseLabel_en-US" xlink:label="lab_clnc_MultifamilyVariousUSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Multifamily, Various, USA</link:label>
    <link:label id="lab_clnc_MultifamilyVariousUSAMember_label_en-US" xlink:label="lab_clnc_MultifamilyVariousUSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Multifamily, Various, USA [Member]</link:label>
    <link:label id="lab_clnc_MultifamilyVariousUSAMember_documentation_en-US" xlink:label="lab_clnc_MultifamilyVariousUSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Multifamily, Various, USA</link:label>
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    <link:label id="lab_us-gaap_RestrictedStockMember_28e4ceff-d712-4daf-a4d6-c50b613b17c3_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Stock</link:label>
    <link:label id="lab_us-gaap_RestrictedStockMember_label_en-US" xlink:label="lab_us-gaap_RestrictedStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockMember" xlink:to="lab_us-gaap_RestrictedStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredChargesPolicyTextBlock_7bc82d0f-8bbb-4826-bb82-2d6a52022d11_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredChargesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Costs</link:label>
    <link:label id="lab_us-gaap_DeferredChargesPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_DeferredChargesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Charges, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredChargesPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredChargesPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredChargesPolicyTextBlock" xlink:to="lab_us-gaap_DeferredChargesPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_a620d452-abd2-4f40-979e-c02adf070472_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Payment Arrangement [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_LiabilitiesRelatedtoAssetsHeldforsaleNotPartofDisposalGroupAbstract_25932c08-e7b2-4ef0-b20b-267365f2ffe5_terseLabel_en-US" xlink:label="lab_clnc_LiabilitiesRelatedtoAssetsHeldforsaleNotPartofDisposalGroupAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities</link:label>
    <link:label id="lab_clnc_LiabilitiesRelatedtoAssetsHeldforsaleNotPartofDisposalGroupAbstract_label_en-US" xlink:label="lab_clnc_LiabilitiesRelatedtoAssetsHeldforsaleNotPartofDisposalGroupAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities Related to Assets Held-for-sale, Not Part of Disposal Group [Abstract]</link:label>
    <link:label id="lab_clnc_LiabilitiesRelatedtoAssetsHeldforsaleNotPartofDisposalGroupAbstract_documentation_en-US" xlink:label="lab_clnc_LiabilitiesRelatedtoAssetsHeldforsaleNotPartofDisposalGroupAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities Related to Assets Held-for-sale, Not Part of Disposal Group [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_LiabilitiesRelatedtoAssetsHeldforsaleNotPartofDisposalGroupAbstract" xlink:href="clnc-20201231.xsd#clnc_LiabilitiesRelatedtoAssetsHeldforsaleNotPartofDisposalGroupAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_LiabilitiesRelatedtoAssetsHeldforsaleNotPartofDisposalGroupAbstract" xlink:to="lab_clnc_LiabilitiesRelatedtoAssetsHeldforsaleNotPartofDisposalGroupAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_VariableInterestEntityPrimaryBeneficiarySecuritizationTrustMember_8a752b57-5610-4943-87e9-a4ad75e657ea_terseLabel_en-US" xlink:label="lab_clnc_VariableInterestEntityPrimaryBeneficiarySecuritizationTrustMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Primary beneficiary, securitization trust</link:label>
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    <link:label id="lab_clnc_VariableInterestEntityPrimaryBeneficiarySecuritizationTrustMember_documentation_en-US" xlink:label="lab_clnc_VariableInterestEntityPrimaryBeneficiarySecuritizationTrustMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Interest Entity, Primary Beneficiary Securitization Trust [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_VariableInterestEntityPrimaryBeneficiarySecuritizationTrustMember" xlink:href="clnc-20201231.xsd#clnc_VariableInterestEntityPrimaryBeneficiarySecuritizationTrustMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_VariableInterestEntityPrimaryBeneficiarySecuritizationTrustMember" xlink:to="lab_clnc_VariableInterestEntityPrimaryBeneficiarySecuritizationTrustMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromCollectionOfFinanceReceivables_a65ff747-ae61-443d-8020-f9b9ea7aab0a_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromCollectionOfFinanceReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from collection on loans</link:label>
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    <link:label id="lab_srt_ConsolidatedEntitiesDomain_5ed1ab39-33d0-4d68-8306-94ad42baadb9_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consolidated Entities [Domain]</link:label>
    <link:label id="lab_srt_ConsolidatedEntitiesDomain_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consolidated Entities [Domain]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesDomain" xlink:to="lab_srt_ConsolidatedEntitiesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NumberOfInvestmentHeldForSale_eef3118c-0d27-4d93-b09f-3b4d3699dfd7_terseLabel_en-US" xlink:label="lab_clnc_NumberOfInvestmentHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of investment in unconsolidated venture held for sale</link:label>
    <link:label id="lab_clnc_NumberOfInvestmentHeldForSale_label_en-US" xlink:label="lab_clnc_NumberOfInvestmentHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Investment Held-For-Sale</link:label>
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    <link:label id="lab_us-gaap_InterestIncomeExpenseNetAbstract_aa332274-f77e-4e1d-84fc-a4f62b04f242_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeExpenseNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net interest income</link:label>
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    <link:label id="lab_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember_fb0b8c59-5943-4ab4-a3ee-92853e82dfd5_verboseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">90 Days or More Past Due</link:label>
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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_9274ed7c-0a60-49f2-ae9e-a8bba03b943d_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Forfeited, weighted average grant date fair value (in dollars per share)</link:label>
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    <link:label id="lab_srt_MortgageLoansOnRealEstatePriorLiens1_ea204138-63cc-4da7-8b3d-24f00666e50a_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstatePriorLiens1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prior Liens</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstatePriorLiens1_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstatePriorLiens1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Prior Lien, Amount</link:label>
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    <link:label id="lab_us-gaap_RealEstateLineItems_3855739e-a320-4fa1-aaca-6f4b788ce989_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate [Line Items]</link:label>
    <link:label id="lab_us-gaap_RealEstateLineItems_label_en-US" xlink:label="lab_us-gaap_RealEstateLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate [Line Items]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateLineItems" xlink:to="lab_us-gaap_RealEstateLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_HospitalityAndRetailLoanMember_ac221ae8-c316-4009-9a70-322558f7807c_terseLabel_en-US" xlink:label="lab_clnc_HospitalityAndRetailLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hospitality and retail loan</link:label>
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    <link:label id="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_96f48f22-c39c-467c-b83f-c78d84a611f2_terseLabel_en-US" xlink:label="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts, Notes, Loans and Financing Receivable [Line Items]</link:label>
    <link:label id="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems_label_en-US" xlink:label="lab_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts, Notes, Loans and Financing Receivable [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsNotesAndLoansReceivableLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountsNotesAndLoansReceivableLineItems"/>
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    <link:label id="lab_us-gaap_InterestRateSwapMember_983b4284-df1f-4b4f-a913-4b87bbde195d_terseLabel_en-US" xlink:label="lab_us-gaap_InterestRateSwapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Rate Swap</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestRateSwapMember" xlink:to="lab_us-gaap_InterestRateSwapMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_6bbaedb7-5efd-4ab1-854b-9dcfb37c04fa_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cumulative Effect, Period of Adoption, Adjustment</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember"/>
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    <link:label id="lab_us-gaap_LandImprovementsMember_22b07964-c39b-4218-b300-5f7786a0590a_terseLabel_en-US" xlink:label="lab_us-gaap_LandImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land improvements</link:label>
    <link:label id="lab_us-gaap_LandImprovementsMember_label_en-US" xlink:label="lab_us-gaap_LandImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land Improvements [Member]</link:label>
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    <link:label id="lab_clnc_EquityInvestmentFaceAmount_38694645-a56b-48cf-9cf1-eadf34dd9ea0_terseLabel_en-US" xlink:label="lab_clnc_EquityInvestmentFaceAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mezzanine loan</link:label>
    <link:label id="lab_clnc_EquityInvestmentFaceAmount_label_en-US" xlink:label="lab_clnc_EquityInvestmentFaceAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Investment, Face Amount</link:label>
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    <link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_5fe95951-5ed6-44b4-8052-20e54f42e325_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsIntangibleAssetsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Identified Intangibles</link:label>
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    <link:label id="lab_us-gaap_AdditionalPaidInCapitalCommonStock_14990b6e-4938-4e1e-a727-8607d5610de3_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Additional paid-in capital</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeDomain" xlink:to="lab_us-gaap_SubsequentEventTypeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_780f3633-0a79-4674-b65b-f4dee4275dde_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average discount rate (as a percentage)</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Lease, Weighted Average Discount Rate, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:to="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AssetsFairValueDisclosureAbstract_6dad0226-8a64-4c96-8125-d8235c763382_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets:</link:label>
    <link:label id="lab_us-gaap_AssetsFairValueDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets, Fair Value Disclosure [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsFairValueDisclosureAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsFairValueDisclosureAbstract" xlink:to="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MortgageLoansonRealEstateWeightedAverageMaturity_385eda68-7c91-4e7c-bfad-e0ce4ec286c3_terseLabel_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateWeightedAverageMaturity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average maturity in years</link:label>
    <link:label id="lab_clnc_MortgageLoansonRealEstateWeightedAverageMaturity_label_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateWeightedAverageMaturity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loans on Real Estate, Weighted Average Maturity</link:label>
    <link:label id="lab_clnc_MortgageLoansonRealEstateWeightedAverageMaturity_documentation_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateWeightedAverageMaturity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loans on Real Estate, Weighted Average Maturity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MortgageLoansonRealEstateWeightedAverageMaturity" xlink:href="clnc-20201231.xsd#clnc_MortgageLoansonRealEstateWeightedAverageMaturity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_MortgageLoansonRealEstateWeightedAverageMaturity" xlink:to="lab_clnc_MortgageLoansonRealEstateWeightedAverageMaturity" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyAtCost_f262d621-2402-4cf7-ad95-c2aa257bf5ab_totalLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAtCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subtotal</link:label>
    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyAtCost_label_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAtCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Investment Property, at Cost</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAtCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAtCost" xlink:to="lab_us-gaap_RealEstateInvestmentPropertyAtCost" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_3fdf6131-f249-4ea6-84e2-93105c34626d_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other liabilities</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (Decrease) in Other Operating Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AssetImpairmentCharges_ddc81f0e-4414-4b13-9b21-0067bcc9e87a_terseLabel_en-US" xlink:label="lab_us-gaap_AssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total impairment</link:label>
    <link:label id="lab_us-gaap_AssetImpairmentCharges_label_en-US" xlink:label="lab_us-gaap_AssetImpairmentCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Impairment Charges</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetImpairmentCharges" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetImpairmentCharges"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetImpairmentCharges" xlink:to="lab_us-gaap_AssetImpairmentCharges" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NumberOfCoInvestments_b671b711-1da5-4a51-9354-c1e1acf0530e_terseLabel_en-US" xlink:label="lab_clnc_NumberOfCoInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of co-investments</link:label>
    <link:label id="lab_clnc_NumberOfCoInvestments_label_en-US" xlink:label="lab_clnc_NumberOfCoInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Co-Investments</link:label>
    <link:label id="lab_clnc_NumberOfCoInvestments_documentation_en-US" xlink:label="lab_clnc_NumberOfCoInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Co-Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NumberOfCoInvestments" xlink:href="clnc-20201231.xsd#clnc_NumberOfCoInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_NumberOfCoInvestments" xlink:to="lab_clnc_NumberOfCoInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock_347bf08d-0d5e-4c67-8a56-ad559d60bb75_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Derivative Liabilities at Fair Value</link:label>
    <link:label id="lab_us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Derivative Liabilities at Fair Value [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_5792551c-3f40-40d9-8fbe-597cafc1a48c_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Distributions paid on common stock</link:label>
    <link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_label_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments of Ordinary Dividends, Common Stock</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividendsCommonStock" xlink:to="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MezzanineLoanMember_99285bdd-4990-4308-9741-45f5438c2570_terseLabel_en-US" xlink:label="lab_clnc_MezzanineLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mezzanine loan</link:label>
    <link:label id="lab_clnc_MezzanineLoanMember_label_en-US" xlink:label="lab_clnc_MezzanineLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mezzanine Loan [Member]</link:label>
    <link:label id="lab_clnc_MezzanineLoanMember_documentation_en-US" xlink:label="lab_clnc_MezzanineLoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Represents information pertaining to the mezzanine loan.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MezzanineLoanMember" xlink:href="clnc-20201231.xsd#clnc_MezzanineLoanMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_MezzanineLoanMember" xlink:to="lab_clnc_MezzanineLoanMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_ProceedsFromIssuanceOfMezzanineLoan_ff7121ad-af60-4c7f-894c-fa12b25f31bc_terseLabel_en-US" xlink:label="lab_clnc_ProceedsFromIssuanceOfMezzanineLoan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Additional mezzanine financing</link:label>
    <link:label id="lab_clnc_ProceedsFromIssuanceOfMezzanineLoan_label_en-US" xlink:label="lab_clnc_ProceedsFromIssuanceOfMezzanineLoan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds From Issuance Of Mezzanine Loan</link:label>
    <link:label id="lab_clnc_ProceedsFromIssuanceOfMezzanineLoan_documentation_en-US" xlink:label="lab_clnc_ProceedsFromIssuanceOfMezzanineLoan" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds From Issuance Of Mezzanine Loan</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_ProceedsFromIssuanceOfMezzanineLoan" xlink:href="clnc-20201231.xsd#clnc_ProceedsFromIssuanceOfMezzanineLoan"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_ProceedsFromIssuanceOfMezzanineLoan" xlink:to="lab_clnc_ProceedsFromIssuanceOfMezzanineLoan" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherLiabilitiesTableTextBlock_35defae2-0f32-4511-b336-8c01738e6df7_terseLabel_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of Other Liabilities</link:label>
    <link:label id="lab_us-gaap_OtherLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Liabilities [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilitiesTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherLiabilitiesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesTableTextBlock" xlink:to="lab_us-gaap_OtherLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_f7f16dfc-6874-4150-ab72-aa9ca131d64c_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember_b8bfc77e-1de0-46b1-9982-13492af9effa_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Held-for-sale</link:label>
    <link:label id="lab_us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember_label_en-US" xlink:label="lab_us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group, Held-for-sale, Not Discontinued Operations [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember" xlink:to="lab_us-gaap_DisposalGroupHeldforsaleNotDiscontinuedOperationsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain_3f47c78b-6e13-4e28-b81a-07c0d7702761_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate [Domain]</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoansOnRealEstateNamePropertyTypeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:to="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_AdjustmentsToAdditionalPaidInCapitalInvestmentInJointVentureAndEquityReallocation_4a1a9756-957e-4b88-87f9-e5b4d9deb856_negatedLabel_en-US" xlink:label="lab_clnc_AdjustmentsToAdditionalPaidInCapitalInvestmentInJointVentureAndEquityReallocation" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment by JV partner in consolidated JV and equity reallocation related to that partner's return (see Note 2)</link:label>
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    <link:label id="lab_clnc_AdjustmentsToAdditionalPaidInCapitalInvestmentInJointVentureAndEquityReallocation_documentation_en-US" xlink:label="lab_clnc_AdjustmentsToAdditionalPaidInCapitalInvestmentInJointVentureAndEquityReallocation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Adjustments To Additional Paid-In-Capital, Investment In Joint Venture And Equity Reallocation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_AdjustmentsToAdditionalPaidInCapitalInvestmentInJointVentureAndEquityReallocation" xlink:href="clnc-20201231.xsd#clnc_AdjustmentsToAdditionalPaidInCapitalInvestmentInJointVentureAndEquityReallocation"/>
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    <link:label id="lab_us-gaap_DepreciationAndAmortization_6b21c680-94f4-43cc-bb97-efc11d557588_verboseLabel_en-US" xlink:label="lab_us-gaap_DepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Depreciation and amortization</link:label>
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    <link:label id="lab_us-gaap_DepreciationAndAmortization_6315a705-4bed-4243-8cc2-228d23aa180f_negatedLabel_en-US" xlink:label="lab_us-gaap_DepreciationAndAmortization" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Depreciation and amortization</link:label>
    <link:label id="lab_us-gaap_DepreciationAndAmortization_label_en-US" xlink:label="lab_us-gaap_DepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Depreciation, Depletion and Amortization, Nonproduction</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationAndAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DepreciationAndAmortization"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationAndAmortization" xlink:to="lab_us-gaap_DepreciationAndAmortization" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_HotelOperatingIncome_738fc79b-f3a0-4193-8b43-05d5b8e03185_terseLabel_en-US" xlink:label="lab_clnc_HotelOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel operating income</link:label>
    <link:label id="lab_clnc_HotelOperatingIncome_label_en-US" xlink:label="lab_clnc_HotelOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel Operating Income</link:label>
    <link:label id="lab_clnc_HotelOperatingIncome_documentation_en-US" xlink:label="lab_clnc_HotelOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel Operating Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_HotelOperatingIncome" xlink:href="clnc-20201231.xsd#clnc_HotelOperatingIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_HotelOperatingIncome" xlink:to="lab_clnc_HotelOperatingIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_AvailableforSaleSecuritiesDebtMaturitiesExpectedMaturityPeriod_0a444997-86eb-4ee8-adac-593112d416b7_terseLabel_en-US" xlink:label="lab_clnc_AvailableforSaleSecuritiesDebtMaturitiesExpectedMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Expected maturity</link:label>
    <link:label id="lab_clnc_AvailableforSaleSecuritiesDebtMaturitiesExpectedMaturityPeriod_label_en-US" xlink:label="lab_clnc_AvailableforSaleSecuritiesDebtMaturitiesExpectedMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Available-for-Sale Securities, Debt Maturities, Expected Maturity Period</link:label>
    <link:label id="lab_clnc_AvailableforSaleSecuritiesDebtMaturitiesExpectedMaturityPeriod_documentation_en-US" xlink:label="lab_clnc_AvailableforSaleSecuritiesDebtMaturitiesExpectedMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Available-for-Sale Securities, Debt Maturities, Expected Maturity Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_AvailableforSaleSecuritiesDebtMaturitiesExpectedMaturityPeriod" xlink:href="clnc-20201231.xsd#clnc_AvailableforSaleSecuritiesDebtMaturitiesExpectedMaturityPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_AvailableforSaleSecuritiesDebtMaturitiesExpectedMaturityPeriod" xlink:to="lab_clnc_AvailableforSaleSecuritiesDebtMaturitiesExpectedMaturityPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateIncludingLoansCollateralizedByInterest_aef6310f-40cd-4cda-b6a6-1382bff5f125_periodStartLabel_en-US" xlink:label="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateIncludingLoansCollateralizedByInterest" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Balance at January 1</link:label>
    <link:label id="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateIncludingLoansCollateralizedByInterest_8163a992-488f-429e-b531-40eee54ec271_periodEndLabel_en-US" xlink:label="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateIncludingLoansCollateralizedByInterest" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Balance at December 31</link:label>
    <link:label id="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateIncludingLoansCollateralizedByInterest_label_en-US" xlink:label="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateIncludingLoansCollateralizedByInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate Including Loans Collateralized By Interest</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clnc_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateIncludingLoansCollateralizedByInterest" xlink:href="clnc-20201231.xsd#clnc_SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateIncludingLoansCollateralizedByInterest"/>
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    <link:label id="lab_clnc_AboveandBelowMarketLeasesAmortizationIncome_809b918c-0d00-42e2-b7c4-2c57bbc29dc1_terseLabel_en-US" xlink:label="lab_clnc_AboveandBelowMarketLeasesAmortizationIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net amortization income related to above and below-market leases</link:label>
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    <link:label id="lab_clnc_WorkingCapitalandOtherReservesMember_d27b5dab-d8eb-4a3a-9634-0bf31a895c09_terseLabel_en-US" xlink:label="lab_clnc_WorkingCapitalandOtherReservesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Working capital and other reserves</link:label>
    <link:label id="lab_clnc_WorkingCapitalandOtherReservesMember_label_en-US" xlink:label="lab_clnc_WorkingCapitalandOtherReservesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Working Capital and Other Reserves [Member]</link:label>
    <link:label id="lab_clnc_WorkingCapitalandOtherReservesMember_documentation_en-US" xlink:label="lab_clnc_WorkingCapitalandOtherReservesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Working Capital and Other Reserves [Member]</link:label>
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    <link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_cee5493c-04e4-44c8-900b-017bf9876e10_negatedLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cumulative Unrealized (Loss) on Investments</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax"/>
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    <link:label id="lab_us-gaap_FinanceLoanAndLeaseReceivablesHeldForInvestmentPolicy_3d1e699c-3750-413d-9efa-d7ca0cbe3e0d_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLoanAndLeaseReceivablesHeldForInvestmentPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans and Preferred Equity Held for Investment</link:label>
    <link:label id="lab_us-gaap_FinanceLoanAndLeaseReceivablesHeldForInvestmentPolicy_label_en-US" xlink:label="lab_us-gaap_FinanceLoanAndLeaseReceivablesHeldForInvestmentPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Held-for-investment [Policy Text Block]</link:label>
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    <link:label id="lab_dei_EntityAddressPostalZipCode_9e406e39-434d-4209-9508-6322324461dd_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
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    <link:label id="lab_us-gaap_DeferredTaxAssetsNet_853994c9-ade4-42ba-8cb2-c4aaecbe3aec_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred tax assets, net of valuation allowance</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsNet" xlink:to="lab_us-gaap_DeferredTaxAssetsNet" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_PropertyOperatingIncomeExcludingAmortizationofBelowAboveLeases_97a610b5-bf71-4e57-91ac-8f6b6e2324cb_totalLabel_en-US" xlink:label="lab_clnc_PropertyOperatingIncomeExcludingAmortizationofBelowAboveLeases" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property operating income</link:label>
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    <link:label id="lab_clnc_DebtAdvanceRate_57c6637f-e326-4177-8961-8f27dc9a5fdc_terseLabel_en-US" xlink:label="lab_clnc_DebtAdvanceRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Advance rate</link:label>
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    <link:label id="lab_clnc_DebtAdvanceRate_documentation_en-US" xlink:label="lab_clnc_DebtAdvanceRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt, Advance Rate</link:label>
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    <link:label id="lab_clnc_ProceedsfromSaleofMortgageLoansonRealEstateHeldinTrust_cef9b220-7a7d-4e9d-9239-d17ea427dc16_terseLabel_en-US" xlink:label="lab_clnc_ProceedsfromSaleofMortgageLoansonRealEstateHeldinTrust" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from sale of mortgage loans held in securitization trusts</link:label>
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    <link:label id="lab_clnc_ProceedsfromSaleofMortgageLoansonRealEstateHeldinTrust_documentation_en-US" xlink:label="lab_clnc_ProceedsfromSaleofMortgageLoansonRealEstateHeldinTrust" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from Sale of Mortgage Loans on Real Estate, Held in Trust</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_ProceedsfromSaleofMortgageLoansonRealEstateHeldinTrust" xlink:href="clnc-20201231.xsd#clnc_ProceedsfromSaleofMortgageLoansonRealEstateHeldinTrust"/>
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    <link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_824e60b6-d860-4a6f-8715-3ad97c2d1f8d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-sale [Line Items]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RealEstateFederalIncomeTaxBasis" xlink:to="lab_srt_RealEstateFederalIncomeTaxBasis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccountingStandardsUpdateExtensibleList_cdc7fb29-7d3e-4302-a14b-2d14fa26a789_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdateExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounting Standards Update [Extensible List]</link:label>
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    <link:label id="lab_clnc_RetailNewYorkMember_e70a416b-17dd-40c0-a865-9056b12d769b_terseLabel_en-US" xlink:label="lab_clnc_RetailNewYorkMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail-New York</link:label>
    <link:label id="lab_clnc_RetailNewYorkMember_label_en-US" xlink:label="lab_clnc_RetailNewYorkMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail, New York [Member]</link:label>
    <link:label id="lab_clnc_RetailNewYorkMember_documentation_en-US" xlink:label="lab_clnc_RetailNewYorkMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail, New York [Member]</link:label>
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    <link:label id="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateAmortizationofPremiumIncludingCorporateTermLoan_617d5651-3111-46bf-aba8-88c6e2d0e167_terseLabel_en-US" xlink:label="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateAmortizationofPremiumIncludingCorporateTermLoan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Discount accretion/premium amortization</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateAmortizationofPremiumIncludingCorporateTermLoan" xlink:href="clnc-20201231.xsd#clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateAmortizationofPremiumIncludingCorporateTermLoan"/>
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    <link:label id="lab_us-gaap_DerivativeContractTypeDomain_fba8489a-8b2b-4f82-bc0a-89d80aa5b31a_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative Contract [Domain]</link:label>
    <link:label id="lab_us-gaap_DerivativeContractTypeDomain_label_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative Contract [Domain]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeContractTypeDomain" xlink:to="lab_us-gaap_DerivativeContractTypeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_LongtermDebtMaturitiesRelatedtoAssetsHeldForSale_9f748d26-6360-44ac-bfaf-82003232f37c_terseLabel_en-US" xlink:label="lab_clnc_LongtermDebtMaturitiesRelatedtoAssetsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Future minimum principal payments related to assets held for sale</link:label>
    <link:label id="lab_clnc_LongtermDebtMaturitiesRelatedtoAssetsHeldForSale_label_en-US" xlink:label="lab_clnc_LongtermDebtMaturitiesRelatedtoAssetsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-term Debt, Maturities Related to Assets Held For Sale</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_LongtermDebtMaturitiesRelatedtoAssetsHeldForSale" xlink:to="lab_clnc_LongtermDebtMaturitiesRelatedtoAssetsHeldForSale" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_RentalIncomeMember_cf4e273a-4dd3-41cd-895b-1f3ad35d1d7a_terseLabel_en-US" xlink:label="lab_clnc_RentalIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net increase (decrease) to property operating income</link:label>
    <link:label id="lab_clnc_RentalIncomeMember_label_en-US" xlink:label="lab_clnc_RentalIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Rental Income [Member]</link:label>
    <link:label id="lab_clnc_RentalIncomeMember_documentation_en-US" xlink:label="lab_clnc_RentalIncomeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Rental Income [Member]</link:label>
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    <link:label id="lab_us-gaap_OtherIncomeAndExpensesAbstract_e2b821b2-632c-43b2-9542-abc223c68a2c_terseLabel_en-US" xlink:label="lab_us-gaap_OtherIncomeAndExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property and other income</link:label>
    <link:label id="lab_us-gaap_OtherIncomeAndExpensesAbstract_label_en-US" xlink:label="lab_us-gaap_OtherIncomeAndExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Income and Expenses [Abstract]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherIncomeAndExpensesAbstract" xlink:to="lab_us-gaap_OtherIncomeAndExpensesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NumberOfOperatingSegments_be039e2c-640f-407a-8352-75206218fd5b_terseLabel_en-US" xlink:label="lab_us-gaap_NumberOfOperatingSegments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of segments</link:label>
    <link:label id="lab_us-gaap_NumberOfOperatingSegments_label_en-US" xlink:label="lab_us-gaap_NumberOfOperatingSegments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of Operating Segments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NumberOfOperatingSegments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NumberOfOperatingSegments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NumberOfOperatingSegments" xlink:to="lab_us-gaap_NumberOfOperatingSegments" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_eb5f7b98-a4f9-46ba-a21c-9a6fb7b0fc7b_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Forfeited (in shares)</link:label>
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    <link:label id="lab_clnc_HolidayPeriodFromLenderForFutureMarginCalls_effea4c7-1ef2-414c-ab5e-17373463ee34_terseLabel_en-US" xlink:label="lab_clnc_HolidayPeriodFromLenderForFutureMarginCalls" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Holiday period granted by lender for future margin calls</link:label>
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    <link:label id="lab_clnc_HolidayPeriodFromLenderForFutureMarginCalls_documentation_en-US" xlink:label="lab_clnc_HolidayPeriodFromLenderForFutureMarginCalls" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Holiday Period From Lender For Future Margin Calls</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_HolidayPeriodFromLenderForFutureMarginCalls" xlink:href="clnc-20201231.xsd#clnc_HolidayPeriodFromLenderForFutureMarginCalls"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_HolidayPeriodFromLenderForFutureMarginCalls" xlink:to="lab_clnc_HolidayPeriodFromLenderForFutureMarginCalls" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtDisclosureAbstract_d04cdf78-2c82-4e10-b958-a9f007e21e30_terseLabel_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Disclosure [Abstract]</link:label>
    <link:label id="lab_us-gaap_DebtDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Disclosure [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtDisclosureAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureAbstract" xlink:to="lab_us-gaap_DebtDisclosureAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList_f5301d73-976f-486a-8226-90d1d4fa17b7_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Right-of-use lease asset [Extensible List]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList"/>
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    <link:label id="lab_clnc_BreachOfContractNoticePeriodForTermination_d78defa9-ed39-45ce-89e6-bc8bf13e506c_terseLabel_en-US" xlink:label="lab_clnc_BreachOfContractNoticePeriodForTermination" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Termination for breach of contract, number of days required for written notice</link:label>
    <link:label id="lab_clnc_BreachOfContractNoticePeriodForTermination_label_en-US" xlink:label="lab_clnc_BreachOfContractNoticePeriodForTermination" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Breach Of Contract, Notice Period For Termination</link:label>
    <link:label id="lab_clnc_BreachOfContractNoticePeriodForTermination_documentation_en-US" xlink:label="lab_clnc_BreachOfContractNoticePeriodForTermination" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Breach Of Contract, Notice Period For Termination</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_BreachOfContractNoticePeriodForTermination" xlink:href="clnc-20201231.xsd#clnc_BreachOfContractNoticePeriodForTermination"/>
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_4f519989-fd5e-4d36-a603-6a0f61488c51_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net cash provided by (used in) financing activities</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NumberOfStoriesOnTower_cf508afc-310b-4a89-ad1c-a02863deb0ce_terseLabel_en-US" xlink:label="lab_clnc_NumberOfStoriesOnTower" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of stories on tower</link:label>
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    <link:label id="lab_clnc_NetLiquidity_documentation_en-US" xlink:label="lab_clnc_NetLiquidity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Liquidity</link:label>
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    <link:label id="lab_srt_CounterpartyNameAxis_d1f6cc59-8179-405b-b386-2379a34be1a9_terseLabel_en-US" xlink:label="lab_srt_CounterpartyNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Counterparty Name [Axis]</link:label>
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    <link:label id="lab_us-gaap_CommonStockValue_793c2ecb-17aa-4066-8e03-e39bbd9d1416_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common stock, $0.01 par value per share; Class A, 950,000,000 shares authorized, 128,583,198 and 128,538,703 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively</link:label>
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    <link:label id="lab_clnc_NumberofSecuritizationTrustsHeld_3a9b0a06-471c-4545-b4bd-595157f617e2_terseLabel_en-US" xlink:label="lab_clnc_NumberofSecuritizationTrustsHeld" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of securitization trusts held</link:label>
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    <link:label id="lab_dei_DocumentFiscalYearFocus_98e7f144-11e6-4ac2-97cc-c1e38618192a_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:label id="lab_dei_DocumentFiscalYearFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFiscalYearFocus" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalYearFocus"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_RealEstateAndAccumulatedDepreciationDisclosureAbstract_849d8c78-12a5-4a0e-aa8b-a05222c398ca_terseLabel_en-US" xlink:label="lab_srt_RealEstateAndAccumulatedDepreciationDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]</link:label>
    <link:label id="lab_srt_RealEstateAndAccumulatedDepreciationDisclosureAbstract_label_en-US" xlink:label="lab_srt_RealEstateAndAccumulatedDepreciationDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RealEstateAndAccumulatedDepreciationDisclosureAbstract" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RealEstateAndAccumulatedDepreciationDisclosureAbstract"/>
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    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_512bf652-4a6d-4b4b-82e1-33fce0c944b8_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2022</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt_1e590211-ad2f-4cca-ac5f-f7d22c5ee6b4_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrowing from securitization bonds</link:label>
    <link:label id="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from Issuance of Secured Debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfSecuredDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_DebtInstrumentCovenantMinimumTangibleNetWorth_f810a2ea-5858-41f4-8b89-9105bc434afa_terseLabel_en-US" xlink:label="lab_clnc_DebtInstrumentCovenantMinimumTangibleNetWorth" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt covenant, minimum tangible net worth</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clnc_DebtInstrumentCovenantMinimumTangibleNetWorth" xlink:href="clnc-20201231.xsd#clnc_DebtInstrumentCovenantMinimumTangibleNetWorth"/>
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    <link:label id="lab_clnc_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActAmount_339116d7-68fa-48a4-ada2-e4e55345a156_terseLabel_en-US" xlink:label="lab_clnc_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revaluation of deferred taxes due to &#8220;Tax Cuts and Jobs Act&#8221;</link:label>
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    <link:label id="lab_clnc_OtherNotesPayableMember_bb9aaf88-c430-45a9-9131-67b4307f9514_terseLabel_en-US" xlink:label="lab_clnc_OtherNotesPayableMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other notes payable</link:label>
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    <link:label id="lab_clnc_OtherNotesPayableMember_documentation_en-US" xlink:label="lab_clnc_OtherNotesPayableMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Notes Payable [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_OtherNotesPayableMember" xlink:href="clnc-20201231.xsd#clnc_OtherNotesPayableMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_OtherNotesPayableMember" xlink:to="lab_clnc_OtherNotesPayableMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MultifamilyColoradoMember_ac303fc3-e82a-456f-8af3-193eabaab707_terseLabel_en-US" xlink:label="lab_clnc_MultifamilyColoradoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Multifamily, Colorado</link:label>
    <link:label id="lab_clnc_MultifamilyColoradoMember_label_en-US" xlink:label="lab_clnc_MultifamilyColoradoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Multifamily, Colorado [Member]</link:label>
    <link:label id="lab_clnc_MultifamilyColoradoMember_documentation_en-US" xlink:label="lab_clnc_MultifamilyColoradoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Multifamily, Colorado</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MultifamilyColoradoMember" xlink:href="clnc-20201231.xsd#clnc_MultifamilyColoradoMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_MultifamilyColoradoMember" xlink:to="lab_clnc_MultifamilyColoradoMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_RetailIllinoisMember_553ac6d3-67fa-46a6-b442-1064fd9a0f24_terseLabel_en-US" xlink:label="lab_clnc_RetailIllinoisMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail-Illinois</link:label>
    <link:label id="lab_clnc_RetailIllinoisMember_label_en-US" xlink:label="lab_clnc_RetailIllinoisMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail, Illinois [Member]</link:label>
    <link:label id="lab_clnc_RetailIllinoisMember_documentation_en-US" xlink:label="lab_clnc_RetailIllinoisMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail, Illinois [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_RetailIllinoisMember" xlink:href="clnc-20201231.xsd#clnc_RetailIllinoisMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_RetailIllinoisMember" xlink:to="lab_clnc_RetailIllinoisMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherAssetsMiscellaneous_42136e89-a9dc-4b1d-b9cb-541df9e02495_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsMiscellaneous" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other assets</link:label>
    <link:label id="lab_us-gaap_OtherAssetsMiscellaneous_label_en-US" xlink:label="lab_us-gaap_OtherAssetsMiscellaneous" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Assets, Miscellaneous</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsMiscellaneous" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAssetsMiscellaneous"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsMiscellaneous" xlink:to="lab_us-gaap_OtherAssetsMiscellaneous" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RelatedPartyTransactionAxis_dd6f657f-98b8-47a4-bf15-e59eb1a18ba9_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transaction [Axis]</link:label>
    <link:label id="lab_us-gaap_RelatedPartyTransactionAxis_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transaction [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionAxis" xlink:to="lab_us-gaap_RelatedPartyTransactionAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt_5c35be1c-dfff-4657-8166-4791e682aac5_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquisition of real estate securities, available for sale</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments to Acquire Debt Securities, Available-for-sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt" xlink:to="lab_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EarningsPerSharePolicyTextBlock_d8ecb766-9e10-42af-9b16-bd38cefaaafb_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerSharePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Earnings Per Share</link:label>
    <link:label id="lab_us-gaap_EarningsPerSharePolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_EarningsPerSharePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Earnings Per Share, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerSharePolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="lab_us-gaap_EarningsPerSharePolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_OfficeNevadaMember_d65294ba-a5c4-41ce-add8-3555821c06ce_terseLabel_en-US" xlink:label="lab_clnc_OfficeNevadaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office, Nevada</link:label>
    <link:label id="lab_clnc_OfficeNevadaMember_label_en-US" xlink:label="lab_clnc_OfficeNevadaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office, Nevada [Member]</link:label>
    <link:label id="lab_clnc_OfficeNevadaMember_documentation_en-US" xlink:label="lab_clnc_OfficeNevadaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office, Nevada</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_OfficeNevadaMember" xlink:href="clnc-20201231.xsd#clnc_OfficeNevadaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_OfficeNevadaMember" xlink:to="lab_clnc_OfficeNevadaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_410079cb-841b-4eaf-946e-8e95f9736dd6_totalLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Comprehensive income (loss)</link:label>
    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherIncome_4cdd6ada-68cf-4a50-8470-accdae2b1c7f_terseLabel_en-US" xlink:label="lab_us-gaap_OtherIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other income</link:label>
    <link:label id="lab_us-gaap_OtherIncome_label_en-US" xlink:label="lab_us-gaap_OtherIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherIncome" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherIncome" xlink:to="lab_us-gaap_OtherIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockSharesIssued_1457213a-d792-4182-8d9d-875631839933_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common stock, shares issued (in shares)</link:label>
    <link:label id="lab_us-gaap_CommonStockSharesIssued_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common Stock, Shares, Issued</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesIssued"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesIssued" xlink:to="lab_us-gaap_CommonStockSharesIssued" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_1dc50fff-64e8-4bc8-8ba7-28f9c818d2d2_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue_89ba5d5f-fc7e-498e-bc5a-a1bd70185f88_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-designated hedges included in other assets</link:label>
    <link:label id="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue" xlink:to="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_ScheduleOfFutureMinimumRentalPaymentsReceivableForOperatingLeasesTableTextBlock_ad10f869-61d2-4cd6-820d-eec174bba698_terseLabel_en-US" xlink:label="lab_clnc_ScheduleOfFutureMinimumRentalPaymentsReceivableForOperatingLeasesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Future Minimum Rental Income under Non-cancellable Operating Leases</link:label>
    <link:label id="lab_clnc_ScheduleOfFutureMinimumRentalPaymentsReceivableForOperatingLeasesTableTextBlock_label_en-US" xlink:label="lab_clnc_ScheduleOfFutureMinimumRentalPaymentsReceivableForOperatingLeasesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule Of Future Minimum Rental Payments Receivable For Operating Leases [Table Text Block]</link:label>
    <link:label id="lab_clnc_ScheduleOfFutureMinimumRentalPaymentsReceivableForOperatingLeasesTableTextBlock_documentation_en-US" xlink:label="lab_clnc_ScheduleOfFutureMinimumRentalPaymentsReceivableForOperatingLeasesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule Of Future Minimum Rental Payments Receivable For Operating Leases [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_ScheduleOfFutureMinimumRentalPaymentsReceivableForOperatingLeasesTableTextBlock" xlink:href="clnc-20201231.xsd#clnc_ScheduleOfFutureMinimumRentalPaymentsReceivableForOperatingLeasesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_ScheduleOfFutureMinimumRentalPaymentsReceivableForOperatingLeasesTableTextBlock" xlink:to="lab_clnc_ScheduleOfFutureMinimumRentalPaymentsReceivableForOperatingLeasesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfImpairedFinancingReceivableTable_1b266e07-913d-4429-80a9-ee0b04979b38_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfImpairedFinancingReceivableTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Impaired Financing Receivable [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfImpairedFinancingReceivableTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfImpairedFinancingReceivableTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Impaired Financing Receivable [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfImpairedFinancingReceivableTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfImpairedFinancingReceivableTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfImpairedFinancingReceivableTable" xlink:to="lab_us-gaap_ScheduleOfImpairedFinancingReceivableTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseLiability_627015d0-9a4a-4795-9089-a0f5599c4bb9_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating lease liability</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseLiability_cf150b94-109d-418f-a9db-a6b9055fc14f_verboseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating lease liability (Note 8)</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseLiability_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Lease, Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLiability"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiability" xlink:to="lab_us-gaap_OperatingLeaseLiability" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_SouthRegionalMallAMember_0c2303e5-6ffd-4f1b-a46c-8429f8ed4016_terseLabel_en-US" xlink:label="lab_clnc_SouthRegionalMallAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">South Regional Mall A</link:label>
    <link:label id="lab_clnc_SouthRegionalMallAMember_label_en-US" xlink:label="lab_clnc_SouthRegionalMallAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">South Regional Mall A [Member]</link:label>
    <link:label id="lab_clnc_SouthRegionalMallAMember_documentation_en-US" xlink:label="lab_clnc_SouthRegionalMallAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">South Regional Mall A [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_SouthRegionalMallAMember" xlink:href="clnc-20201231.xsd#clnc_SouthRegionalMallAMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_SouthRegionalMallAMember" xlink:to="lab_clnc_SouthRegionalMallAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredTaxLiabilities_a337566b-a96b-4bda-985d-f0fab61c1b11_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net deferred tax liability</link:label>
    <link:label id="lab_us-gaap_DeferredTaxLiabilities_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Liabilities, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilities" xlink:to="lab_us-gaap_DeferredTaxLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_InvestmentsinUnconsolidatedVenturesMember_f801ddf6-dc38-45d3-a1b0-68bafb3a47b4_terseLabel_en-US" xlink:label="lab_clnc_InvestmentsinUnconsolidatedVenturesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in unconsolidated ventures</link:label>
    <link:label id="lab_clnc_InvestmentsinUnconsolidatedVenturesMember_label_en-US" xlink:label="lab_clnc_InvestmentsinUnconsolidatedVenturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in Unconsolidated Ventures [Member]</link:label>
    <link:label id="lab_clnc_InvestmentsinUnconsolidatedVenturesMember_documentation_en-US" xlink:label="lab_clnc_InvestmentsinUnconsolidatedVenturesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in Unconsolidated Ventures [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_InvestmentsinUnconsolidatedVenturesMember" xlink:href="clnc-20201231.xsd#clnc_InvestmentsinUnconsolidatedVenturesMember"/>
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    <link:label id="lab_us-gaap_SegmentReportingAbstract_46791790-210b-4b02-8d3e-07427e59760f_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Segment Reporting [Abstract]</link:label>
    <link:label id="lab_us-gaap_SegmentReportingAbstract_label_en-US" xlink:label="lab_us-gaap_SegmentReportingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Segment Reporting [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SegmentReportingAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingAbstract" xlink:to="lab_us-gaap_SegmentReportingAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccountsReceivableNet_35fb0f08-361c-4444-a002-6592e3ff577a_terseLabel_en-US" xlink:label="lab_us-gaap_AccountsReceivableNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Receivables, net</link:label>
    <link:label id="lab_us-gaap_AccountsReceivableNet_label_en-US" xlink:label="lab_us-gaap_AccountsReceivableNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounts Receivable, after Allowance for Credit Loss</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsReceivableNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountsReceivableNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsReceivableNet" xlink:to="lab_us-gaap_AccountsReceivableNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DebtInstrumentLineItems_15fb5b70-e9d0-4bd1-8519-621d9f78a791_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument [Line Items]</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentLineItems_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Instrument [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentLineItems" xlink:to="lab_us-gaap_DebtInstrumentLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockholdersEquity_4b824cc5-cc8d-4ebe-bad0-01b0b69d8d9e_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total stockholders&#8217; equity</link:label>
    <link:label id="lab_us-gaap_StockholdersEquity_9ab37d81-8075-4f05-ac0a-9f994cf631d7_periodStartLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">AOCI, beginning balance</link:label>
    <link:label id="lab_us-gaap_StockholdersEquity_39acd3bf-ca0e-4ad4-9b89-1368711bd0f3_periodEndLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">AOCI, ending balance</link:label>
    <link:label id="lab_us-gaap_StockholdersEquity_label_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stockholders' Equity Attributable to Parent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="lab_us-gaap_StockholdersEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearFour_4a3209d1-ae12-40fe-91a5-e122aca52787_terseLabel_en-US" xlink:label="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2024</link:label>
    <link:label id="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearFour_label_en-US" xlink:label="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Leasing Costs, Amortization Expense, Year Four</link:label>
    <link:label id="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearFour_documentation_en-US" xlink:label="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearFour" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Leasing Costs, Amortization Expense, Year Four</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_DeferredLeasingCostsAmortizationExpenseYearFour" xlink:href="clnc-20201231.xsd#clnc_DeferredLeasingCostsAmortizationExpenseYearFour"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_DeferredLeasingCostsAmortizationExpenseYearFour" xlink:to="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearFour" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NatureOfOperations_9ebd4663-076a-44de-b2f9-7ee206487eb6_terseLabel_en-US" xlink:label="lab_us-gaap_NatureOfOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business and Organization</link:label>
    <link:label id="lab_us-gaap_NatureOfOperations_label_en-US" xlink:label="lab_us-gaap_NatureOfOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Nature of Operations [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NatureOfOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NatureOfOperations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NatureOfOperations" xlink:to="lab_us-gaap_NatureOfOperations" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential_93c7f230-5e8d-4099-b58d-0a892ee213e5_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign income tax differential</link:label>
    <link:label id="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:to="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AlternativeInvestmentMeasurementInput_df4e2429-e129-4599-8a39-6e3b16c4585e_terseLabel_en-US" xlink:label="lab_us-gaap_AlternativeInvestmentMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">PE investment, measurement input</link:label>
    <link:label id="lab_us-gaap_AlternativeInvestmentMeasurementInput_label_en-US" xlink:label="lab_us-gaap_AlternativeInvestmentMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Alternative Investment, Measurement Input</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AlternativeInvestmentMeasurementInput" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AlternativeInvestmentMeasurementInput"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AlternativeInvestmentMeasurementInput" xlink:to="lab_us-gaap_AlternativeInvestmentMeasurementInput" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressCityOrTown_31d6a421-9255-4675-88c4-07c0142cbdde_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NotesPayable_a1eddecb-5fd3-4a98-949f-c509164d54c3_terseLabel_en-US" xlink:label="lab_us-gaap_NotesPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage and other notes payable, net</link:label>
    <link:label id="lab_us-gaap_NotesPayable_label_en-US" xlink:label="lab_us-gaap_NotesPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Notes Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NotesPayable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NotesPayable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesPayable" xlink:to="lab_us-gaap_NotesPayable" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MixedUseCaliforniaMember_4763677e-54a4-42cf-8f4e-3e84d7cc74b8_terseLabel_en-US" xlink:label="lab_clnc_MixedUseCaliforniaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mixed-Use, California</link:label>
    <link:label id="lab_clnc_MixedUseCaliforniaMember_label_en-US" xlink:label="lab_clnc_MixedUseCaliforniaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mixed-Use, California [Member]</link:label>
    <link:label id="lab_clnc_MixedUseCaliforniaMember_documentation_en-US" xlink:label="lab_clnc_MixedUseCaliforniaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mixed-Use, California</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MixedUseCaliforniaMember" xlink:href="clnc-20201231.xsd#clnc_MixedUseCaliforniaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_MixedUseCaliforniaMember" xlink:to="lab_clnc_MixedUseCaliforniaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_40974615-0c01-4d6b-afbd-de60ef996b61_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Hierarchy and NAV [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RestrictedStockUnitsRSUMember_44ec7025-be88-41e9-81a2-f0b181715c0a_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Stock Units (RSUs)</link:label>
    <link:label id="lab_us-gaap_RestrictedStockUnitsRSUMember_label_en-US" xlink:label="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Stock Units (RSUs) [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedStockUnitsRSUMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedStockUnitsRSUMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockUnitsRSUMember" xlink:to="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ParentMember_6af3f87d-b634-40e8-9304-974136e60376_terseLabel_en-US" xlink:label="lab_us-gaap_ParentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total Company&#8217;s Stockholders&#8217; Equity</link:label>
    <link:label id="lab_us-gaap_ParentMember_label_en-US" xlink:label="lab_us-gaap_ParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Parent [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ParentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ParentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ParentMember" xlink:to="lab_us-gaap_ParentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_96360918-fc6e-469f-aba1-1214d3330b7a_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2025</link:label>
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    <link:label id="lab_us-gaap_OtherAssetsMember_label_en-US" xlink:label="lab_us-gaap_OtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Assets [Member]</link:label>
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    <link:label id="lab_us-gaap_FinancialInstrumentAxis_e0b0a9dd-580c-42b5-b49e-54eaaaaa1688_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial Instrument [Axis]</link:label>
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    <link:label id="lab_us-gaap_MinorityInterestInJointVentures_3b99331d-3a42-4228-aa49-fd07be7da213_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestInJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling interests in investment entities</link:label>
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    <link:label id="lab_clnc_EffectiveIncomeTaxRateReconciliationCapitalAndNetOperatingLossCarryback_c4361dac-2223-4c53-9b83-5373dde1b6be_terseLabel_en-US" xlink:label="lab_clnc_EffectiveIncomeTaxRateReconciliationCapitalAndNetOperatingLossCarryback" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tax rate benefit of capital loss carryback</link:label>
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    <link:label id="lab_clnc_MortgageLoansonRealEstateNumberofLoanswithContractualPaymentsPastDue_1778f5f4-e718-4624-bfe1-451d3be2ad3b_terseLabel_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateNumberofLoanswithContractualPaymentsPastDue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real estate debt investments with contractual payments past due</link:label>
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    <link:label id="lab_clnc_MortgageLoansonRealEstateNumberofLoanswithContractualPaymentsPastDue_documentation_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateNumberofLoanswithContractualPaymentsPastDue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loans on Real Estate, Number of Loans with Contractual Payments Past Due</link:label>
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    <link:label id="lab_us-gaap_RealEstatePolicyTextBlock_93aa605d-f0bf-4aeb-a7e8-cb09da2a7046_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstatePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Real Estate</link:label>
    <link:label id="lab_us-gaap_RealEstatePolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_RealEstatePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate, Policy [Policy Text Block]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstatePolicyTextBlock" xlink:to="lab_us-gaap_RealEstatePolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems_7ae27fd8-6828-4919-b87c-53f40461c6e0_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems"/>
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    <link:label id="lab_clnc_AParticipationMember_c6607631-85ea-4882-a79e-ffc06e0457a7_terseLabel_en-US" xlink:label="lab_clnc_AParticipationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">A-Participation</link:label>
    <link:label id="lab_clnc_AParticipationMember_label_en-US" xlink:label="lab_clnc_AParticipationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">A-Participation [Member]</link:label>
    <link:label id="lab_clnc_AParticipationMember_documentation_en-US" xlink:label="lab_clnc_AParticipationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">A-Participation</link:label>
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    <link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_a457ef0c-aa6c-4a6f-977d-a9d9cc427127_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Valuation allowance</link:label>
    <link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Assets, Valuation Allowance</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance"/>
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    <link:label id="lab_us-gaap_LiabilitiesAbstract_c9454f0e-8231-4059-a46d-6cb29624efd0_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities</link:label>
    <link:label id="lab_us-gaap_LiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities [Abstract]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAbstract" xlink:to="lab_us-gaap_LiabilitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MortgageLoanOnRealEstate_6a3d965b-0ded-4a51-8df5-7f05f8cc6c5e_terseLabel_en-US" xlink:label="lab_clnc_MortgageLoanOnRealEstate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage loan</link:label>
    <link:label id="lab_clnc_MortgageLoanOnRealEstate_label_en-US" xlink:label="lab_clnc_MortgageLoanOnRealEstate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loan On Real Estate</link:label>
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    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateCommercialAndConsumerNet_b1d4082a-76bb-493c-bf19-934217a8dc41_totalLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateCommercialAndConsumerNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans and preferred equity held for investment, net</link:label>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateCommercialAndConsumerNet_2802a912-505e-46d5-b82f-c89a989748de_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateCommercialAndConsumerNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans and preferred equity held for investment, net</link:label>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateCommercialAndConsumerNet_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateCommercialAndConsumerNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loans on Real Estate, Commercial and Consumer, Net</link:label>
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    <link:label id="lab_us-gaap_RealEstateDisclosureTextBlock_b8497ddf-e37b-448e-9bb7-55f3cdd950f6_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate, net and Real Estate Held for Sale</link:label>
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    <link:label id="lab_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation_ba816af8-3c44-453d-8969-236dab0275fb_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets held for sale, discontinued operations</link:label>
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    <link:label id="lab_us-gaap_AboveMarketLeasesMember_label_en-US" xlink:label="lab_us-gaap_AboveMarketLeasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Above Market Leases [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AboveMarketLeasesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AboveMarketLeasesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AboveMarketLeasesMember" xlink:to="lab_us-gaap_AboveMarketLeasesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromCollectionOfLoansHeldForSale_e1fb9540-fc2d-4793-9f28-84ffc7fcc06e_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromCollectionOfLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayment on loans held for sale</link:label>
    <link:label id="lab_us-gaap_ProceedsFromCollectionOfLoansHeldForSale_label_en-US" xlink:label="lab_us-gaap_ProceedsFromCollectionOfLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from Collection of Loans Held-for-sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromCollectionOfLoansHeldForSale" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromCollectionOfLoansHeldForSale"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromCollectionOfLoansHeldForSale" xlink:to="lab_us-gaap_ProceedsFromCollectionOfLoansHeldForSale" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear_8c05f30c-f8d6-4fb6-8505-405b71d538af_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2016</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear" xlink:to="lab_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockholdersEquityAbstract_972e1274-8019-429f-9396-981b130c7b08_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stockholders&#8217; equity</link:label>
    <link:label id="lab_us-gaap_StockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stockholders' Equity Attributable to Parent [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityAbstract" xlink:to="lab_us-gaap_StockholdersEquityAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_b5b00a5e-8341-4562-a39c-49baa4dd08fd_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2025</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Asset, Expected Amortization, Year Five</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentFiscalPeriodFocus_5bd87098-c2fc-4746-ae8b-76b38255ccee_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Fiscal Period Focus</link:label>
    <link:label id="lab_dei_DocumentFiscalPeriodFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Fiscal Period Focus</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFiscalPeriodFocus" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalPeriodFocus"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_HotelPennsylvaniaMember_899531e4-86b5-4c24-b3cf-7196ff12c2d5_terseLabel_en-US" xlink:label="lab_clnc_HotelPennsylvaniaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel, Pennsylvania</link:label>
    <link:label id="lab_clnc_HotelPennsylvaniaMember_label_en-US" xlink:label="lab_clnc_HotelPennsylvaniaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel, Pennsylvania [Member]</link:label>
    <link:label id="lab_clnc_HotelPennsylvaniaMember_documentation_en-US" xlink:label="lab_clnc_HotelPennsylvaniaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel, Pennsylvania</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_HotelPennsylvaniaMember" xlink:href="clnc-20201231.xsd#clnc_HotelPennsylvaniaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_HotelPennsylvaniaMember" xlink:to="lab_clnc_HotelPennsylvaniaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_43e74999-683f-438a-9ea6-836bb3b8f65a_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retirements and disposals</link:label>
    <link:label id="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold_label_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Investment in Real Estate Sold</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateAccumulatedDepreciationRealEstateSold"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold" xlink:to="lab_us-gaap_RealEstateAccumulatedDepreciationRealEstateSold" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_FinancingReceivableAllowanceForCreditLossTransferToLoansHeldForSale_ba80a59c-d9b9-490f-88e5-2611a79f5f76_negatedLabel_en-US" xlink:label="lab_clnc_FinancingReceivableAllowanceForCreditLossTransferToLoansHeldForSale" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transfer to loans held for sale(4)</link:label>
    <link:label id="lab_clnc_FinancingReceivableAllowanceForCreditLossTransferToLoansHeldForSale_label_en-US" xlink:label="lab_clnc_FinancingReceivableAllowanceForCreditLossTransferToLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Allowance For Credit Loss, Transfer To Loans Held For Sale</link:label>
    <link:label id="lab_clnc_FinancingReceivableAllowanceForCreditLossTransferToLoansHeldForSale_documentation_en-US" xlink:label="lab_clnc_FinancingReceivableAllowanceForCreditLossTransferToLoansHeldForSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Allowance For Credit Loss, Transfer To Loans Held For Sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_FinancingReceivableAllowanceForCreditLossTransferToLoansHeldForSale" xlink:href="clnc-20201231.xsd#clnc_FinancingReceivableAllowanceForCreditLossTransferToLoansHeldForSale"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_FinancingReceivableAllowanceForCreditLossTransferToLoansHeldForSale" xlink:to="lab_clnc_FinancingReceivableAllowanceForCreditLossTransferToLoansHeldForSale" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_StockholdersEquityDistributions_d3d9652b-8685-4c93-9573-81eaad9406f3_negatedTerseLabel_en-US" xlink:label="lab_clnc_StockholdersEquityDistributions" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Distributions</link:label>
    <link:label id="lab_clnc_StockholdersEquityDistributions_label_en-US" xlink:label="lab_clnc_StockholdersEquityDistributions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stockholders' Equity, Distributions</link:label>
    <link:label id="lab_clnc_StockholdersEquityDistributions_documentation_en-US" xlink:label="lab_clnc_StockholdersEquityDistributions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stockholders' Equity, Distributions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_StockholdersEquityDistributions" xlink:href="clnc-20201231.xsd#clnc_StockholdersEquityDistributions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_StockholdersEquityDistributions" xlink:to="lab_clnc_StockholdersEquityDistributions" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LoansReceivableMember_cefb4cfb-2d06-4eb1-aadb-89f7ab4b067a_terseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans and preferred equity held for investment, net</link:label>
    <link:label id="lab_us-gaap_LoansReceivableMember_label_en-US" xlink:label="lab_us-gaap_LoansReceivableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans Receivable [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansReceivableMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoansReceivableMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansReceivableMember" xlink:to="lab_us-gaap_LoansReceivableMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_RetailMassachusettsMember_bce3df3f-9efd-4573-b01e-67da3556de50_terseLabel_en-US" xlink:label="lab_clnc_RetailMassachusettsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail-Massachusetts</link:label>
    <link:label id="lab_clnc_RetailMassachusettsMember_label_en-US" xlink:label="lab_clnc_RetailMassachusettsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail, Massachusetts [Member]</link:label>
    <link:label id="lab_clnc_RetailMassachusettsMember_documentation_en-US" xlink:label="lab_clnc_RetailMassachusettsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail, Massachusetts [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_RetailMassachusettsMember" xlink:href="clnc-20201231.xsd#clnc_RetailMassachusettsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_RetailMassachusettsMember" xlink:to="lab_clnc_RetailMassachusettsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_ManagerMember_01396dbd-5089-4831-9c79-29ecec0eefee_terseLabel_en-US" xlink:label="lab_clnc_ManagerMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Manager</link:label>
    <link:label id="lab_clnc_ManagerMember_label_en-US" xlink:label="lab_clnc_ManagerMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Manager [Member]</link:label>
    <link:label id="lab_clnc_ManagerMember_documentation_en-US" xlink:label="lab_clnc_ManagerMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Manager</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_ManagerMember" xlink:href="clnc-20201231.xsd#clnc_ManagerMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_ManagerMember" xlink:to="lab_clnc_ManagerMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityFilerCategory_af3449ac-dccd-4694-a9da-667349057d9e_terseLabel_en-US" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Filer Category</link:label>
    <link:label id="lab_dei_EntityFilerCategory_label_en-US" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Filer Category</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFilerCategory" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFilerCategory" xlink:to="lab_dei_EntityFilerCategory" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonStockMember_2d081c1a-9eb7-470b-a391-80dab62aa842_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common Stock</link:label>
    <link:label id="lab_us-gaap_CommonStockMember_label_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Common Stock [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember" xlink:to="lab_us-gaap_CommonStockMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AccumulatedTranslationAdjustmentMember_af4a8fac-8bac-410a-a305-8a82e2d51c92_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign currency translation gain (loss)</link:label>
    <link:label id="lab_us-gaap_AccumulatedTranslationAdjustmentMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Foreign Currency Adjustment Attributable to Parent [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedTranslationAdjustmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:to="lab_us-gaap_AccumulatedTranslationAdjustmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NumberOfMasterRepurchaseAgreements_c795de51-67ab-403f-bbc3-980e4d192c65_terseLabel_en-US" xlink:label="lab_clnc_NumberOfMasterRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of master repurchase agreements</link:label>
    <link:label id="lab_clnc_NumberOfMasterRepurchaseAgreements_label_en-US" xlink:label="lab_clnc_NumberOfMasterRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of Master Repurchase Agreements</link:label>
    <link:label id="lab_clnc_NumberOfMasterRepurchaseAgreements_documentation_en-US" xlink:label="lab_clnc_NumberOfMasterRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Represents the number of master repurchase agreements entered into by the entity.</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentIncomeNet" xlink:to="lab_us-gaap_InvestmentIncomeNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_e44c2879-32b4-42d2-845d-c1cda5221ea4_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of Debt</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_3c86016f-9bed-4f45-ac6d-0e5159fb81e9_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Partnership</link:label>
    <link:label id="lab_us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable_b6875b5c-c489-48dd-9535-8040677552aa_terseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income (loss) attributable to noncontrolling interests</link:label>
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    <link:label id="lab_dei_EntityAddressAddressLine2_48ecfd36-599a-4bf2-990a-b29fd590db8a_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line Two</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine2_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, Address Line Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine2" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine2"/>
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    <link:label id="lab_clnc_MortgageLoansHeldinTrustatFairValue_2974ce61-ee5d-48ee-a704-cef96cbd75e3_terseLabel_en-US" xlink:label="lab_clnc_MortgageLoansHeldinTrustatFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage obligations issued by securitization trusts, at fair value</link:label>
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    <link:label id="lab_clnc_MortgageLoansHeldinTrustatFairValue_documentation_en-US" xlink:label="lab_clnc_MortgageLoansHeldinTrustatFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loans, Held in Trust, at Fair Value</link:label>
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    <link:label id="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateAcquisitionsOriginationsandAdditionalFunding_013e8c4a-93b2-418a-9227-09c6b5bbfa6d_terseLabel_en-US" xlink:label="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateAcquisitionsOriginationsandAdditionalFunding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Acquisitions/originations/additional funding</link:label>
    <link:label id="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateAcquisitionsOriginationsandAdditionalFunding_label_en-US" xlink:label="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateAcquisitionsOriginationsandAdditionalFunding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Acquisitions, Originations, and Additional Funding</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateAcquisitionsOriginationsandAdditionalFunding" xlink:href="clnc-20201231.xsd#clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateAcquisitionsOriginationsandAdditionalFunding"/>
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    <link:label id="lab_dei_EntityEmergingGrowthCompany_a0b86bc5-4571-40c7-a2b1-e5aa7fb35cf5_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Emerging Growth Company</link:label>
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    <link:label id="lab_us-gaap_LoansReceivableBasisSpreadOnVariableRate_7d1ae786-04d1-41ce-aae4-bef96acb977f_terseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableBasisSpreadOnVariableRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loan interest rate (in percentage)</link:label>
    <link:label id="lab_us-gaap_LoansReceivableBasisSpreadOnVariableRate_label_en-US" xlink:label="lab_us-gaap_LoansReceivableBasisSpreadOnVariableRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans Receivable, Basis Spread on Variable Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansReceivableBasisSpreadOnVariableRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoansReceivableBasisSpreadOnVariableRate"/>
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    <link:label id="lab_clnc_JointVentureTotalCommitment_6fb8ebab-4d2f-46db-a603-36d8a00f5479_terseLabel_en-US" xlink:label="lab_clnc_JointVentureTotalCommitment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint venture, total commitment</link:label>
    <link:label id="lab_clnc_JointVentureTotalCommitment_label_en-US" xlink:label="lab_clnc_JointVentureTotalCommitment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint Venture, Total Commitment</link:label>
    <link:label id="lab_clnc_JointVentureTotalCommitment_documentation_en-US" xlink:label="lab_clnc_JointVentureTotalCommitment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint Venture, Total Commitment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_JointVentureTotalCommitment" xlink:href="clnc-20201231.xsd#clnc_JointVentureTotalCommitment"/>
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    <link:label id="lab_clnc_IndustrialCaliforniaMember_a43d0c1b-c762-4404-a48e-68d06f4fcc1b_terseLabel_en-US" xlink:label="lab_clnc_IndustrialCaliforniaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial-California</link:label>
    <link:label id="lab_clnc_IndustrialCaliforniaMember_label_en-US" xlink:label="lab_clnc_IndustrialCaliforniaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial, California [Member]</link:label>
    <link:label id="lab_clnc_IndustrialCaliforniaMember_documentation_en-US" xlink:label="lab_clnc_IndustrialCaliforniaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial, California [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_IndustrialCaliforniaMember" xlink:href="clnc-20201231.xsd#clnc_IndustrialCaliforniaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_IndustrialCaliforniaMember" xlink:to="lab_clnc_IndustrialCaliforniaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_PaidInKindInterestAddedToLoanPrincipalNetofInterestReceived_c6a62c9b-7eba-49b2-854f-4ef6cfab8e4f_negatedTerseLabel_en-US" xlink:label="lab_clnc_PaidInKindInterestAddedToLoanPrincipalNetofInterestReceived" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Paid-in-kind interest added to loan principal, net of interest received</link:label>
    <link:label id="lab_clnc_PaidInKindInterestAddedToLoanPrincipalNetofInterestReceived_label_en-US" xlink:label="lab_clnc_PaidInKindInterestAddedToLoanPrincipalNetofInterestReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Paid In Kind Interest Added To Loan Principal, Net of Interest Received</link:label>
    <link:label id="lab_clnc_PaidInKindInterestAddedToLoanPrincipalNetofInterestReceived_documentation_en-US" xlink:label="lab_clnc_PaidInKindInterestAddedToLoanPrincipalNetofInterestReceived" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Paid-in-kind interest added to loan principal.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_PaidInKindInterestAddedToLoanPrincipalNetofInterestReceived" xlink:href="clnc-20201231.xsd#clnc_PaidInKindInterestAddedToLoanPrincipalNetofInterestReceived"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_PaidInKindInterestAddedToLoanPrincipalNetofInterestReceived" xlink:to="lab_clnc_PaidInKindInterestAddedToLoanPrincipalNetofInterestReceived" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_04507f86-4bbe-40a1-a285-b007ccd07c19_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred income tax (benefit) expense</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit"/>
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    <link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_28f6fb88-3298-4f62-8490-96768b80444b_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net amounts of liabilities</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral"/>
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    <link:label id="lab_us-gaap_ProceedsDebtSecuritiesAvailableForSalePreviouslyWrittenOffRecovery_69973964-f139-438a-9bc5-02f86b3e9504_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsDebtSecuritiesAvailableForSalePreviouslyWrittenOffRecovery" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayment of real estate securities, available for sale, from cost recovery</link:label>
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    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_935ed0f8-77a3-4cb1-a040-59c438a20413_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Amortization</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Assets, Accumulated Amortization</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_CoreAndLegacyNonStrategicMember_3b0d7734-c005-436f-a256-5ee15054ac8c_terseLabel_en-US" xlink:label="lab_clnc_CoreAndLegacyNonStrategicMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Core And Legacy, Non-Strategic</link:label>
    <link:label id="lab_clnc_CoreAndLegacyNonStrategicMember_label_en-US" xlink:label="lab_clnc_CoreAndLegacyNonStrategicMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Core And Legacy, Non-Strategic [Member]</link:label>
    <link:label id="lab_clnc_CoreAndLegacyNonStrategicMember_documentation_en-US" xlink:label="lab_clnc_CoreAndLegacyNonStrategicMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Core And Legacy, Non-Strategic</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_CoreAndLegacyNonStrategicMember" xlink:href="clnc-20201231.xsd#clnc_CoreAndLegacyNonStrategicMember"/>
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    <link:label id="lab_srt_MaximumMember_6b5c5522-65d4-48ac-bc44-f04a1a8161a7_terseLabel_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maximum</link:label>
    <link:label id="lab_srt_MaximumMember_label_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maximum [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MaximumMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MaximumMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MaximumMember" xlink:to="lab_srt_MaximumMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MortgageLoansOnRealEstateCarryingValueOfIndividualLoanAsPercentageOfTotalCarryingAmount_ff0b9d8a-d2cf-4fe2-a5b8-447600c5c633_terseLabel_en-US" xlink:label="lab_clnc_MortgageLoansOnRealEstateCarryingValueOfIndividualLoanAsPercentageOfTotalCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percentage of total carrying value for individual loans (less than)</link:label>
    <link:label id="lab_clnc_MortgageLoansOnRealEstateCarryingValueOfIndividualLoanAsPercentageOfTotalCarryingAmount_label_en-US" xlink:label="lab_clnc_MortgageLoansOnRealEstateCarryingValueOfIndividualLoanAsPercentageOfTotalCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loans on Real Estate Carrying Value of Individual Loan as Percentage of Total Carrying Amount</link:label>
    <link:label id="lab_clnc_MortgageLoansOnRealEstateCarryingValueOfIndividualLoanAsPercentageOfTotalCarryingAmount_documentation_en-US" xlink:label="lab_clnc_MortgageLoansOnRealEstateCarryingValueOfIndividualLoanAsPercentageOfTotalCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Represents the carrying value of individual mortgage loans as a percentage of total carrying value of real estate debt portfolio.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MortgageLoansOnRealEstateCarryingValueOfIndividualLoanAsPercentageOfTotalCarryingAmount" xlink:href="clnc-20201231.xsd#clnc_MortgageLoansOnRealEstateCarryingValueOfIndividualLoanAsPercentageOfTotalCarryingAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_MortgageLoansOnRealEstateCarryingValueOfIndividualLoanAsPercentageOfTotalCarryingAmount" xlink:to="lab_clnc_MortgageLoansOnRealEstateCarryingValueOfIndividualLoanAsPercentageOfTotalCarryingAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_BankCreditFacilityMember_9df511a3-5be6-41c3-80ee-f95b91008542_terseLabel_en-US" xlink:label="lab_clnc_BankCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank credit facility</link:label>
    <link:label id="lab_clnc_BankCreditFacilityMember_label_en-US" xlink:label="lab_clnc_BankCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank Credit Facility [Member]</link:label>
    <link:label id="lab_clnc_BankCreditFacilityMember_documentation_en-US" xlink:label="lab_clnc_BankCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank Credit Facility [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_BankCreditFacilityMember" xlink:href="clnc-20201231.xsd#clnc_BankCreditFacilityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_BankCreditFacilityMember" xlink:to="lab_clnc_BankCreditFacilityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PreferredStockSharesAuthorized_a855d991-6b1e-469a-8769-7224869ce765_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred stock, shares authorized (in shares)</link:label>
    <link:label id="lab_us-gaap_PreferredStockSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred Stock, Shares Authorized</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesAuthorized"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesAuthorized" xlink:to="lab_us-gaap_PreferredStockSharesAuthorized" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_FinancingReceivableAllowanceForCreditLossesEffectOfCurrentExpectedCreditLosses_df50b544-113a-43ed-b230-69e7d4d68f07_terseLabel_en-US" xlink:label="lab_clnc_FinancingReceivableAllowanceForCreditLossesEffectOfCurrentExpectedCreditLosses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effect of CECL adoption</link:label>
    <link:label id="lab_clnc_FinancingReceivableAllowanceForCreditLossesEffectOfCurrentExpectedCreditLosses_label_en-US" xlink:label="lab_clnc_FinancingReceivableAllowanceForCreditLossesEffectOfCurrentExpectedCreditLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Allowance For Credit Losses, Effect of Current Expected Credit Losses</link:label>
    <link:label id="lab_clnc_FinancingReceivableAllowanceForCreditLossesEffectOfCurrentExpectedCreditLosses_documentation_en-US" xlink:label="lab_clnc_FinancingReceivableAllowanceForCreditLossesEffectOfCurrentExpectedCreditLosses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Allowance For Credit Losses, Effect of Current Expected Credit Losses</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_FinancingReceivableAllowanceForCreditLossesEffectOfCurrentExpectedCreditLosses" xlink:href="clnc-20201231.xsd#clnc_FinancingReceivableAllowanceForCreditLossesEffectOfCurrentExpectedCreditLosses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_FinancingReceivableAllowanceForCreditLossesEffectOfCurrentExpectedCreditLosses" xlink:to="lab_clnc_FinancingReceivableAllowanceForCreditLossesEffectOfCurrentExpectedCreditLosses" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_FairValueOptionPolicyPolicyTextBlock_5e413395-19c4-4e72-81e8-fe12b66967e1_terseLabel_en-US" xlink:label="lab_clnc_FairValueOptionPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Option</link:label>
    <link:label id="lab_clnc_FairValueOptionPolicyPolicyTextBlock_label_en-US" xlink:label="lab_clnc_FairValueOptionPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Option Policy [Policy Text Block]</link:label>
    <link:label id="lab_clnc_FairValueOptionPolicyPolicyTextBlock_documentation_en-US" xlink:label="lab_clnc_FairValueOptionPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disclosure of accounting policy for election of fair value option for certain financial assets and liabilities on an instrument-by-instrument basis at initial recognition.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_FairValueOptionPolicyPolicyTextBlock" xlink:href="clnc-20201231.xsd#clnc_FairValueOptionPolicyPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_FairValueOptionPolicyPolicyTextBlock" xlink:to="lab_clnc_FairValueOptionPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_GainLossOnInvestments_4739c788-01c2-4476-8495-8002e7095d35_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Realized loss on investment</link:label>
    <link:label id="lab_us-gaap_GainLossOnInvestments_label_en-US" xlink:label="lab_us-gaap_GainLossOnInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain (Loss) on Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnInvestments" xlink:to="lab_us-gaap_GainLossOnInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MovementInMortgageLoansOnRealEstateRollForward_287bbd04-c513-4ab1-a850-57c1a6c6f74a_terseLabel_en-US" xlink:label="lab_us-gaap_MovementInMortgageLoansOnRealEstateRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]</link:label>
    <link:label id="lab_us-gaap_MovementInMortgageLoansOnRealEstateRollForward_label_en-US" xlink:label="lab_us-gaap_MovementInMortgageLoansOnRealEstateRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MovementInMortgageLoansOnRealEstateRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MovementInMortgageLoansOnRealEstateRollForward"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MovementInMortgageLoansOnRealEstateRollForward" xlink:to="lab_us-gaap_MovementInMortgageLoansOnRealEstateRollForward" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_ConcentrationRiskNumberofProperties1_5494f7c5-bb82-4036-a226-d7b31cb3fd1f_terseLabel_en-US" xlink:label="lab_clnc_ConcentrationRiskNumberofProperties1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Concentration risk, number of properties</link:label>
    <link:label id="lab_clnc_ConcentrationRiskNumberofProperties1_label_en-US" xlink:label="lab_clnc_ConcentrationRiskNumberofProperties1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Concentration Risk, Number of Properties1</link:label>
    <link:label id="lab_clnc_ConcentrationRiskNumberofProperties1_documentation_en-US" xlink:label="lab_clnc_ConcentrationRiskNumberofProperties1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Concentration Risk, Number of Properties1</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_ConcentrationRiskNumberofProperties1" xlink:href="clnc-20201231.xsd#clnc_ConcentrationRiskNumberofProperties1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_ConcentrationRiskNumberofProperties1" xlink:to="lab_clnc_ConcentrationRiskNumberofProperties1" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateGrossAtCarryingValue_9d0418c9-390a-443c-9cdd-568a74f42d16_periodStartLabel_en-US" xlink:label="lab_us-gaap_RealEstateGrossAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Beginning balance</link:label>
    <link:label id="lab_us-gaap_RealEstateGrossAtCarryingValue_36971c13-1290-46bf-9fc8-e78b22c011b6_periodEndLabel_en-US" xlink:label="lab_us-gaap_RealEstateGrossAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ending balance</link:label>
    <link:label id="lab_us-gaap_RealEstateGrossAtCarryingValue_label_en-US" xlink:label="lab_us-gaap_RealEstateGrossAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateGrossAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateGrossAtCarryingValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateGrossAtCarryingValue" xlink:to="lab_us-gaap_RealEstateGrossAtCarryingValue" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterestAbstract_d17679ff-a3fa-4b37-8218-55659717be79_terseLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Comprehensive (income) loss attributable to noncontrolling interests:</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterestAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterestAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterestAbstract" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterestAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_8095d9ec-7b36-4175-8792-81df91d33a50_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial assets accounted for at fair value on a recurring basis by level within fair value hierarchy</link:label>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_29ffeb08-9748-4daa-839f-30f278a3b23b_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</link:label>
    <link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_FinancingReceivableNumberofContractsNonAccrualOutstanding_5f1eb0c9-c518-44fd-b1b4-db099ce4c2a5_terseLabel_en-US" xlink:label="lab_clnc_FinancingReceivableNumberofContractsNonAccrualOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of loans, non-accrual status</link:label>
    <link:label id="lab_clnc_FinancingReceivableNumberofContractsNonAccrualOutstanding_label_en-US" xlink:label="lab_clnc_FinancingReceivableNumberofContractsNonAccrualOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Number of Contracts, Non-Accrual, Outstanding</link:label>
    <link:label id="lab_clnc_FinancingReceivableNumberofContractsNonAccrualOutstanding_documentation_en-US" xlink:label="lab_clnc_FinancingReceivableNumberofContractsNonAccrualOutstanding" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Number of Contracts, Non-Accrual, Outstanding</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_b8e404fc-a680-41bd-a711-b0781a4d0128_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]</link:label>
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    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThreeYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessor, Operating Lease, Payment to be Received, Year Three</link:label>
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    <link:label id="lab_us-gaap_InvestmentTypeCategorizationMember_f5731b07-d87f-4bd0-9ee7-5d9a6e1cf25d_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments [Domain]</link:label>
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    <link:label id="lab_us-gaap_DerivativeBasisSpreadOnVariableRate_6355613a-646d-4bc7-b035-e13d45412e86_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeBasisSpreadOnVariableRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average cost of funds percentage</link:label>
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    <link:label id="lab_clnc_LoansandEquityPartnershipInterestLegacyNonstrategicPortfolioMember_ca4d9588-3d18-4a4d-bf40-09901f70a0e7_terseLabel_en-US" xlink:label="lab_clnc_LoansandEquityPartnershipInterestLegacyNonstrategicPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans and equity partnership interest, legacy, non-strategic portfolio</link:label>
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    <link:label id="lab_dei_TradingSymbol_2aeab61c-c993-43e0-8183-bc99a4017dea_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Trading Symbol</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol"/>
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    <link:label id="lab_clnc_LessorOperatingLeasePaymentstobeReceivedTenYearsRealEstateHeldforsale_88b0bb92-90e1-4884-8993-a4ca69371285_terseLabel_en-US" xlink:label="lab_clnc_LessorOperatingLeasePaymentstobeReceivedTenYearsRealEstateHeldforsale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Minimum future rents for real estate, held for sale through 2029</link:label>
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    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable_2e8d52ed-c74d-4178-8edf-8cdddb0405f6_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss) [Table]</link:label>
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    <link:label id="lab_us-gaap_DerivativeCollateralRightToReclaimCash_ea362276-1409-494b-8d3d-d9d5d17d8b5d_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeCollateralRightToReclaimCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross amounts not offset on consolidated balance sheets (cash collateral pledged)</link:label>
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    <link:label id="lab_clnc_CashCollateralForDerivativesHeldByCounterparties_f862d3ba-02e6-495d-954a-dfed48feb031_terseLabel_en-US" xlink:label="lab_clnc_CashCollateralForDerivativesHeldByCounterparties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash collateral for the derivative contracts</link:label>
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    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyNet_43829b2b-4c3e-4ba4-b731-8d5913746723_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real estate, net</link:label>
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    <link:label id="lab_us-gaap_LineOfCreditMember_12577eb7-c649-4759-bb42-4261d0544db0_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Credit facilities</link:label>
    <link:label id="lab_us-gaap_LineOfCreditMember_9b821200-bbc6-479d-ba10-fe1ef15dcc78_verboseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Credit Facilities</link:label>
    <link:label id="lab_us-gaap_LineOfCreditMember_4c2aced4-1209-4226-85d8-185379f3bb2f_netLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Master repurchase facilities</link:label>
    <link:label id="lab_us-gaap_LineOfCreditMember_label_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Line of Credit [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditMember" xlink:to="lab_us-gaap_LineOfCreditMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_CommercialMortgageHospitalityLoanIncludingPCILoansMember_9df46f64-e89f-4c9d-887a-9567eecaa140_terseLabel_en-US" xlink:label="lab_clnc_CommercialMortgageHospitalityLoanIncludingPCILoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial mortgage, hospitality loan</link:label>
    <link:label id="lab_clnc_CommercialMortgageHospitalityLoanIncludingPCILoansMember_label_en-US" xlink:label="lab_clnc_CommercialMortgageHospitalityLoanIncludingPCILoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial Mortgage, Hospitality Loan, Including PCI Loans [Member]</link:label>
    <link:label id="lab_clnc_CommercialMortgageHospitalityLoanIncludingPCILoansMember_documentation_en-US" xlink:label="lab_clnc_CommercialMortgageHospitalityLoanIncludingPCILoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial Mortgage, Hospitality Loan, Including PCI Loans [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_CommercialMortgageHospitalityLoanIncludingPCILoansMember" xlink:href="clnc-20201231.xsd#clnc_CommercialMortgageHospitalityLoanIncludingPCILoansMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_CommercialMortgageHospitalityLoanIncludingPCILoansMember" xlink:to="lab_clnc_CommercialMortgageHospitalityLoanIncludingPCILoansMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_041e900f-b0e8-4e9c-b95e-7c58d31d5ac8_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2026 and thereafter</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_b98770b8-23ca-4d66-a188-986b73695aa4_verboseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2025 and thereafter</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessor, Operating Lease, Payment to be Received, after Year Five</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedThereafter" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet_065f04c9-3e60-482c-ac0c-527eaddcb845_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current and deferred tax liability</link:label>
    <link:label id="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Income Tax Liabilities, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxLiabilitiesNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:to="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_776006ae-af5b-4e61-880e-43804c8e46b4_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivatives</link:label>
    <link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative Instruments and Hedging Activities Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:to="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract_797d31fd-c18a-4c54-ab54-255ec143b27d_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive income (loss)</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:to="lab_us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_OfficeCalifornia1Member_894f1277-048f-44cc-b5bf-f64f57d989b3_terseLabel_en-US" xlink:label="lab_clnc_OfficeCalifornia1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office, California 1</link:label>
    <link:label id="lab_clnc_OfficeCalifornia1Member_label_en-US" xlink:label="lab_clnc_OfficeCalifornia1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office, California 1 [Member]</link:label>
    <link:label id="lab_clnc_OfficeCalifornia1Member_documentation_en-US" xlink:label="lab_clnc_OfficeCalifornia1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office, California 1 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_OfficeCalifornia1Member" xlink:href="clnc-20201231.xsd#clnc_OfficeCalifornia1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_OfficeCalifornia1Member" xlink:to="lab_clnc_OfficeCalifornia1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeCollateralObligationToReturnCash_9d7ade18-0e79-455a-a5fc-5c4ef0eabfa4_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeCollateralObligationToReturnCash" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross amounts not offset on consolidated balance sheets (cash collateral pledged)</link:label>
    <link:label id="lab_us-gaap_DerivativeCollateralObligationToReturnCash_label_en-US" xlink:label="lab_us-gaap_DerivativeCollateralObligationToReturnCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative, Collateral, Obligation to Return Cash</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralObligationToReturnCash" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeCollateralObligationToReturnCash"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeCollateralObligationToReturnCash" xlink:to="lab_us-gaap_DerivativeCollateralObligationToReturnCash" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MinorityInterestDisclosureTextBlock_5c4182ee-9e01-4975-a4c7-dda7f56e43b7_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interests</link:label>
    <link:label id="lab_us-gaap_MinorityInterestDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_MinorityInterestDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interest Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MinorityInterestDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestDisclosureTextBlock" xlink:to="lab_us-gaap_MinorityInterestDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_OfficeConnecticutMember_54e99138-df91-48c2-9b09-889888b5f547_terseLabel_en-US" xlink:label="lab_clnc_OfficeConnecticutMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office, Connecticut</link:label>
    <link:label id="lab_clnc_OfficeConnecticutMember_label_en-US" xlink:label="lab_clnc_OfficeConnecticutMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office, Connecticut [Member]</link:label>
    <link:label id="lab_clnc_OfficeConnecticutMember_documentation_en-US" xlink:label="lab_clnc_OfficeConnecticutMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office, Connecticut [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_OfficeConnecticutMember" xlink:href="clnc-20201231.xsd#clnc_OfficeConnecticutMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_OfficeConnecticutMember" xlink:to="lab_clnc_OfficeConnecticutMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_RealEstateEscrowReservesMember_f5e1b9fe-e8aa-4add-b945-a6909bcb660c_terseLabel_en-US" xlink:label="lab_clnc_RealEstateEscrowReservesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real estate escrow reserves</link:label>
    <link:label id="lab_clnc_RealEstateEscrowReservesMember_label_en-US" xlink:label="lab_clnc_RealEstateEscrowReservesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Escrow Reserves [Member]</link:label>
    <link:label id="lab_clnc_RealEstateEscrowReservesMember_documentation_en-US" xlink:label="lab_clnc_RealEstateEscrowReservesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Escrow Reserves [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_RealEstateEscrowReservesMember" xlink:href="clnc-20201231.xsd#clnc_RealEstateEscrowReservesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_RealEstateEscrowReservesMember" xlink:to="lab_clnc_RealEstateEscrowReservesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral_45ed61a9-5198-4d42-96d4-bf203f319ac3_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross amounts not offset on consolidated balance sheets liabilities</link:label>
    <link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative Liability, Fair Value, Amount Not Offset Against Collateral</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NorthStarRealEstateIncomeTrustInc.AndNorthStarRealEstateIncomeIIInc.Member_86de8ea9-49e7-4433-865a-47897beb555e_terseLabel_en-US" xlink:label="lab_clnc_NorthStarRealEstateIncomeTrustInc.AndNorthStarRealEstateIncomeIIInc.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NorthStar Real Estate Income Trust, Inc. And NorthStar Real Estate Income II, Inc.</link:label>
    <link:label id="lab_clnc_NorthStarRealEstateIncomeTrustInc.AndNorthStarRealEstateIncomeIIInc.Member_label_en-US" xlink:label="lab_clnc_NorthStarRealEstateIncomeTrustInc.AndNorthStarRealEstateIncomeIIInc.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NorthStar Real Estate Income Trust, Inc. And NorthStar Real Estate Income II, Inc. [Member]</link:label>
    <link:label id="lab_clnc_NorthStarRealEstateIncomeTrustInc.AndNorthStarRealEstateIncomeIIInc.Member_documentation_en-US" xlink:label="lab_clnc_NorthStarRealEstateIncomeTrustInc.AndNorthStarRealEstateIncomeIIInc.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NorthStar Real Estate Income Trust, Inc. And NorthStar Real Estate Income II, Inc. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NorthStarRealEstateIncomeTrustInc.AndNorthStarRealEstateIncomeIIInc.Member" xlink:href="clnc-20201231.xsd#clnc_NorthStarRealEstateIncomeTrustInc.AndNorthStarRealEstateIncomeIIInc.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_NorthStarRealEstateIncomeTrustInc.AndNorthStarRealEstateIncomeIIInc.Member" xlink:to="lab_clnc_NorthStarRealEstateIncomeTrustInc.AndNorthStarRealEstateIncomeIIInc.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_VariableRateAxis_5757e4d3-4e54-4232-9a7a-74f72c88a41c_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:label id="lab_us-gaap_VariableRateAxis_label_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableRateAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableRateAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateAxis" xlink:to="lab_us-gaap_VariableRateAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy_bd378181-7afd-4368-8c71-29e1c3cfd2e2_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and Cash Equivalents</link:label>
    <link:label id="lab_us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsUnrestrictedCashAndCashEquivalentsPolicy"/>
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    <link:label id="lab_us-gaap_CommitmentsAndContingencies_04598bc9-b961-4548-9ee4-57c47eecd462_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commitments and contingencies (Note 17)</link:label>
    <link:label id="lab_us-gaap_CommitmentsAndContingencies_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commitments and Contingencies</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingencies"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingencies" xlink:to="lab_us-gaap_CommitmentsAndContingencies" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination_8e7ddd2e-3a91-482b-bd5c-b419fdba46a6_terseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling interests assumed in the Combination</link:label>
    <link:label id="lab_us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interest, Increase from Business Combination</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination"/>
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    <link:label id="lab_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation_ff447e01-fb16-4e84-8334-4cec22c2e04d_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shares canceled for tax withholding on vested stock awards</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation"/>
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    <link:label id="lab_clnc_VariousU.S.IndustrialPropertiesMember_40785f82-6d32-4cbc-aa06-abe0277e6849_terseLabel_en-US" xlink:label="lab_clnc_VariousU.S.IndustrialPropertiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Industrial - Various in U.S.</link:label>
    <link:label id="lab_clnc_VariousU.S.IndustrialPropertiesMember_label_en-US" xlink:label="lab_clnc_VariousU.S.IndustrialPropertiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Various U.S. Industrial Properties [Member]</link:label>
    <link:label id="lab_clnc_VariousU.S.IndustrialPropertiesMember_documentation_en-US" xlink:label="lab_clnc_VariousU.S.IndustrialPropertiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Various U.S. Industrial Properties [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_VariousU.S.IndustrialPropertiesMember" xlink:href="clnc-20201231.xsd#clnc_VariousU.S.IndustrialPropertiesMember"/>
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    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_bcac6566-88f1-456c-b5f9-b0ebbb142c68_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2026 and thereafter</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, after Year Five</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive"/>
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    <link:label id="lab_dei_EntityAddressStateOrProvince_2089f21e-98a9-4100-9cf4-e7b429662d08_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_3a87e4be-c502-4b0d-abbb-6d4f7802405f_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Vested (in shares)</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_PropertyandOtherIncome_b36ad3eb-b4fd-4eaf-9428-644560824f1e_totalLabel_en-US" xlink:label="lab_clnc_PropertyandOtherIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total property and other income</link:label>
    <link:label id="lab_clnc_PropertyandOtherIncome_label_en-US" xlink:label="lab_clnc_PropertyandOtherIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property and Other Income</link:label>
    <link:label id="lab_clnc_PropertyandOtherIncome_documentation_en-US" xlink:label="lab_clnc_PropertyandOtherIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property and Other Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_PropertyandOtherIncome" xlink:href="clnc-20201231.xsd#clnc_PropertyandOtherIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_PropertyandOtherIncome" xlink:to="lab_clnc_PropertyandOtherIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_75044aa4-2a76-41e0-a973-c3ea83e02ca1_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Federal tax expense (benefit) at statutory tax rate (21%, 21% and 21%, respectively)</link:label>
    <link:label id="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:to="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_AccumulatedUnrealizedGainLossonRealEstateSecuritiesAvailableforSaleAttributabletoNoncontrollingInterestMember_2bd65515-8876-4bfd-802a-27ac03c83c13_terseLabel_en-US" xlink:label="lab_clnc_AccumulatedUnrealizedGainLossonRealEstateSecuritiesAvailableforSaleAttributabletoNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized gain (loss) on real estate securities, available for sale</link:label>
    <link:label id="lab_clnc_AccumulatedUnrealizedGainLossonRealEstateSecuritiesAvailableforSaleAttributabletoNoncontrollingInterestMember_label_en-US" xlink:label="lab_clnc_AccumulatedUnrealizedGainLossonRealEstateSecuritiesAvailableforSaleAttributabletoNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Unrealized Gain (Loss) on Real Estate Securities, Available for Sale, Attributable to Noncontrolling Interest [Member]</link:label>
    <link:label id="lab_clnc_AccumulatedUnrealizedGainLossonRealEstateSecuritiesAvailableforSaleAttributabletoNoncontrollingInterestMember_documentation_en-US" xlink:label="lab_clnc_AccumulatedUnrealizedGainLossonRealEstateSecuritiesAvailableforSaleAttributabletoNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Unrealized Gain (Loss) on Real Estate Securities, Available for Sale, Attributable to Noncontrolling Interest [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_AccumulatedUnrealizedGainLossonRealEstateSecuritiesAvailableforSaleAttributabletoNoncontrollingInterestMember" xlink:href="clnc-20201231.xsd#clnc_AccumulatedUnrealizedGainLossonRealEstateSecuritiesAvailableforSaleAttributabletoNoncontrollingInterestMember"/>
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    <link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract_5e3634e9-10b5-4da3-b4c7-6b244423cce6_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Purchase Price Allocation</link:label>
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    <link:label id="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis_003abeba-0479-4e0e-b93e-db8adceb9bbe_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial Asset, Period Past Due [Axis]</link:label>
    <link:label id="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis_label_en-US" xlink:label="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial Asset, Period Past Due [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:to="lab_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_bc0b4a37-975d-4ebe-a7c5-336f5f8a629e_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated deficit</link:label>
    <link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
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    <link:label id="lab_us-gaap_SecuredDebt_8b7999cf-3cd2-4cc7-9965-4f2527c83c3a_terseLabel_en-US" xlink:label="lab_us-gaap_SecuredDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Securitization bonds payable, net</link:label>
    <link:label id="lab_us-gaap_SecuredDebt_label_en-US" xlink:label="lab_us-gaap_SecuredDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Secured Debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuredDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuredDebt" xlink:to="lab_us-gaap_SecuredDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NetLeaseThreeMember_9e5c99f1-2ea4-4f2a-af11-e971a8b4dde5_terseLabel_en-US" xlink:label="lab_clnc_NetLeaseThreeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net lease 3</link:label>
    <link:label id="lab_clnc_NetLeaseThreeMember_label_en-US" xlink:label="lab_clnc_NetLeaseThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Lease Three [Member]</link:label>
    <link:label id="lab_clnc_NetLeaseThreeMember_documentation_en-US" xlink:label="lab_clnc_NetLeaseThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Lease Three [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NetLeaseThreeMember" xlink:href="clnc-20201231.xsd#clnc_NetLeaseThreeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_NetLeaseThreeMember" xlink:to="lab_clnc_NetLeaseThreeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_e5ab4ff1-1be8-433b-a248-d80d3902d1f7_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Right-of-use lease asset</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Lease, Right-of-Use Asset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseRightOfUseAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseRightOfUseAsset" xlink:to="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RepaymentsOfLinesOfCredit_d6017284-b944-4a7c-8a8c-9cd7ddde8d4c_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfLinesOfCredit" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayment of credit facilities</link:label>
    <link:label id="lab_us-gaap_RepaymentsOfLinesOfCredit_38747662-405c-4ddb-9d5c-63fd106b4634_terseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfLinesOfCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Paydown of credit facility</link:label>
    <link:label id="lab_us-gaap_RepaymentsOfLinesOfCredit_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfLinesOfCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayments of Lines of Credit</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfLinesOfCredit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfLinesOfCredit" xlink:to="lab_us-gaap_RepaymentsOfLinesOfCredit" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_TransactionInvestmentAndServicingExpense_4b3a7193-481c-4001-91dc-3d3e59f54a90_terseLabel_en-US" xlink:label="lab_clnc_TransactionInvestmentAndServicingExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transaction, investment and servicing expense</link:label>
    <link:label id="lab_clnc_TransactionInvestmentAndServicingExpense_a44bd933-08c8-4718-a76e-eedd3ce24e98_negatedLabel_en-US" xlink:label="lab_clnc_TransactionInvestmentAndServicingExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transaction, investment and servicing expense</link:label>
    <link:label id="lab_clnc_TransactionInvestmentAndServicingExpense_label_en-US" xlink:label="lab_clnc_TransactionInvestmentAndServicingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transaction, Investment And Servicing Expense</link:label>
    <link:label id="lab_clnc_TransactionInvestmentAndServicingExpense_documentation_en-US" xlink:label="lab_clnc_TransactionInvestmentAndServicingExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transaction, Investment And Servicing Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_TransactionInvestmentAndServicingExpense" xlink:href="clnc-20201231.xsd#clnc_TransactionInvestmentAndServicingExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_TransactionInvestmentAndServicingExpense" xlink:to="lab_clnc_TransactionInvestmentAndServicingExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProductConcentrationRiskMember_e1587b0f-884d-4f10-91de-dec35cf83371_terseLabel_en-US" xlink:label="lab_us-gaap_ProductConcentrationRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property Concentration Risk</link:label>
    <link:label id="lab_us-gaap_ProductConcentrationRiskMember_label_en-US" xlink:label="lab_us-gaap_ProductConcentrationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Product Concentration Risk [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProductConcentrationRiskMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProductConcentrationRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProductConcentrationRiskMember" xlink:to="lab_us-gaap_ProductConcentrationRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_HotelMember_10e3c41b-af50-4ea0-8cf2-201a1a48c49f_terseLabel_en-US" xlink:label="lab_srt_HotelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel</link:label>
    <link:label id="lab_srt_HotelMember_label_en-US" xlink:label="lab_srt_HotelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_HotelMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_HotelMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_HotelMember" xlink:to="lab_srt_HotelMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_b94203ed-6ef3-4203-b10f-bae5f52a4b01_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Changes in Level 3</link:label>
    <link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SECScheduleIIIRealEstateInvestmentPropertyNet_dda0ec2d-d242-48ed-9686-1a09b1086296_totalLabel_en-US" xlink:label="lab_us-gaap_SECScheduleIIIRealEstateInvestmentPropertyNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total</link:label>
    <link:label id="lab_us-gaap_SECScheduleIIIRealEstateInvestmentPropertyNet_label_en-US" xlink:label="lab_us-gaap_SECScheduleIIIRealEstateInvestmentPropertyNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Investment Property, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SECScheduleIIIRealEstateInvestmentPropertyNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SECScheduleIIIRealEstateInvestmentPropertyNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SECScheduleIIIRealEstateInvestmentPropertyNet" xlink:to="lab_us-gaap_SECScheduleIIIRealEstateInvestmentPropertyNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_e2112c9e-3fd0-4879-90cf-130ec838ad74_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity</link:label>
    <link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_ManagementFeeperQuarterMember_10afc083-bd6e-485a-8163-4ae186e0730d_terseLabel_en-US" xlink:label="lab_clnc_ManagementFeeperQuarterMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management fee per quarter</link:label>
    <link:label id="lab_clnc_ManagementFeeperQuarterMember_label_en-US" xlink:label="lab_clnc_ManagementFeeperQuarterMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Fee per Quarter [Member]</link:label>
    <link:label id="lab_clnc_ManagementFeeperQuarterMember_documentation_en-US" xlink:label="lab_clnc_ManagementFeeperQuarterMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Management Fee per Quarter [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_ManagementFeeperQuarterMember" xlink:href="clnc-20201231.xsd#clnc_ManagementFeeperQuarterMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_ManagementFeeperQuarterMember" xlink:to="lab_clnc_ManagementFeeperQuarterMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsNet_0a1c5412-fc3b-4c73-94e3-002a1f3d32da_totalLabel_en-US" xlink:label="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total</link:label>
    <link:label id="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsNet_label_en-US" xlink:label="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible Assets (Liabilities) And Deferred Leasing Costs, Net</link:label>
    <link:label id="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsNet_documentation_en-US" xlink:label="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible Assets (Liabilities) And Deferred Leasing Costs, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsNet" xlink:href="clnc-20201231.xsd#clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsNet" xlink:to="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LongLivedAssetsHeldForSaleLineItems_8d9733b4-78dd-4b0b-b274-3bbd14fe2d32_terseLabel_en-US" xlink:label="lab_us-gaap_LongLivedAssetsHeldForSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long Lived Assets Held-for-sale [Line Items]</link:label>
    <link:label id="lab_us-gaap_LongLivedAssetsHeldForSaleLineItems_label_en-US" xlink:label="lab_us-gaap_LongLivedAssetsHeldForSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long Lived Assets Held-for-sale [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongLivedAssetsHeldForSaleLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongLivedAssetsHeldForSaleLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongLivedAssetsHeldForSaleLineItems" xlink:to="lab_us-gaap_LongLivedAssetsHeldForSaleLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_CompanysCorePortfolioMember_c30c0f5e-6206-4b82-b403-0baed5e9742d_terseLabel_en-US" xlink:label="lab_clnc_CompanysCorePortfolioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Company&#8217;s Core Portfolio</link:label>
    <link:label id="lab_clnc_CompanysCorePortfolioMember_label_en-US" xlink:label="lab_clnc_CompanysCorePortfolioMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Company&#8217;s Core Portfolio [Member]</link:label>
    <link:label id="lab_clnc_CompanysCorePortfolioMember_documentation_en-US" xlink:label="lab_clnc_CompanysCorePortfolioMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Company&#8217;s Core Portfolio [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_CompanysCorePortfolioMember" xlink:href="clnc-20201231.xsd#clnc_CompanysCorePortfolioMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_CompanysCorePortfolioMember" xlink:to="lab_clnc_CompanysCorePortfolioMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain_57fbb173-52f3-48f1-a2ae-33551e94bce4_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value by Liability Class [Domain]</link:label>
    <link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value by Liability Class [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:to="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_AreaOfOffices_ab0f3381-a252-461a-af60-e94a1b85700c_terseLabel_en-US" xlink:label="lab_clnc_AreaOfOffices" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Area of office (in sq. ft.)</link:label>
    <link:label id="lab_clnc_AreaOfOffices_label_en-US" xlink:label="lab_clnc_AreaOfOffices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Area Of Offices</link:label>
    <link:label id="lab_clnc_AreaOfOffices_documentation_en-US" xlink:label="lab_clnc_AreaOfOffices" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Area Of Offices</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_AreaOfOffices" xlink:href="clnc-20201231.xsd#clnc_AreaOfOffices"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_AreaOfOffices" xlink:to="lab_clnc_AreaOfOffices" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_FinancingReceivableCreditLossExpenseReversalIncludingHeldForSale_b317b4cb-0950-4f77-ac06-435009867af3_terseLabel_en-US" xlink:label="lab_clnc_FinancingReceivableCreditLossExpenseReversalIncludingHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Provision for loan losses</link:label>
    <link:label id="lab_clnc_FinancingReceivableCreditLossExpenseReversalIncludingHeldForSale_label_en-US" xlink:label="lab_clnc_FinancingReceivableCreditLossExpenseReversalIncludingHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Credit Loss, Expense (Reversal), Including Held-For-Sale</link:label>
    <link:label id="lab_clnc_FinancingReceivableCreditLossExpenseReversalIncludingHeldForSale_documentation_en-US" xlink:label="lab_clnc_FinancingReceivableCreditLossExpenseReversalIncludingHeldForSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Credit Loss, Expense (Reversal), Including Held-For-Sale</link:label>
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    <link:label id="lab_us-gaap_LineOfCreditFacilityAxis_c38c6a9c-4550-4b57-a05d-863afe7e03d7_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lender Name [Axis]</link:label>
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    <link:label id="lab_us-gaap_PastDueFinancingReceivablesTableTextBlock_53e9e21a-6ad1-481c-8892-5aa690933fe8_terseLabel_en-US" xlink:label="lab_us-gaap_PastDueFinancingReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Aging Summary of Loans</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PastDueFinancingReceivablesTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PastDueFinancingReceivablesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PastDueFinancingReceivablesTableTextBlock" xlink:to="lab_us-gaap_PastDueFinancingReceivablesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PreferredStockSharesIssued_7d392577-4be4-4a43-b53a-a976db1363e3_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred stock, shares issued (in shares)</link:label>
    <link:label id="lab_us-gaap_PreferredStockSharesIssued_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred Stock, Shares Issued</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesIssued"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesIssued" xlink:to="lab_us-gaap_PreferredStockSharesIssued" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceived_e705d074-af21-4e16-a92a-8cb44a615939_totalLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceived_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessor, Operating Lease, Payments to be Received</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceived" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceived"/>
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    <link:label id="lab_clnc_RetailLoanMember_ac49f405-0d81-41da-8e26-e4bf60615589_terseLabel_en-US" xlink:label="lab_clnc_RetailLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail loan</link:label>
    <link:label id="lab_clnc_RetailLoanMember_label_en-US" xlink:label="lab_clnc_RetailLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail Loan [Member]</link:label>
    <link:label id="lab_clnc_RetailLoanMember_documentation_en-US" xlink:label="lab_clnc_RetailLoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail Loan [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_RetailLoanMember" xlink:href="clnc-20201231.xsd#clnc_RetailLoanMember"/>
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    <link:label id="lab_clnc_NoncashorPartNoncashAcquisitionDeconsolidationofSecuritizationTrust_ee0bf650-d7b0-44b8-8a68-1e490bf97511_terseLabel_en-US" xlink:label="lab_clnc_NoncashorPartNoncashAcquisitionDeconsolidationofSecuritizationTrust" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deconsolidation of securitization trust (VIE asset/liability reductions)</link:label>
    <link:label id="lab_clnc_NoncashorPartNoncashAcquisitionDeconsolidationofSecuritizationTrust_label_en-US" xlink:label="lab_clnc_NoncashorPartNoncashAcquisitionDeconsolidationofSecuritizationTrust" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncash or Part Noncash Acquisition, Deconsolidation of Securitization Trust</link:label>
    <link:label id="lab_clnc_NoncashorPartNoncashAcquisitionDeconsolidationofSecuritizationTrust_documentation_en-US" xlink:label="lab_clnc_NoncashorPartNoncashAcquisitionDeconsolidationofSecuritizationTrust" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncash or Part Noncash Acquisition, Deconsolidation of Securitization Trust</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NoncashorPartNoncashAcquisitionDeconsolidationofSecuritizationTrust" xlink:href="clnc-20201231.xsd#clnc_NoncashorPartNoncashAcquisitionDeconsolidationofSecuritizationTrust"/>
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    <link:label id="lab_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock_66dd678d-c470-46d6-bb1e-3209a9dcb178_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of Loans and Preferred Equity Held for Investment by Year of Origination and Credit Quality Risk Ranking</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable Credit Quality Indicators [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xlink:to="lab_us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EarningsPerShareBasicAndDiluted_e5397f84-26d5-4221-8897-991157429b72_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDiluted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income (loss) per common share - basic and diluted (Note 18) (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareBasicAndDiluted_c9c72d2c-fd74-4abe-9997-8a0e3e616368_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDiluted" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income (loss) per common share - basic and diluted (in dollars per share)</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareBasicAndDiluted_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAndDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Earnings Per Share, Basic and Diluted</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareBasicAndDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="lab_us-gaap_EarningsPerShareBasicAndDiluted" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MixedUseProjectJointVentureMember_ac08279a-2adb-4c26-be3c-5e3e1493a556_terseLabel_en-US" xlink:label="lab_clnc_MixedUseProjectJointVentureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mixed-use project joint venture</link:label>
    <link:label id="lab_clnc_MixedUseProjectJointVentureMember_label_en-US" xlink:label="lab_clnc_MixedUseProjectJointVentureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mixed-Use Project Joint Venture [Member]</link:label>
    <link:label id="lab_clnc_MixedUseProjectJointVentureMember_documentation_en-US" xlink:label="lab_clnc_MixedUseProjectJointVentureMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mixed-Use Project Joint Venture</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MixedUseProjectJointVentureMember" xlink:href="clnc-20201231.xsd#clnc_MixedUseProjectJointVentureMember"/>
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    <link:label id="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract_3851ecc9-4c53-4e62-87c3-3f43f5989c05_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncancelable ground leases on real estate</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Operating Lease, Liability, Payment, Due [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:to="lab_us-gaap_OperatingLeaseLiabilitiesPaymentsDueAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_13284c1e-c32b-4033-b8e5-e109786ea43c_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (Decrease) in Stockholders' Equity</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateLoanMember_96190d86-97e0-4755-a7dc-aa32ce804537_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans and preferred equity held for investment</link:label>
    <link:label id="lab_us-gaap_RealEstateLoanMember_label_en-US" xlink:label="lab_us-gaap_RealEstateLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Loan [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateLoanMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateLoanMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateLoanMember" xlink:to="lab_us-gaap_RealEstateLoanMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_OtherLoansMember_18869311-8ee8-4e5b-87fe-a4d20acd6b71_terseLabel_en-US" xlink:label="lab_clnc_OtherLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other loans</link:label>
    <link:label id="lab_clnc_OtherLoansMember_label_en-US" xlink:label="lab_clnc_OtherLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Loans [Member]</link:label>
    <link:label id="lab_clnc_OtherLoansMember_documentation_en-US" xlink:label="lab_clnc_OtherLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Loans [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_OtherLoansMember" xlink:href="clnc-20201231.xsd#clnc_OtherLoansMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_OtherLoansMember" xlink:to="lab_clnc_OtherLoansMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateAccumulatedDepreciation_655262f6-3fd6-4f19-ac61-8aae52a05622_periodStartLabel_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Beginning balance</link:label>
    <link:label id="lab_us-gaap_RealEstateAccumulatedDepreciation_5e1d4424-0cbb-4390-8d39-e86af942173d_periodEndLabel_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ending balance</link:label>
    <link:label id="lab_us-gaap_RealEstateAccumulatedDepreciation_label_en-US" xlink:label="lab_us-gaap_RealEstateAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateAccumulatedDepreciation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateAccumulatedDepreciation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateAccumulatedDepreciation" xlink:to="lab_us-gaap_RealEstateAccumulatedDepreciation" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock_1d5f172c-1519-49f7-b7d2-ce89921deab2_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property Operating Income</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Lease, Lease Income [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLeaseIncomeTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:to="lab_us-gaap_OperatingLeaseLeaseIncomeTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain_79037842-e09a-49c5-8495-7680f6c78a92_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial Asset, Period Past Due [Domain]</link:label>
    <link:label id="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain_label_en-US" xlink:label="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial Asset, Period Past Due [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:to="lab_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_7f2c0eb5-4749-4b09-a2d5-db85f5e0091c_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Earnings Per Share, Basic and Diluted</link:label>
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    <link:label id="lab_clnc_OtherthanU.S.andEuropeMember_4410819e-22d4-4f8f-92de-5bfbea0e5760_terseLabel_en-US" xlink:label="lab_clnc_OtherthanU.S.andEuropeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromDivestitureOfInterestInJointVenture_9b9400a4-d95a-4f79-9e6f-e7609638834f_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromDivestitureOfInterestInJointVenture" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from sale of investments in unconsolidated ventures</link:label>
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    <link:label id="lab_us-gaap_LineOfCredit_82b3b3b0-b41d-4123-90fb-843194b170bf_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Credit facilities</link:label>
    <link:label id="lab_us-gaap_LineOfCredit_label_en-US" xlink:label="lab_us-gaap_LineOfCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-term Line of Credit</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCredit" xlink:to="lab_us-gaap_LineOfCredit" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RepaymentsOfDebt_fd26d891-ecf9-4b2c-97f5-4b8d98ce7a74_terseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt repaid</link:label>
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    <link:label id="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_7f1051fa-84df-4f1d-8e1b-d3698aab411e_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Measurement</link:label>
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    <link:label id="lab_clnc_OtherNewYorkMember_1280c57d-d696-4160-8435-f54270d08ac5_terseLabel_en-US" xlink:label="lab_clnc_OtherNewYorkMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other, New York</link:label>
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    <link:label id="lab_us-gaap_SupplementalBalanceSheetDisclosuresTextBlock_c4f24c8e-70ca-43a3-9cf1-f34789346807_terseLabel_en-US" xlink:label="lab_us-gaap_SupplementalBalanceSheetDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Restricted Cash, Other Assets and Accrued and Other Liabilities</link:label>
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    <link:label id="lab_clnc_JointVentureCommitment_0de1ef31-147d-4914-bdf6-a3fe27018f81_terseLabel_en-US" xlink:label="lab_clnc_JointVentureCommitment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint venture commitment</link:label>
    <link:label id="lab_clnc_JointVentureCommitment_label_en-US" xlink:label="lab_clnc_JointVentureCommitment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint Venture Commitment</link:label>
    <link:label id="lab_clnc_JointVentureCommitment_documentation_en-US" xlink:label="lab_clnc_JointVentureCommitment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Joint Venture Commitment</link:label>
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    <link:label id="lab_clnc_MortgageLoansonRealEstateCollateralforSecuredBorrowingsWeightedAverageLoantoValueRatio_e3320093-9020-46b0-a7a2-02d60e83b009_terseLabel_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateCollateralforSecuredBorrowingsWeightedAverageLoantoValueRatio" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average loan to value ratio (in percentage)</link:label>
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    <link:label id="lab_us-gaap_EquityMethodInvestmentsTextBlock_ac1f9aa1-f6ae-4be7-8a21-98bdd95fa91d_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of Equity Method Investments</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentsTextBlock"/>
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    <link:label id="lab_us-gaap_CoreMember_a3d78bfa-91aa-4a5e-b8b8-924586415bb3_terseLabel_en-US" xlink:label="lab_us-gaap_CoreMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Core</link:label>
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    <link:label id="lab_clnc_BankFourFacilityMember_a019b26e-a93e-4672-9c7c-6abe11e1998a_terseLabel_en-US" xlink:label="lab_clnc_BankFourFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank 4 facility</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clnc_BankFourFacilityMember" xlink:href="clnc-20201231.xsd#clnc_BankFourFacilityMember"/>
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_bda0b156-5efe-441a-bdd2-ea4c4add6d76_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net cash provided by operating activities</link:label>
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    <link:label id="lab_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_e3e050c4-1f1b-48e9-a13c-52b3670352c2_verboseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrowing capacity</link:label>
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    <link:label id="lab_clnc_MortgageLoansOnRealEstateNumberOfLoansContributingToMoreThan10PercentOfInterestIncome_18e1bf2f-ac84-462d-82e1-41522ec3d72f_terseLabel_en-US" xlink:label="lab_clnc_MortgageLoansOnRealEstateNumberOfLoansContributingToMoreThan10PercentOfInterestIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of CRE debt investments contributed to more than 10% of interest income</link:label>
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    <link:label id="lab_us-gaap_RelatedPartyTransactionLineItems_8f11bc35-a179-41e4-b60e-96f9fb91ebaa_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transaction [Line Items]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems" xlink:to="lab_us-gaap_RelatedPartyTransactionLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_EquityParticipationInterestinJointVentureCorePortfolioMember_925b3076-1757-4fb6-84de-09228471fa98_terseLabel_en-US" xlink:label="lab_clnc_EquityParticipationInterestinJointVentureCorePortfolioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity participation interest in joint venture, core portfolio</link:label>
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    <link:label id="lab_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_d2bb6962-e11c-4b36-b7f5-ddcd88e13ceb_terseLabel_en-US" xlink:label="lab_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Depreciation expense</link:label>
    <link:label id="lab_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense_label_en-US" xlink:label="lab_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Depreciation Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense"/>
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    <link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_e84bdc96-c559-4540-b300-05780de3ed3b_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative Instrument [Axis]</link:label>
    <link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative Instrument [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:to="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RelatedPartyTransactionDueFromToRelatedParty_4fee0316-cb18-4813-ada1-20a90ab847f5_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionDueFromToRelatedParty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Due to related party</link:label>
    <link:label id="lab_us-gaap_RelatedPartyTransactionDueFromToRelatedParty_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionDueFromToRelatedParty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transaction, Due from (to) Related Party</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionDueFromToRelatedParty" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionDueFromToRelatedParty"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionDueFromToRelatedParty" xlink:to="lab_us-gaap_RelatedPartyTransactionDueFromToRelatedParty" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_BankNineFacilityOneMember_a5f17b8b-d3b6-4425-bf70-621e56adfd07_terseLabel_en-US" xlink:label="lab_clnc_BankNineFacilityOneMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank 9 Facility 1</link:label>
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    <link:label id="lab_clnc_BankNineFacilityOneMember_documentation_en-US" xlink:label="lab_clnc_BankNineFacilityOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank Nine Facility One [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis"/>
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    <link:label id="lab_clnc_NoncontrollingInterestsinInvestmentEntitiesMember_687bba59-cde0-458c-bb2d-545df6f52531_verboseLabel_en-US" xlink:label="lab_clnc_NoncontrollingInterestsinInvestmentEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment entities</link:label>
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    <link:label id="lab_clnc_AllowanceForLendingCommitment_cc8e2fd3-e41e-46cc-956c-6ec8d6ef3da1_terseLabel_en-US" xlink:label="lab_clnc_AllowanceForLendingCommitment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Allowance for lending commitments</link:label>
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    <link:label id="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsAccumulatedAmortization_6e267d4b-4dd8-4166-9476-7fd39231c4eb_negatedTerseLabel_en-US" xlink:label="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsAccumulatedAmortization" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Amortization</link:label>
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    <link:label id="lab_clnc_RefusalToRenewNoticePeriodWithoutPaymentOfTerminationFee_f9b50a93-50f9-48b8-b301-7e9ea5198ba7_terseLabel_en-US" xlink:label="lab_clnc_RefusalToRenewNoticePeriodWithoutPaymentOfTerminationFee" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Refusal to renew contract, number of days required for written notice to avoid termination fee</link:label>
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    <link:label id="lab_us-gaap_IncomeStatementLocationAxis_e691159f-741b-4124-80a1-ef0bda3e36c8_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Statement Location [Axis]</link:label>
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    <link:label id="lab_clnc_AmortizationExpenseMember_c1154fdb-b27f-423c-8bb0-6a88fb0d2a74_terseLabel_en-US" xlink:label="lab_clnc_AmortizationExpenseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization expense</link:label>
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    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_0cc49c9b-cb1e-4049-b54c-992b94b17b23_terseLabel_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
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    <link:label id="lab_clnc_NetLeasePortfolioNetMember_640e5280-1725-4455-bfc3-a5f682b526d9_terseLabel_en-US" xlink:label="lab_clnc_NetLeasePortfolioNetMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net lease portfolio, net</link:label>
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    <link:label id="lab_us-gaap_AccumulatedOtherThanTemporaryImpairmentMember_97caf834-5476-4cdf-a736-5a1e24897c9b_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherThanTemporaryImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment of real estate securities</link:label>
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    <link:label id="lab_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_f0a4be72-b353-4be6-938e-36f796096e1c_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Deferred Leasing Costs</link:label>
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    <link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_7dd11ff8-d96f-47be-9690-3fe5f21e34a7_negatedLabel_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Federal</link:label>
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    <link:label id="lab_us-gaap_LandAndLandImprovements_895992a6-15ea-463f-81dd-2983bf4cf16f_terseLabel_en-US" xlink:label="lab_us-gaap_LandAndLandImprovements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land and improvements</link:label>
    <link:label id="lab_us-gaap_LandAndLandImprovements_label_en-US" xlink:label="lab_us-gaap_LandAndLandImprovements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land and Land Improvements</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LandAndLandImprovements" xlink:to="lab_us-gaap_LandAndLandImprovements" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ParticipatingMortgageLoansAxis_3a8a5dfd-3fe1-4793-8443-7e2f127a6294_terseLabel_en-US" xlink:label="lab_us-gaap_ParticipatingMortgageLoansAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Participating Mortgage Loans [Axis]</link:label>
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    <link:label id="lab_clnc_FinancingReceivableNumberOfContracts_c9b37d4d-ba7d-403b-97a0-0a83e5fa357f_terseLabel_en-US" xlink:label="lab_clnc_FinancingReceivableNumberOfContracts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of loans financed</link:label>
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    <link:label id="lab_us-gaap_BelowMarketLeaseAmortizationIncomeAfterYearFive_3691e64f-267f-41e2-9830-7aac42e9e343_negatedLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAmortizationIncomeAfterYearFive" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2026 and thereafter</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfIntangibleAssets" xlink:to="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearTwo_494dc89a-14bd-4330-8312-a80224475cb8_terseLabel_en-US" xlink:label="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2022</link:label>
    <link:label id="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearTwo_label_en-US" xlink:label="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Leasing Costs, Amortization Expense, Year Two</link:label>
    <link:label id="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearTwo_documentation_en-US" xlink:label="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Leasing Costs, Amortization Expense, Year Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_DeferredLeasingCostsAmortizationExpenseYearTwo" xlink:href="clnc-20201231.xsd#clnc_DeferredLeasingCostsAmortizationExpenseYearTwo"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_DeferredLeasingCostsAmortizationExpenseYearTwo" xlink:to="lab_clnc_DeferredLeasingCostsAmortizationExpenseYearTwo" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_HotelCalifornia1Member_58dbbaae-fc59-4288-911e-37f13d69d6c8_terseLabel_en-US" xlink:label="lab_clnc_HotelCalifornia1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel, California 1</link:label>
    <link:label id="lab_clnc_HotelCalifornia1Member_label_en-US" xlink:label="lab_clnc_HotelCalifornia1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel, California 1 [Member]</link:label>
    <link:label id="lab_clnc_HotelCalifornia1Member_documentation_en-US" xlink:label="lab_clnc_HotelCalifornia1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel, California 1 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_HotelCalifornia1Member" xlink:href="clnc-20201231.xsd#clnc_HotelCalifornia1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_HotelCalifornia1Member" xlink:to="lab_clnc_HotelCalifornia1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InvestmentBuildingAndBuildingImprovements_6f2fbe5f-18a4-46c3-90c1-56692f6fdd97_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Buildings, building leaseholds, and improvements</link:label>
    <link:label id="lab_us-gaap_InvestmentBuildingAndBuildingImprovements_label_en-US" xlink:label="lab_us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Building and Building Improvements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentBuildingAndBuildingImprovements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:to="lab_us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseNet_8b5e9b62-af80-4f7c-85aa-8641e63d7e53_terseLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible liabilities, net</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseNet_aba9765b-f5e9-46fa-ae24-e5b437fd9b79_totalLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Carrying Amount</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseNet_37256676-4c37-4340-8ece-1e5855510ac6_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNet" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseNet_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Below Market Lease, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BelowMarketLeaseNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseNet" xlink:to="lab_us-gaap_BelowMarketLeaseNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SegmentReportingDisclosureTextBlock_441fb36e-3b26-4f1e-a6cf-0af7ebe3a9dd_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Segment Reporting</link:label>
    <link:label id="lab_us-gaap_SegmentReportingDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Segment Reporting Disclosure [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MortgageNotesPayableNetMember_daceddac-3c57-4e1f-b3a0-a7f10bbed108_terseLabel_en-US" xlink:label="lab_clnc_MortgageNotesPayableNetMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage and other notes payable, net</link:label>
    <link:label id="lab_clnc_MortgageNotesPayableNetMember_label_en-US" xlink:label="lab_clnc_MortgageNotesPayableNetMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Notes Payable, Net [Member]</link:label>
    <link:label id="lab_clnc_MortgageNotesPayableNetMember_documentation_en-US" xlink:label="lab_clnc_MortgageNotesPayableNetMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Notes Payable, Net [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MortgageNotesPayableNetMember" xlink:href="clnc-20201231.xsd#clnc_MortgageNotesPayableNetMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_MortgageNotesPayableNetMember" xlink:to="lab_clnc_MortgageNotesPayableNetMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseNetAmortizationIncomeFiscalYearMaturityAbstract_cbef8e53-1f9d-4469-b7e6-4c8bf94e09ca_terseLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNetAmortizationIncomeFiscalYearMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Below-market lease values</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseNetAmortizationIncomeFiscalYearMaturityAbstract_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseNetAmortizationIncomeFiscalYearMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseNetAmortizationIncomeFiscalYearMaturityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BelowMarketLeaseNetAmortizationIncomeFiscalYearMaturityAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseNetAmortizationIncomeFiscalYearMaturityAbstract" xlink:to="lab_us-gaap_BelowMarketLeaseNetAmortizationIncomeFiscalYearMaturityAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_GainLossOnSalesOfLoansNet_e781518a-adcc-43da-b612-f1df4b52d89e_terseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnSalesOfLoansNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain (loss) on sales of loans, net</link:label>
    <link:label id="lab_us-gaap_GainLossOnSalesOfLoansNet_label_en-US" xlink:label="lab_us-gaap_GainLossOnSalesOfLoansNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain (Loss) on Sales of Loans, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnSalesOfLoansNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnSalesOfLoansNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnSalesOfLoansNet" xlink:to="lab_us-gaap_GainLossOnSalesOfLoansNet" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_StatementScenarioAxis_cee871f7-5f1f-471d-9869-935e538bdfa5_terseLabel_en-US" xlink:label="lab_srt_StatementScenarioAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Scenario [Axis]</link:label>
    <link:label id="lab_srt_StatementScenarioAxis_label_en-US" xlink:label="lab_srt_StatementScenarioAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Scenario [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_StatementScenarioAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StatementScenarioAxis" xlink:to="lab_srt_StatementScenarioAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RevenueFromContractWithCustomerMember_f538f463-17b9-4feb-9d75-b9755d312792_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue</link:label>
    <link:label id="lab_us-gaap_RevenueFromContractWithCustomerMember_label_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Revenue from Contract with Customer Benchmark [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueFromContractWithCustomerMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromContractWithCustomerMember" xlink:to="lab_us-gaap_RevenueFromContractWithCustomerMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_OtherRealEstate2Member_5efd6064-d6bd-42b2-9ed3-6deb1654479f_terseLabel_en-US" xlink:label="lab_clnc_OtherRealEstate2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other real estate 2</link:label>
    <link:label id="lab_clnc_OtherRealEstate2Member_label_en-US" xlink:label="lab_clnc_OtherRealEstate2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate 2 [Member]</link:label>
    <link:label id="lab_clnc_OtherRealEstate2Member_documentation_en-US" xlink:label="lab_clnc_OtherRealEstate2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate 2 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_OtherRealEstate2Member" xlink:href="clnc-20201231.xsd#clnc_OtherRealEstate2Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_OtherRealEstate2Member" xlink:to="lab_clnc_OtherRealEstate2Member" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_AmortizationofMortgageNotesAboveandBelowMarketValue_23534e9a-516a-4378-a8a9-376963bd150c_negatedTerseLabel_en-US" xlink:label="lab_clnc_AmortizationofMortgageNotesAboveandBelowMarketValue" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage notes above/below market value amortization</link:label>
    <link:label id="lab_clnc_AmortizationofMortgageNotesAboveandBelowMarketValue_label_en-US" xlink:label="lab_clnc_AmortizationofMortgageNotesAboveandBelowMarketValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization of Mortgage Notes Above and Below Market Value</link:label>
    <link:label id="lab_clnc_AmortizationofMortgageNotesAboveandBelowMarketValue_documentation_en-US" xlink:label="lab_clnc_AmortizationofMortgageNotesAboveandBelowMarketValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization of Mortgage Notes Above and Below Market Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_AmortizationofMortgageNotesAboveandBelowMarketValue" xlink:href="clnc-20201231.xsd#clnc_AmortizationofMortgageNotesAboveandBelowMarketValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_AmortizationofMortgageNotesAboveandBelowMarketValue" xlink:to="lab_clnc_AmortizationofMortgageNotesAboveandBelowMarketValue" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_Security12bTitle_a0afb33c-2c45-4d0f-94b4-693dc22e37ea_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DisposalGroupClassificationAxis_5c8b1bc8-e95d-4a4e-9bc0-97783dc4dd75_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupClassificationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group Classification [Axis]</link:label>
    <link:label id="lab_us-gaap_DisposalGroupClassificationAxis_label_en-US" xlink:label="lab_us-gaap_DisposalGroupClassificationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disposal Group Classification [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupClassificationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupClassificationAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupClassificationAxis" xlink:to="lab_us-gaap_DisposalGroupClassificationAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredTaxLiabilitiesInvestments_052d2f2f-7d98-4393-a494-04adbbe489d2_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Basis difference - real estate</link:label>
    <link:label id="lab_us-gaap_DeferredTaxLiabilitiesInvestments_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Liabilities, Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxLiabilitiesInvestments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesInvestments" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesInvestments" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearTwo_6e99cee8-68a6-4a36-a0f8-23a56e6caca2_terseLabel_en-US" xlink:label="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2022</link:label>
    <link:label id="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearTwo_label_en-US" xlink:label="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible Assets (Liabilities) And Deferred Leasing Costs, Amortization Expense (Income), Year Two</link:label>
    <link:label id="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearTwo_documentation_en-US" xlink:label="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearTwo" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible Assets (Liabilities) And Deferred Leasing Costs, Amortization Expense (Income), Year Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearTwo" xlink:href="clnc-20201231.xsd#clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearTwo"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearTwo" xlink:to="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearTwo" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsNet_d6d7187c-bd90-41f1-841f-f53a6b5aa4d3_totalLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Carrying Amount</link:label>
    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsNet_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Finite-Lived Intangible Assets, Net</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NoncurrentAssets_f5e2c8e1-d40c-43ea-9b93-fad65aeab227_terseLabel_en-US" xlink:label="lab_us-gaap_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-lived assets by geography</link:label>
    <link:label id="lab_us-gaap_NoncurrentAssets_label_en-US" xlink:label="lab_us-gaap_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-Lived Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncurrentAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoncurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncurrentAssets" xlink:to="lab_us-gaap_NoncurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PutOptionMember_7550d6c6-427c-4fe2-99b2-fc9a8e8dc19f_terseLabel_en-US" xlink:label="lab_us-gaap_PutOptionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Put Option</link:label>
    <link:label id="lab_us-gaap_PutOptionMember_label_en-US" xlink:label="lab_us-gaap_PutOptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Put Option [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PutOptionMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PutOptionMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PutOptionMember" xlink:to="lab_us-gaap_PutOptionMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_18bf2046-5152-4dba-be71-841c8ad5a0ce_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized gains (losses) in OCI</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ConversionOfStockSharesIssued1_e9bc760a-6acc-4c9c-a923-753518881deb_terseLabel_en-US" xlink:label="lab_us-gaap_ConversionOfStockSharesIssued1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Conversion of Class B-3 common stock to Class A common stock (in shares)</link:label>
    <link:label id="lab_us-gaap_ConversionOfStockSharesIssued1_label_en-US" xlink:label="lab_us-gaap_ConversionOfStockSharesIssued1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Conversion of Stock, Shares Issued</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConversionOfStockSharesIssued1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConversionOfStockSharesIssued1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConversionOfStockSharesIssued1" xlink:to="lab_us-gaap_ConversionOfStockSharesIssued1" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_FurnitureFixturesandEquipmentMember_55a09a1d-00c2-4cfb-a06c-feb4ad0320e5_terseLabel_en-US" xlink:label="lab_clnc_FurnitureFixturesandEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Furniture, fixtures and equipment</link:label>
    <link:label id="lab_clnc_FurnitureFixturesandEquipmentMember_label_en-US" xlink:label="lab_clnc_FurnitureFixturesandEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Furniture, Fixtures and Equipment [Member]</link:label>
    <link:label id="lab_clnc_FurnitureFixturesandEquipmentMember_documentation_en-US" xlink:label="lab_clnc_FurnitureFixturesandEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Furniture, Fixtures and Equipment [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_FurnitureFixturesandEquipmentMember" xlink:href="clnc-20201231.xsd#clnc_FurnitureFixturesandEquipmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_FurnitureFixturesandEquipmentMember" xlink:to="lab_clnc_FurnitureFixturesandEquipmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_696bebfa-3637-4e1c-abde-ddd5e6134362_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2022</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_f6a047f8-2f9c-40ca-b6ee-d2a3dc4e0df0_verboseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2021</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessor, Operating Lease, Payment to be Received, Year Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:to="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedTwoYears" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProvisionForLoanAndLeaseLosses_38e5e386-4b03-425c-bd5a-e9dd8233d516_netLabel_en-US" xlink:label="lab_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Provision for loan losses</link:label>
    <link:label id="lab_us-gaap_ProvisionForLoanAndLeaseLosses_8a459845-918a-449f-a8d4-ff87510ebdb8_negatedLabel_en-US" xlink:label="lab_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Provision for loan losses</link:label>
    <link:label id="lab_us-gaap_ProvisionForLoanAndLeaseLosses_label_en-US" xlink:label="lab_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Provision for Loan and Lease Losses</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProvisionForLoanAndLeaseLosses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:to="lab_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestPayableCurrentAndNoncurrent_1cdd6f87-5fd0-44a7-95d1-6125af564a05_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest payable</link:label>
    <link:label id="lab_us-gaap_InterestPayableCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:to="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_CommercialMortgageRegionalMallLoansMember_f7311fc0-4abe-4741-af30-602fc4875e59_terseLabel_en-US" xlink:label="lab_clnc_CommercialMortgageRegionalMallLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial mortgage, regional mall loans</link:label>
    <link:label id="lab_clnc_CommercialMortgageRegionalMallLoansMember_label_en-US" xlink:label="lab_clnc_CommercialMortgageRegionalMallLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial Mortgage, Regional Mall Loans [Member]</link:label>
    <link:label id="lab_clnc_CommercialMortgageRegionalMallLoansMember_documentation_en-US" xlink:label="lab_clnc_CommercialMortgageRegionalMallLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commercial Mortgage, Regional Mall Loans [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_CommercialMortgageRegionalMallLoansMember" xlink:href="clnc-20201231.xsd#clnc_CommercialMortgageRegionalMallLoansMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_CommercialMortgageRegionalMallLoansMember" xlink:to="lab_clnc_CommercialMortgageRegionalMallLoansMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_PropertyOperatingExpense_44af8bed-79f7-4031-840f-fd15406f1394_terseLabel_en-US" xlink:label="lab_clnc_PropertyOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property operating expense</link:label>
    <link:label id="lab_clnc_PropertyOperatingExpense_0b31258b-d9c0-4ef8-b845-060d2e986d26_negatedTerseLabel_en-US" xlink:label="lab_clnc_PropertyOperatingExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property operating expense</link:label>
    <link:label id="lab_clnc_PropertyOperatingExpense_label_en-US" xlink:label="lab_clnc_PropertyOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property Operating Expense</link:label>
    <link:label id="lab_clnc_PropertyOperatingExpense_documentation_en-US" xlink:label="lab_clnc_PropertyOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property Operating Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_PropertyOperatingExpense" xlink:href="clnc-20201231.xsd#clnc_PropertyOperatingExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_PropertyOperatingExpense" xlink:to="lab_clnc_PropertyOperatingExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestExpense_fabda2cc-a3b1-427e-afde-5d8c4364a62a_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest expense</link:label>
    <link:label id="lab_us-gaap_InterestExpense_label_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpense" xlink:to="lab_us-gaap_InterestExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_e6dab9fb-b70b-4956-8de5-a5949d9d9b64_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Summary of Tax Provisions</link:label>
    <link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_b7454fc8-ade5-4b6c-8458-cbc9d65d2cdf_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership percentage by noncontrolling owners (in percentage)</link:label>
    <link:label id="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_label_en-US" xlink:label="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:to="lab_us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_TerminationForCauseNoticePeriodWithoutPaymentOfTerminationFee_08402b11-a0f8-4d6c-96d8-34663f6d3f00_terseLabel_en-US" xlink:label="lab_clnc_TerminationForCauseNoticePeriodWithoutPaymentOfTerminationFee" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Termination of agreement, number of days required for written notice to avoid termination fee</link:label>
    <link:label id="lab_clnc_TerminationForCauseNoticePeriodWithoutPaymentOfTerminationFee_label_en-US" xlink:label="lab_clnc_TerminationForCauseNoticePeriodWithoutPaymentOfTerminationFee" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Termination For Cause, Notice Period, Without Payment Of Termination Fee</link:label>
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    <link:label id="lab_clnc_LoansHeldforsaleNumberOfLoans_bc5dc844-274d-434b-89bd-3a6278bf3222_terseLabel_en-US" xlink:label="lab_clnc_LoansHeldforsaleNumberOfLoans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of loans classified as held-for-sale</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromNotesPayable_788ae195-451f-4539-86c5-7fa90b0db1be_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromNotesPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Borrowings from mortgage notes</link:label>
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    <link:label id="lab_clnc_DebtSecuritiesAvailableforSaleDiscount_d34b881c-00ba-467c-bd79-f874e7a3182e_negatedTerseLabel_en-US" xlink:label="lab_clnc_DebtSecuritiesAvailableforSaleDiscount" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total Discount</link:label>
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    <link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_6d9fe975-67b3-49e4-9efd-b73478445759_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income (loss) attributable to Colony Credit Real Estate, Inc. common stockholders</link:label>
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    <link:label id="lab_us-gaap_OperatingLeaseExpense_334a90fd-44d3-48c2-a92f-e06694d0f0fe_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ground rent expense</link:label>
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    <link:label id="lab_srt_MortgageLoansOnRealEstateLoanTypeAxis_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateLoanTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Loan Type [Axis]</link:label>
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    <link:label id="lab_us-gaap_RealEstateCostOfRealEstateSold_da91f280-ff71-4f10-8bb2-e4f60c375cd5_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RealEstateCostOfRealEstateSold" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dispositions</link:label>
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    <link:label id="lab_clnc_BankFiveFacilityOneMember_ea89037f-824b-4d26-90b5-b8d5c5fa1b95_terseLabel_en-US" xlink:label="lab_clnc_BankFiveFacilityOneMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank 5 facility 1</link:label>
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    <link:label id="lab_srt_MortgageLoansOnRealEstateLoanCategoryDomain_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Loan Category [Domain]</link:label>
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    <link:label id="lab_us-gaap_DerivativeLiabilities_9656a4f4-7a5b-4bc9-93df-931f9d3bb566_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative liability</link:label>
    <link:label id="lab_us-gaap_DerivativeLiabilities_3e913e0c-194e-4969-80f4-f43a8b24d5c6_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other liabilities - derivative liabilities</link:label>
    <link:label id="lab_us-gaap_DerivativeLiabilities_51ae5969-9a23-4468-b1be-6fec7899fac9_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative liability included in accrued and other liabilities</link:label>
    <link:label id="lab_us-gaap_DerivativeLiabilities_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilities" xlink:to="lab_us-gaap_DerivativeLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_3c59d1a9-793c-47a4-aeba-43743636b6c6_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Realized gain on sale of real estate</link:label>
    <link:label id="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_c9392cb2-5732-4d60-ab74-222b70cbd901_terseLabel_en-US" xlink:label="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain (loss) on sale of properties</link:label>
    <link:label id="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_4427e5ec-d740-46c7-b593-cd4ca6b2e55a_verboseLabel_en-US" xlink:label="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gain on sale of properties</link:label>
    <link:label id="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_label_en-US" xlink:label="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gains (Losses) on Sales of Investment Real Estate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainsLossesOnSalesOfInvestmentRealEstate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:to="lab_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_2b3cb9e0-b7a2-45fe-a474-13a5e7851ab6_terseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Adjustments to reconcile net income (loss) to net cash provided by operating activities:</link:label>
    <link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_OtherRealEstate10Member_57ad9d0d-71d0-46e5-9679-ec886f40b80f_terseLabel_en-US" xlink:label="lab_clnc_OtherRealEstate10Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other real estate 10</link:label>
    <link:label id="lab_clnc_OtherRealEstate10Member_label_en-US" xlink:label="lab_clnc_OtherRealEstate10Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate 10 [Member]</link:label>
    <link:label id="lab_clnc_OtherRealEstate10Member_documentation_en-US" xlink:label="lab_clnc_OtherRealEstate10Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate 10 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_OtherRealEstate10Member" xlink:href="clnc-20201231.xsd#clnc_OtherRealEstate10Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_OtherRealEstate10Member" xlink:to="lab_clnc_OtherRealEstate10Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_VariableLeaseCost_62e85b29-b707-439a-9e26-9ab185fdb6a9_terseLabel_en-US" xlink:label="lab_us-gaap_VariableLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable lease expense</link:label>
    <link:label id="lab_us-gaap_VariableLeaseCost_label_en-US" xlink:label="lab_us-gaap_VariableLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Lease, Cost</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableLeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableLeaseCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableLeaseCost" xlink:to="lab_us-gaap_VariableLeaseCost" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_5dcd32d0-6bc8-4e31-904f-83d79ab2a31b_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">State and local taxes, net of federal income tax expense (benefit)</link:label>
    <link:label id="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:to="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MortgageLoansOnRealEstateFederalIncomeTaxBasis1_381afc1d-3329-4fea-985d-d2ed755914eb_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateFederalIncomeTaxBasis1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans and preferred equity held for investment, tax basis</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateFederalIncomeTaxBasis1_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateFederalIncomeTaxBasis1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Federal Income Tax Basis</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateFederalIncomeTaxBasis1" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoansOnRealEstateFederalIncomeTaxBasis1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MortgageLoansOnRealEstateFederalIncomeTaxBasis1" xlink:to="lab_srt_MortgageLoansOnRealEstateFederalIncomeTaxBasis1" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfInvestmentsLineItems_d64f54d0-9f3a-4a04-991e-17e5a80a408d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfInvestmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Investments [Line Items]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfInvestmentsLineItems_label_en-US" xlink:label="lab_us-gaap_ScheduleOfInvestmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Investments [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfInvestmentsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfInvestmentsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfInvestmentsLineItems" xlink:to="lab_us-gaap_ScheduleOfInvestmentsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_MultifamilyCalifornia1Member_ec59de93-b18b-4966-9bdb-a5d0f7c71296_terseLabel_en-US" xlink:label="lab_clnc_MultifamilyCalifornia1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Multifamily, California 1</link:label>
    <link:label id="lab_clnc_MultifamilyCalifornia1Member_label_en-US" xlink:label="lab_clnc_MultifamilyCalifornia1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Multifamily, California 1 [Member]</link:label>
    <link:label id="lab_clnc_MultifamilyCalifornia1Member_documentation_en-US" xlink:label="lab_clnc_MultifamilyCalifornia1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Multifamily, California 1</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_MultifamilyCalifornia1Member" xlink:href="clnc-20201231.xsd#clnc_MultifamilyCalifornia1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_MultifamilyCalifornia1Member" xlink:to="lab_clnc_MultifamilyCalifornia1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearFive_98b42d49-f019-482f-bad6-730d03616efc_terseLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2025</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearFive_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Below Market Lease, Amortization Income, Year Five</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BelowMarketLeaseAmortizationIncomeYearFive"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseAmortizationIncomeYearFive" xlink:to="lab_us-gaap_BelowMarketLeaseAmortizationIncomeYearFive" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AllowanceForLoanAndLeaseLossesRealEstate_427746b6-cc9e-4873-bbef-f9f2b8d08a1d_terseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForLoanAndLeaseLossesRealEstate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Allowance for loan losses</link:label>
    <link:label id="lab_us-gaap_AllowanceForLoanAndLeaseLossesRealEstate_label_en-US" xlink:label="lab_us-gaap_AllowanceForLoanAndLeaseLossesRealEstate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Allowance for Loan and Lease Losses, Real Estate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForLoanAndLeaseLossesRealEstate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForLoanAndLeaseLossesRealEstate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForLoanAndLeaseLossesRealEstate" xlink:to="lab_us-gaap_AllowanceForLoanAndLeaseLossesRealEstate" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock_bd4f1ea4-eda7-48e0-89d1-d2ead48ecde4_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule IV - Mortgage Loans on Real Estate</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock" xlink:to="lab_srt_MortgageLoansOnRealEstateByLoanDisclosureTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_OperatingCostsMember_f1335dac-4217-4296-a494-c2ab2d5f3428_terseLabel_en-US" xlink:label="lab_clnc_OperatingCostsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating costs</link:label>
    <link:label id="lab_clnc_OperatingCostsMember_label_en-US" xlink:label="lab_clnc_OperatingCostsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Costs [Member]</link:label>
    <link:label id="lab_clnc_OperatingCostsMember_documentation_en-US" xlink:label="lab_clnc_OperatingCostsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Represents information pertaining to the operating costs.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_OperatingCostsMember" xlink:href="clnc-20201231.xsd#clnc_OperatingCostsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_OperatingCostsMember" xlink:to="lab_clnc_OperatingCostsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_SouthRegionalMallBDomain_3d762756-5382-420c-ace6-5e85864aaa6c_terseLabel_en-US" xlink:label="lab_clnc_SouthRegionalMallBDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">South Regional Mall B</link:label>
    <link:label id="lab_clnc_SouthRegionalMallBDomain_label_en-US" xlink:label="lab_clnc_SouthRegionalMallBDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">South Regional Mall B [Domain]</link:label>
    <link:label id="lab_clnc_SouthRegionalMallBDomain_documentation_en-US" xlink:label="lab_clnc_SouthRegionalMallBDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">South Regional Mall B [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_SouthRegionalMallBDomain" xlink:href="clnc-20201231.xsd#clnc_SouthRegionalMallBDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_SouthRegionalMallBDomain" xlink:to="lab_clnc_SouthRegionalMallBDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_Loan9Member_eea065aa-9675-466c-963a-5b831b25010f_terseLabel_en-US" xlink:label="lab_clnc_Loan9Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loan 9</link:label>
    <link:label id="lab_clnc_Loan9Member_label_en-US" xlink:label="lab_clnc_Loan9Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loan 9 [Member]</link:label>
    <link:label id="lab_clnc_Loan9Member_documentation_en-US" xlink:label="lab_clnc_Loan9Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loan 9 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_Loan9Member" xlink:href="clnc-20201231.xsd#clnc_Loan9Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_Loan9Member" xlink:to="lab_clnc_Loan9Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_3bc54ebb-917e-4a01-a65b-63dc987fd469_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unconsolidated VIEs</link:label>
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    <link:label id="lab_us-gaap_SubsequentEventMember_1591db77-4ae0-4273-aeff-56eac173d16e_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsequent event</link:label>
    <link:label id="lab_us-gaap_SubsequentEventMember_label_en-US" xlink:label="lab_us-gaap_SubsequentEventMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsequent Event [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventMember" xlink:to="lab_us-gaap_SubsequentEventMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_ImpairedFinancingReceivableRecordedImpairment_2594c4c7-615f-4696-856c-db8ccfc86e0d_terseLabel_en-US" xlink:label="lab_clnc_ImpairedFinancingReceivableRecordedImpairment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impaired financing receivable, recorded impairment</link:label>
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    <link:label id="lab_clnc_ImpairedFinancingReceivableRecordedImpairment_documentation_en-US" xlink:label="lab_clnc_ImpairedFinancingReceivableRecordedImpairment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impaired Financing Receivable, Recorded Impairment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_ImpairedFinancingReceivableRecordedImpairment" xlink:href="clnc-20201231.xsd#clnc_ImpairedFinancingReceivableRecordedImpairment"/>
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    <link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_3a38b547-4943-4950-a9de-4a83932a442b_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Concentration Risk Type [Axis]</link:label>
    <link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Concentration Risk Type [Axis]</link:label>
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    <link:label id="lab_us-gaap_ImpairedFinancingReceivablesTableTextBlock_2bc14b6c-c6b3-4389-aa75-bc215e85f953_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairedFinancingReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impaired Loans</link:label>
    <link:label id="lab_us-gaap_ImpairedFinancingReceivablesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ImpairedFinancingReceivablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impaired Financing Receivables [Table Text Block]</link:label>
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    <link:label id="lab_stpr_NY_92d2b5c0-8ec1-42ab-bea4-3879e443f774_terseLabel_en-US" xlink:label="lab_stpr_NY" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NEW YORK</link:label>
    <link:label id="lab_stpr_NY_label_en-US" xlink:label="lab_stpr_NY" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NEW YORK</link:label>
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    <link:label id="lab_clnc_CauseofProvisionForLoanLossDomain_d5a3849f-15ab-4a20-aecc-b041779eb0f7_terseLabel_en-US" xlink:label="lab_clnc_CauseofProvisionForLoanLossDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cause of Provision For Loan Loss [Domain]</link:label>
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    <link:label id="lab_clnc_CauseofProvisionForLoanLossDomain_documentation_en-US" xlink:label="lab_clnc_CauseofProvisionForLoanLossDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">[Domain] for Cause of Provision For Loan Loss [Axis]</link:label>
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    <link:label id="lab_stpr_NV_a5ccc1b6-712d-45f7-81f3-8716e24deb4b_terseLabel_en-US" xlink:label="lab_stpr_NV" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NEVADA</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_stpr_NV" xlink:to="lab_stpr_NV" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestIncomeOperating_e17642a5-b0d4-49fa-b9ca-cfb87c92174c_terseLabel_en-US" xlink:label="lab_us-gaap_InterestIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest income</link:label>
    <link:label id="lab_us-gaap_InterestIncomeOperating_label_en-US" xlink:label="lab_us-gaap_InterestIncomeOperating" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Income, Operating</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeOperating" xlink:to="lab_us-gaap_InterestIncomeOperating" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_DebtSecuritiesAvailableforSaleWeightedAverageCouponPercentage_c792421e-2ada-4265-8839-bc2ac546458d_terseLabel_en-US" xlink:label="lab_clnc_DebtSecuritiesAvailableforSaleWeightedAverageCouponPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted Average, Coupon (in percentage)</link:label>
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    <link:label id="lab_clnc_DebtSecuritiesAvailableforSaleWeightedAverageCouponPercentage_documentation_en-US" xlink:label="lab_clnc_DebtSecuritiesAvailableforSaleWeightedAverageCouponPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-Sale, Weighted Average Coupon Percentage</link:label>
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    <link:label id="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_d99a2028-6307-4a91-9e32-6bdc5752f9f6_verboseLabel_en-US" xlink:label="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value</link:label>
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    <link:label id="lab_us-gaap_RelatedPartyTransactionRate_c2feda1d-e286-4f9c-88f3-7446001afedf_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related party transaction rate (as a percentage)</link:label>
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    <link:label id="lab_clnc_MarginPledgedasCollateralMember_7104154e-d8e4-4608-a221-a63e30aa7807_terseLabel_en-US" xlink:label="lab_clnc_MarginPledgedasCollateralMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Margin pledged as collateral</link:label>
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    <link:label id="lab_clnc_AccruedAndOtherLiabilitiesMember_d082706e-5fa3-4f46-ad43-01f9b4377d16_terseLabel_en-US" xlink:label="lab_clnc_AccruedAndOtherLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CECL reserve on Accrued and other liabilities</link:label>
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    <link:label id="lab_clnc_RepaymentofLoansandPreferredEquityHeldforInvestment_0d56076c-845c-43aa-b0d3-f456e06bc2d9_negatedTerseLabel_en-US" xlink:label="lab_clnc_RepaymentofLoansandPreferredEquityHeldforInvestment" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayment on loans and preferred equity held for investment</link:label>
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    <link:label id="lab_us-gaap_ConversionOfStockAmountIssued1_9a7475ae-ce38-4e4a-ac7e-3f1cb56c12a9_verboseLabel_en-US" xlink:label="lab_us-gaap_ConversionOfStockAmountIssued1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Conversion of Class B-3 common stock to Class A common stock</link:label>
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    <link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand_76a270ac-9d60-4213-824e-e630fae22053_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationCarryingAmountOfLand" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross amount carried at close of period, land</link:label>
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    <link:label id="lab_clnc_MortgageLoanonRealEstateTerm_5904f8b4-10fb-4529-bb1f-152d46e5341c_terseLabel_en-US" xlink:label="lab_clnc_MortgageLoanonRealEstateTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Maturity term (in years)</link:label>
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    <link:label id="lab_clnc_RealizedGainLossonForeignCurrencyDerivativeInstrumentsNotDesignatedasHedgingInstruments_8c719fb8-87ec-4174-b860-8a91faa13c37_terseLabel_en-US" xlink:label="lab_clnc_RealizedGainLossonForeignCurrencyDerivativeInstrumentsNotDesignatedasHedgingInstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Realized gain</link:label>
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    <link:label id="lab_clnc_CauseofProvisionForLoanLossAxis_95e3e39f-4629-49a7-87a6-8752e163315b_terseLabel_en-US" xlink:label="lab_clnc_CauseofProvisionForLoanLossAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cause of Provision For Loan Loss [Axis]</link:label>
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    <link:label id="lab_clnc_CMBSCreditFacilitiesMember_8e9b1e98-782b-4817-9ef4-0786e2d59683_terseLabel_en-US" xlink:label="lab_clnc_CMBSCreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">CMBS credit facilities</link:label>
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    <link:label id="lab_us-gaap_InvestmentIncomeInterest_213a8b33-8997-4c91-9b0a-2aa7c2428983_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest income on mortgage loans held in securitization trusts</link:label>
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    <link:label id="lab_stpr_MN_91724c90-3b3e-45fa-9578-206db625588f_terseLabel_en-US" xlink:label="lab_stpr_MN" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">MINNESOTA</link:label>
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    <link:label id="lab_us-gaap_AdjustmentForAmortization_b3b4a526-18cd-4371-8b12-dcf1d11dd1f5_totalLabel_en-US" xlink:label="lab_us-gaap_AdjustmentForAmortization" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization expense</link:label>
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    <link:label id="lab_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue_f9e3f2f7-53cc-4592-af0b-5032d860acc5_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesIncomeStatementLeaseRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total lease revenue</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_11764464-8beb-410b-8553-70d24b527f53_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Effective Income Tax Rate Reconciliation</link:label>
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    <link:label id="lab_us-gaap_CollateralAxis_fa76eae6-a022-40af-8997-f33ac4ac099f_terseLabel_en-US" xlink:label="lab_us-gaap_CollateralAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Collateral [Axis]</link:label>
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    <link:label id="lab_clnc_PEInvestmentMember_94c2e7c8-a4b6-45a5-8472-02db3a1383ed_terseLabel_en-US" xlink:label="lab_clnc_PEInvestmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in unconsolidated ventures - PE Investments</link:label>
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    <link:label id="lab_clnc_PEInvestmentMember_documentation_en-US" xlink:label="lab_clnc_PEInvestmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">PE Investment [Member]</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromDerivativeInstrumentInvestingActivities_10212505-1c4d-45f1-a522-d72517639207_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromDerivativeInstrumentInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net receipts on settlement of derivative instruments</link:label>
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    <link:label id="lab_us-gaap_OciBeforeReclassificationsNetOfTaxAttributableToParent_343c5cd2-e25f-4d4f-982c-f715969f5aa2_terseLabel_en-US" xlink:label="lab_us-gaap_OciBeforeReclassificationsNetOfTaxAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other comprehensive loss before reclassification</link:label>
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    <link:label id="lab_dei_LegalEntityAxis_28d97364-4ba9-4596-97a2-e2d2fcee3348_terseLabel_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Legal Entity [Axis]</link:label>
    <link:label id="lab_dei_LegalEntityAxis_label_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Legal Entity [Axis]</link:label>
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    <link:label id="lab_dei_CityAreaCode_c575a0c0-6f09-40fa-b135-ffe6d42d032c_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">City Area Code</link:label>
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    <link:label id="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearThree_f5bccebe-110f-4b30-b931-b58384ee9c25_terseLabel_en-US" xlink:label="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2023</link:label>
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    <link:label id="lab_dei_DocumentPeriodEndDate_bee134c6-5806-45e3-8af4-e6994634883b_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Period End Date</link:label>
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    <link:label id="lab_us-gaap_RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements_05401702-f3e9-4f99-92b5-030950c3d9e6_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capitalized subsequent to acquisition, land, buildings &amp; improvements</link:label>
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    <link:label id="lab_us-gaap_SecurityDepositLiability_3d482ee7-97c9-4ffa-a5e3-ead4e404804f_terseLabel_en-US" xlink:label="lab_us-gaap_SecurityDepositLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tenant security deposits</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecurityDepositLiability" xlink:to="lab_us-gaap_SecurityDepositLiability" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NetLeaseFiveMember_945fc0eb-5df0-4377-8cb0-b56ed330fbea_terseLabel_en-US" xlink:label="lab_clnc_NetLeaseFiveMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net lease 5</link:label>
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    <link:label id="lab_clnc_BankSevenFacilityOneMember_07fd3a29-83d2-4f22-a2d8-135fda2d6a3a_terseLabel_en-US" xlink:label="lab_clnc_BankSevenFacilityOneMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank 7 facility 1</link:label>
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    <link:label id="lab_clnc_OperatingandFinanceLeaseRightofUseAssetLiabilityAmortization_8ae5de28-c6d5-4f25-8e73-7a5bbf4aa45e_terseLabel_en-US" xlink:label="lab_clnc_OperatingandFinanceLeaseRightofUseAssetLiabilityAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization of right-of-use lease assets and operating lease liabilities</link:label>
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    <link:label id="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeAfterYearFive_c35609c7-2401-40eb-88e7-bc8315712ea9_terseLabel_en-US" xlink:label="lab_clnc_IntangibleAssetsLiabilitiesAndDeferredLeasingCostsAmortizationExpenseIncomeAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2026 and thereafter</link:label>
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    <link:label id="lab_srt_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_84298a6a-8192-4a56-8b29-1a097054acdf_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Loan Category [Axis]</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Loan Category [Axis]</link:label>
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    <link:label id="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1_212647e3-6adf-4433-9b94-bd0fe30d5408_terseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stock repurchase program, amount authorized for repurchase</link:label>
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    <link:label id="lab_clnc_NetLeaseOneMember_label_en-US" xlink:label="lab_clnc_NetLeaseOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Lease One [Member]</link:label>
    <link:label id="lab_clnc_NetLeaseOneMember_documentation_en-US" xlink:label="lab_clnc_NetLeaseOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Lease One [Member]</link:label>
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    <link:label id="lab_us-gaap_ProfitLoss_68baf2da-dbcb-4076-bb4d-56d28806ff4d_totalLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net loss</link:label>
    <link:label id="lab_us-gaap_ProfitLoss_5c8ab9fa-07c0-4597-8b78-4f8bb4165be5_verboseLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income (loss)</link:label>
    <link:label id="lab_us-gaap_ProfitLoss_3678ab53-7bfc-4877-8b2b-91e21dadeb92_terseLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income (loss)</link:label>
    <link:label id="lab_us-gaap_ProfitLoss_label_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProfitLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="lab_us-gaap_ProfitLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_EffectiveIncomeTaxRateReconciliationAdjustmentsForForeclosurePropertyAmount_f71bf42a-9dc6-40cd-ac64-a0fc52d6d7d6_terseLabel_en-US" xlink:label="lab_clnc_EffectiveIncomeTaxRateReconciliationAdjustmentsForForeclosurePropertyAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Adjustments for foreclosure property</link:label>
    <link:label id="lab_clnc_EffectiveIncomeTaxRateReconciliationAdjustmentsForForeclosurePropertyAmount_label_en-US" xlink:label="lab_clnc_EffectiveIncomeTaxRateReconciliationAdjustmentsForForeclosurePropertyAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Adjustments For Foreclosure Property, Amount</link:label>
    <link:label id="lab_clnc_EffectiveIncomeTaxRateReconciliationAdjustmentsForForeclosurePropertyAmount_documentation_en-US" xlink:label="lab_clnc_EffectiveIncomeTaxRateReconciliationAdjustmentsForForeclosurePropertyAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Adjustments For Foreclosure Property, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_EffectiveIncomeTaxRateReconciliationAdjustmentsForForeclosurePropertyAmount" xlink:href="clnc-20201231.xsd#clnc_EffectiveIncomeTaxRateReconciliationAdjustmentsForForeclosurePropertyAmount"/>
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    <link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_383698f5-f361-463c-94e7-8d9d98a715b2_negatedLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amounts reclassified from AOCI</link:label>
    <link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax"/>
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    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_043a388b-fd2a-49a4-bf80-d6f4a4a7b395_negatedLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Sale of investments</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales</link:label>
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    <link:label id="lab_clnc_AccumulatedNetGainLossfromNetInvestmentHedgesAttributabletoNoncontrollingInterestMember_67b5471d-4aca-4a2b-ad6b-4a1663bb1b57_terseLabel_en-US" xlink:label="lab_clnc_AccumulatedNetGainLossfromNetInvestmentHedgesAttributabletoNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized gain (loss) on net investment hedges</link:label>
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    <link:label id="lab_us-gaap_LoansAndLeasesReceivableCollateralForSecuredBorrowings_00f6164b-79bc-49b9-a0af-db6da9a48838_terseLabel_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableCollateralForSecuredBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying value served as collateral</link:label>
    <link:label id="lab_us-gaap_LoansAndLeasesReceivableCollateralForSecuredBorrowings_label_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableCollateralForSecuredBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans and Leases Receivable, Collateral for Secured Borrowings</link:label>
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    <link:label id="lab_clnc_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationHeldForInvestment_f1f4020c-6cf0-4e4b-bd4a-60b0c16446e3_terseLabel_en-US" xlink:label="lab_clnc_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationHeldForInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Classified as held for investment</link:label>
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    <link:label id="lab_clnc_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationHeldForInvestment_documentation_en-US" xlink:label="lab_clnc_SECSchedule1228RealEstateCompaniesInvestmentInRealEstateAccumulatedDepreciationHeldForInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment In Real Estate, Accumulated Depreciation, Held-for-Investment</link:label>
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    <link:label id="lab_srt_RealEstateAndAccumulatedDepreciationDisclosureTextBlock_ed56476e-4a7e-4468-a9a7-0c098322799d_terseLabel_en-US" xlink:label="lab_srt_RealEstateAndAccumulatedDepreciationDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule III - Real Estate and Accumulated Depreciation</link:label>
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    <link:label id="lab_dei_CoverAbstract_804d503d-59af-431e-8abb-05e49bd519f4_terseLabel_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cover [Abstract]</link:label>
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    <link:label id="lab_us-gaap_BaseRateMember_4e4ec4e4-7add-42cc-af51-5ee673c85f47_terseLabel_en-US" xlink:label="lab_us-gaap_BaseRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Base Rate</link:label>
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    <link:label id="lab_us-gaap_CurrentFederalStateAndLocalTaxExpenseBenefitAbstract_772f78cb-f724-4f0e-84d3-c824db680fec_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentFederalStateAndLocalTaxExpenseBenefitAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current</link:label>
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    <link:label id="lab_us-gaap_LeasesAcquiredInPlaceMember_5fd151ad-234e-4675-8a81-29f33fa52b12_verboseLabel_en-US" xlink:label="lab_us-gaap_LeasesAcquiredInPlaceMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lease intangibles</link:label>
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    <link:label id="lab_clnc_NoncashOrPartNoncashAcquisitionDeconsolidationOfInterestInJointVentures_37ccc54a-92e7-4090-8ce1-b59448651af9_terseLabel_en-US" xlink:label="lab_clnc_NoncashOrPartNoncashAcquisitionDeconsolidationOfInterestInJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deconsolidation of interest in joint ventures</link:label>
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    <link:label id="lab_us-gaap_CostsAndExpenses_71d4e849-7f12-4287-bb25-0a17f7e89eab_totalLabel_en-US" xlink:label="lab_us-gaap_CostsAndExpenses" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total expenses</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfLeaseIncentives" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfLeaseIncentives"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfLeaseIncentives" xlink:to="lab_us-gaap_AmortizationOfLeaseIncentives" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredIncomeTaxLiabilities_ade49081-d586-4925-b8c5-b2677687063c_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross deferred tax liabilities</link:label>
    <link:label id="lab_us-gaap_DeferredIncomeTaxLiabilities_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Liabilities, Gross</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxLiabilities" xlink:to="lab_us-gaap_DeferredIncomeTaxLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfInvestmentsTable_6f93f108-4016-4f34-aab3-6f3d04dea5c2_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfInvestmentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Investments [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfInvestmentsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfInvestmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Investments [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfInvestmentsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfInvestmentsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfInvestmentsTable" xlink:to="lab_us-gaap_ScheduleOfInvestmentsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_VariousMultifamilyUSAMember_213cec1c-23c9-4e98-bc00-4a163c173f9b_terseLabel_en-US" xlink:label="lab_clnc_VariousMultifamilyUSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Various, Multifamily, USA</link:label>
    <link:label id="lab_clnc_VariousMultifamilyUSAMember_label_en-US" xlink:label="lab_clnc_VariousMultifamilyUSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Various, Multifamily, USA [Member]</link:label>
    <link:label id="lab_clnc_VariousMultifamilyUSAMember_documentation_en-US" xlink:label="lab_clnc_VariousMultifamilyUSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Various, Multifamily, USA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_VariousMultifamilyUSAMember" xlink:href="clnc-20201231.xsd#clnc_VariousMultifamilyUSAMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_VariousMultifamilyUSAMember" xlink:to="lab_clnc_VariousMultifamilyUSAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_SecuritizationBondsPayableMember_3f4abfef-17c7-4a7a-ae02-5b0306eee519_verboseLabel_en-US" xlink:label="lab_clnc_SecuritizationBondsPayableMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Securitization bonds payable, net</link:label>
    <link:label id="lab_clnc_SecuritizationBondsPayableMember_8b16da27-9a10-4731-9c87-7525a5f2f608_terseLabel_en-US" xlink:label="lab_clnc_SecuritizationBondsPayableMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Securitization Bonds Payable, Net</link:label>
    <link:label id="lab_clnc_SecuritizationBondsPayableMember_label_en-US" xlink:label="lab_clnc_SecuritizationBondsPayableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Securitization Bonds Payable [Member]</link:label>
    <link:label id="lab_clnc_SecuritizationBondsPayableMember_documentation_en-US" xlink:label="lab_clnc_SecuritizationBondsPayableMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Represents information pertaining to securitization bonds payable.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_SecuritizationBondsPayableMember" xlink:href="clnc-20201231.xsd#clnc_SecuritizationBondsPayableMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_SecuritizationBondsPayableMember" xlink:to="lab_clnc_SecuritizationBondsPayableMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable_fad1a1e2-58ad-4ed1-ba64-4098ccadc2e3_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Equity Method Investments [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Equity Method Investments [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:to="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ImpairedFinancingReceivableRecordedInvestment_ab83b1e1-40d0-4ccd-8c9c-fdd21ed00707_totalLabel_en-US" xlink:label="lab_us-gaap_ImpairedFinancingReceivableRecordedInvestment" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross carrying value total</link:label>
    <link:label id="lab_us-gaap_ImpairedFinancingReceivableRecordedInvestment_label_en-US" xlink:label="lab_us-gaap_ImpairedFinancingReceivableRecordedInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impaired Financing Receivable, Recorded Investment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ImpairedFinancingReceivableRecordedInvestment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairedFinancingReceivableRecordedInvestment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairedFinancingReceivableRecordedInvestment" xlink:to="lab_us-gaap_ImpairedFinancingReceivableRecordedInvestment" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NondesignatedMember_67b838dc-6023-48ea-88d4-038f4ba7813b_terseLabel_en-US" xlink:label="lab_us-gaap_NondesignatedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-Designated</link:label>
    <link:label id="lab_us-gaap_NondesignatedMember_label_en-US" xlink:label="lab_us-gaap_NondesignatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Not Designated as Hedging Instrument [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NondesignatedMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NondesignatedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NondesignatedMember" xlink:to="lab_us-gaap_NondesignatedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_15ec2da3-ab55-4954-85ac-038df5e6234a_totalLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total lease payments</link:label>
    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NumberOfApartments_5f39c906-7462-4718-abdb-9d1b5dbf34b8_terseLabel_en-US" xlink:label="lab_clnc_NumberOfApartments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of apartments</link:label>
    <link:label id="lab_clnc_NumberOfApartments_label_en-US" xlink:label="lab_clnc_NumberOfApartments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Apartments</link:label>
    <link:label id="lab_clnc_NumberOfApartments_documentation_en-US" xlink:label="lab_clnc_NumberOfApartments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Apartments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NumberOfApartments" xlink:href="clnc-20201231.xsd#clnc_NumberOfApartments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_NumberOfApartments" xlink:to="lab_clnc_NumberOfApartments" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_MinorityInterestOwnershipPercentageByParent_f714efa2-5fea-44f3-82ad-d45982787327_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership percentage by parent (in percentage)</link:label>
    <link:label id="lab_us-gaap_MinorityInterestOwnershipPercentageByParent_label_en-US" xlink:label="lab_us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interest, Ownership Percentage by Parent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:to="lab_us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NetLeasedRealEstateSegmentMember_485a3342-3b03-4144-b541-3dae5453b86c_terseLabel_en-US" xlink:label="lab_clnc_NetLeasedRealEstateSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Leased Real Estate</link:label>
    <link:label id="lab_clnc_NetLeasedRealEstateSegmentMember_label_en-US" xlink:label="lab_clnc_NetLeasedRealEstateSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Leased Real Estate Segment [Member]</link:label>
    <link:label id="lab_clnc_NetLeasedRealEstateSegmentMember_documentation_en-US" xlink:label="lab_clnc_NetLeasedRealEstateSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Leased Real Estate Segment [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NetLeasedRealEstateSegmentMember" xlink:href="clnc-20201231.xsd#clnc_NetLeasedRealEstateSegmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_NetLeasedRealEstateSegmentMember" xlink:to="lab_clnc_NetLeasedRealEstateSegmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredTaxAssetsOther_4dae3fe0-59f3-4a9c-b3e8-977c62c5efe2_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other</link:label>
    <link:label id="lab_us-gaap_DeferredTaxAssetsOther_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Assets, Other</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsOther" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsOther"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsOther" xlink:to="lab_us-gaap_DeferredTaxAssetsOther" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromSalesOfAssetsInvestingActivities_bcd44950-6edb-4c14-bd08-b425396d5d97_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSalesOfAssetsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds related to sale of PE Investments</link:label>
    <link:label id="lab_us-gaap_ProceedsFromSalesOfAssetsInvestingActivities_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSalesOfAssetsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from Sales of Assets, Investing Activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSalesOfAssetsInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSalesOfAssetsInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSalesOfAssetsInvestingActivities" xlink:to="lab_us-gaap_ProceedsFromSalesOfAssetsInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_StockIssuedDuringPeriodValueSharebasedCompensationIncludingSharebasedCompensationRequisiteServicePeriodRecognition_86321511-c22e-480e-bcd7-c0d965cd048b_terseLabel_en-US" xlink:label="lab_clnc_StockIssuedDuringPeriodValueSharebasedCompensationIncludingSharebasedCompensationRequisiteServicePeriodRecognition" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Issuance and amortization of equity-based compensation</link:label>
    <link:label id="lab_clnc_StockIssuedDuringPeriodValueSharebasedCompensationIncludingSharebasedCompensationRequisiteServicePeriodRecognition_label_en-US" xlink:label="lab_clnc_StockIssuedDuringPeriodValueSharebasedCompensationIncludingSharebasedCompensationRequisiteServicePeriodRecognition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stock Issued During Period, Value, Share-based Compensation, Including Share-based Compensation, Requisite Service Period Recognition</link:label>
    <link:label id="lab_clnc_StockIssuedDuringPeriodValueSharebasedCompensationIncludingSharebasedCompensationRequisiteServicePeriodRecognition_documentation_en-US" xlink:label="lab_clnc_StockIssuedDuringPeriodValueSharebasedCompensationIncludingSharebasedCompensationRequisiteServicePeriodRecognition" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stock Issued During Period, Value, Share-based Compensation, Including Share-based Compensation, Requisite Service Period Recognition</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_StockIssuedDuringPeriodValueSharebasedCompensationIncludingSharebasedCompensationRequisiteServicePeriodRecognition" xlink:href="clnc-20201231.xsd#clnc_StockIssuedDuringPeriodValueSharebasedCompensationIncludingSharebasedCompensationRequisiteServicePeriodRecognition"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_StockIssuedDuringPeriodValueSharebasedCompensationIncludingSharebasedCompensationRequisiteServicePeriodRecognition" xlink:to="lab_clnc_StockIssuedDuringPeriodValueSharebasedCompensationIncludingSharebasedCompensationRequisiteServicePeriodRecognition" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NoncontrollingInterestAbstract_0d2033df-b756-4d36-8a7a-b88cbe5cb87c_terseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interest [Abstract]</link:label>
    <link:label id="lab_us-gaap_NoncontrollingInterestAbstract_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interest [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncontrollingInterestAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoncontrollingInterestAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncontrollingInterestAbstract" xlink:to="lab_us-gaap_NoncontrollingInterestAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseLeaseIncome_e930c37e-ad31-4210-8fe0-b00c72b7ad08_totalLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total lease revenues</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseLeaseIncome_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Lease, Lease Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLeaseIncome" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLeaseIncome"/>
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    <link:label id="lab_us-gaap_StraightLineRent_9667d3e3-7797-436b-94f3-21957424630c_negatedLabel_en-US" xlink:label="lab_us-gaap_StraightLineRent" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Straight-line rental income</link:label>
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    <link:label id="lab_srt_RealEstateAndAccumulatedDepreciationLineItems_label_en-US" xlink:label="lab_srt_RealEstateAndAccumulatedDepreciationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RealEstateAndAccumulatedDepreciationLineItems" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RealEstateAndAccumulatedDepreciationLineItems"/>
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    <link:label id="lab_us-gaap_OperatingLeasesLeaseIncomeAbstract_f0b47d43-8704-45ce-a636-3e736f141833_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesLeaseIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lease revenues</link:label>
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    <link:label id="lab_us-gaap_OperatingLeaseLeaseIncomeLeasePayments_45464cab-53f1-4d75-bd11-16410c424a23_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncomeLeasePayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Minimum lease revenue</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseLeaseIncomeLeasePayments_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLeaseIncomeLeasePayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Lease, Lease Income, Lease Payments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLeaseIncomeLeasePayments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLeaseIncomeLeasePayments"/>
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    <link:label id="lab_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_e2f32c27-50b4-4dc6-bc19-fc655ff5d68b_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average shares of common stock outstanding - basic and diluted (Note 18) (in shares)</link:label>
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    <link:label id="lab_srt_OfficeBuildingMember_66d29065-25e9-40bd-b633-7b3d6ea6c164_terseLabel_en-US" xlink:label="lab_srt_OfficeBuildingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office</link:label>
    <link:label id="lab_srt_OfficeBuildingMember_label_en-US" xlink:label="lab_srt_OfficeBuildingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office Building [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_OfficeBuildingMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_OfficeBuildingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_OfficeBuildingMember" xlink:to="lab_srt_OfficeBuildingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DeferredCostsLeasingNetAbstract_3bdcfaf2-88ac-46bf-9a59-1496edd7d06d_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredCostsLeasingNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred leasing costs</link:label>
    <link:label id="lab_us-gaap_DeferredCostsLeasingNetAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredCostsLeasingNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Costs, Leasing, Net [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredCostsLeasingNetAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredCostsLeasingNetAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCostsLeasingNetAbstract" xlink:to="lab_us-gaap_DeferredCostsLeasingNetAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_729374af-de7b-488f-bf04-fea82015b6ce_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]</link:label>
    <link:label id="lab_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward_label_en-US" xlink:label="lab_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReconciliationOfCarryingAmountOfRealEstateInvestmentsRollForward"/>
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    <link:label id="lab_us-gaap_FinancingReceivableImpairedLineItems_6fa0d83c-db0e-473f-bae3-ae4635997ee1_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableImpairedLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Impaired [Line Items]</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableImpairedLineItems_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableImpairedLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Impaired [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableImpairedLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableImpairedLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableImpairedLineItems" xlink:to="lab_us-gaap_FinancingReceivableImpairedLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentTransitionReport_375e4d06-10cc-4fc2-9a3b-d891710c403f_terseLabel_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Transition Report</link:label>
    <link:label id="lab_dei_DocumentTransitionReport_label_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Document Transition Report</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentTransitionReport" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentTransitionReport"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentTransitionReport" xlink:to="lab_dei_DocumentTransitionReport" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_TitleOfIndividualAxis_74d65004-689a-43b5-87cb-be9348c33a35_terseLabel_en-US" xlink:label="lab_srt_TitleOfIndividualAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title of Individual [Axis]</link:label>
    <link:label id="lab_srt_TitleOfIndividualAxis_label_en-US" xlink:label="lab_srt_TitleOfIndividualAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Title of Individual [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_TitleOfIndividualAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualAxis"/>
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    <link:label id="lab_clnc_MortgageLoansonRealEstateHeldinTrustatFairValue_ba50ba79-fdc1-455a-8355-bd97e14a80f1_terseLabel_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateHeldinTrustatFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage loans held in securitization trusts, at fair value</link:label>
    <link:label id="lab_clnc_MortgageLoansonRealEstateHeldinTrustatFairValue_label_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateHeldinTrustatFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loans on Real Estate, Held in Trust, at Fair Value</link:label>
    <link:label id="lab_clnc_MortgageLoansonRealEstateHeldinTrustatFairValue_documentation_en-US" xlink:label="lab_clnc_MortgageLoansonRealEstateHeldinTrustatFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Mortgage Loans on Real Estate, Held in Trust, at Fair Value</link:label>
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    <link:label id="lab_srt_SECScheduleIIIRealEstateNumberOfUnits_258d8d5a-a6a1-4dd1-93ca-e4119033aaf6_terseLabel_en-US" xlink:label="lab_srt_SECScheduleIIIRealEstateNumberOfUnits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of Properties</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_srt_SECScheduleIIIRealEstateNumberOfUnits" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_SECScheduleIIIRealEstateNumberOfUnits"/>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesOther" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesOther"/>
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    <link:label id="lab_us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod_05123803-bd97-4d52-9f8e-eb9831b68e6b_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest income</link:label>
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    <link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAsset_b1cf25c5-e618-4e88-b468-d987db0db985_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross amounts of assets included on consolidated balance sheets</link:label>
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    <link:label id="lab_us-gaap_ProceedsFromSaleOfRealEstate_666cb508-76cb-4bf3-9f1b-a1d50232e790_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfRealEstate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from sale of real estate</link:label>
    <link:label id="lab_us-gaap_ProceedsFromSaleOfRealEstate_6227b117-74c6-46db-90f4-8f1548e72b24_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfRealEstate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Gross proceeds from sale of real estate properties</link:label>
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    <link:label id="lab_clnc_WestHospitalityMember_3e651632-d6e4-430d-ad97-a24d04f0c8aa_terseLabel_en-US" xlink:label="lab_clnc_WestHospitalityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">West Hospitality</link:label>
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    <link:label id="lab_us-gaap_FairValueInputsLevel2Member_89162c14-149b-4d0e-8f02-4182bad582a2_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Level 2</link:label>
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    <link:label id="lab_clnc_RealEstateInvestmentPropertyNetMeasurementInput_20926532-75a6-4a34-b218-138f91996bff_terseLabel_en-US" xlink:label="lab_clnc_RealEstateInvestmentPropertyNetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real estate investment property, net, measurement input (in percentage)</link:label>
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    <link:label id="lab_clnc_RealEstateInvestmentPropertyNetMeasurementInput_documentation_en-US" xlink:label="lab_clnc_RealEstateInvestmentPropertyNetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Investment Property, Net, Measurement Input</link:label>
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    <link:label id="lab_clnc_AboveAndBelowMarketLeasesAmortizationExpenseIncome_631f6948-12a0-4485-a7aa-710d53658958_terseLabel_en-US" xlink:label="lab_clnc_AboveAndBelowMarketLeasesAmortizationExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net amortization expense (income) related to above and below-market leases</link:label>
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    <link:label id="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_8fec361a-1025-44f9-8a45-42560a4b8991_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value Measurements, Nonrecurring</link:label>
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    <link:label id="lab_us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear_8e37e7aa-6160-4442-8bcd-2edde15f0e06_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prior</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Originated, More than Five Years before Current Fiscal Year</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear"/>
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    <link:label id="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract_9ee218d7-0926-424b-8564-bb74aa31804f_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities:</link:label>
    <link:label id="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Liabilities, Fair Value Disclosure [Abstract]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:to="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_OtherRealEstate6Member_4a9c0d64-c45f-41b3-801c-4b1d242e435e_terseLabel_en-US" xlink:label="lab_clnc_OtherRealEstate6Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other real estate 6</link:label>
    <link:label id="lab_clnc_OtherRealEstate6Member_label_en-US" xlink:label="lab_clnc_OtherRealEstate6Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate 6 [Member]</link:label>
    <link:label id="lab_clnc_OtherRealEstate6Member_documentation_en-US" xlink:label="lab_clnc_OtherRealEstate6Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate 6 [Member]</link:label>
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    <link:label id="lab_clnc_CashandRestrictedCashAcquiredfromAcquisition_0390c811-c469-4c3c-acbe-bc6e2473c61a_terseLabel_en-US" xlink:label="lab_clnc_CashandRestrictedCashAcquiredfromAcquisition" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash and restricted cash received in the Combination</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clnc_CashandRestrictedCashAcquiredfromAcquisition" xlink:href="clnc-20201231.xsd#clnc_CashandRestrictedCashAcquiredfromAcquisition"/>
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    <link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral_e8b7b31b-7d22-4d19-8cfd-7fc8ac61addd_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net amounts of assets</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SubsequentEventLineItems_738837eb-f5f0-449b-8eff-184f2f669841_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Subsequent Event [Line Items]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventLineItems" xlink:to="lab_us-gaap_SubsequentEventLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAxis_dba7c4c1-e9b8-4497-aede-15f5d5478843_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cumulative Effect, Period of Adoption [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CumulativeEffectPeriodOfAdoptionAxis"/>
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    <link:label id="lab_us-gaap_CreditFacilityDomain_dfd44511-355c-40dc-b2d2-88dac60441c0_terseLabel_en-US" xlink:label="lab_us-gaap_CreditFacilityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Credit Facility [Domain]</link:label>
    <link:label id="lab_us-gaap_CreditFacilityDomain_label_en-US" xlink:label="lab_us-gaap_CreditFacilityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Credit Facility [Domain]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditFacilityDomain" xlink:to="lab_us-gaap_CreditFacilityDomain" xlink:type="arc" order="1"/>
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    <link:label id="lab_clnc_PreferredEquityInterestMember_dba8e07b-9c93-4a09-a50c-441e3d371464_terseLabel_en-US" xlink:label="lab_clnc_PreferredEquityInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred equity interests</link:label>
    <link:label id="lab_clnc_PreferredEquityInterestMember_705edd95-e3af-40ed-bdff-41015ad10cd5_verboseLabel_en-US" xlink:label="lab_clnc_PreferredEquityInterestMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred equity interests and other</link:label>
    <link:label id="lab_clnc_PreferredEquityInterestMember_label_en-US" xlink:label="lab_clnc_PreferredEquityInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Preferred Equity Interest [Member]</link:label>
    <link:label id="lab_clnc_PreferredEquityInterestMember_documentation_en-US" xlink:label="lab_clnc_PreferredEquityInterestMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Represents information pertaining to preferred equity interest.</link:label>
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    <link:label id="lab_clnc_InvestmentDepositsAndPendingDealCosts_64000150-f274-4c4e-b717-4b4a6fb1d518_terseLabel_en-US" xlink:label="lab_clnc_InvestmentDepositsAndPendingDealCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment deposits and pending deal costs</link:label>
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    <link:label id="lab_clnc_InvestmentDepositsAndPendingDealCosts_documentation_en-US" xlink:label="lab_clnc_InvestmentDepositsAndPendingDealCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Deposits And Pending Deal Costs</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_InvestmentDepositsAndPendingDealCosts" xlink:href="clnc-20201231.xsd#clnc_InvestmentDepositsAndPendingDealCosts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_InvestmentDepositsAndPendingDealCosts" xlink:to="lab_clnc_InvestmentDepositsAndPendingDealCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BuildingImprovementsMember_d764b77d-543c-4d2a-bb30-8b9b4409b53a_terseLabel_en-US" xlink:label="lab_us-gaap_BuildingImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Tenant improvements</link:label>
    <link:label id="lab_us-gaap_BuildingImprovementsMember_label_en-US" xlink:label="lab_us-gaap_BuildingImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Building Improvements [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BuildingImprovementsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BuildingImprovementsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BuildingImprovementsMember" xlink:to="lab_us-gaap_BuildingImprovementsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityFileNumber_2764e198-4389-41f9-b651-32435a389a1e_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity File Number</link:label>
    <link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity File Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_f1cecd13-7f27-4dcd-bd82-3d333283dca7_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted average remaining lease term</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Lease, Weighted Average Remaining Lease Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:to="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CollateralDomain_a4e952ee-e6f8-4b53-9ce3-f69b5d9293f7_terseLabel_en-US" xlink:label="lab_us-gaap_CollateralDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Collateral [Domain]</link:label>
    <link:label id="lab_us-gaap_CollateralDomain_label_en-US" xlink:label="lab_us-gaap_CollateralDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Collateral Held [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CollateralDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CollateralDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CollateralDomain" xlink:to="lab_us-gaap_CollateralDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_ScheduleofFiniteLivedIntangibleAssetsLiabilitiesandDeferredLeasingCostsFutureAmortizationExpenseTableTextBlock_57dae8e0-5621-4633-87b9-c9bab216b717_terseLabel_en-US" xlink:label="lab_clnc_ScheduleofFiniteLivedIntangibleAssetsLiabilitiesandDeferredLeasingCostsFutureAmortizationExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Future Amortization Expense</link:label>
    <link:label id="lab_clnc_ScheduleofFiniteLivedIntangibleAssetsLiabilitiesandDeferredLeasingCostsFutureAmortizationExpenseTableTextBlock_label_en-US" xlink:label="lab_clnc_ScheduleofFiniteLivedIntangibleAssetsLiabilitiesandDeferredLeasingCostsFutureAmortizationExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Finite-Lived Intangible Assets, Liabilities, and Deferred Leasing Costs, Future Amortization Expense [Table Text Block]</link:label>
    <link:label id="lab_clnc_ScheduleofFiniteLivedIntangibleAssetsLiabilitiesandDeferredLeasingCostsFutureAmortizationExpenseTableTextBlock_documentation_en-US" xlink:label="lab_clnc_ScheduleofFiniteLivedIntangibleAssetsLiabilitiesandDeferredLeasingCostsFutureAmortizationExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Finite-Lived Intangible Assets, Liabilities, and Deferred Leasing Costs, Future Amortization Expense [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_ScheduleofFiniteLivedIntangibleAssetsLiabilitiesandDeferredLeasingCostsFutureAmortizationExpenseTableTextBlock" xlink:href="clnc-20201231.xsd#clnc_ScheduleofFiniteLivedIntangibleAssetsLiabilitiesandDeferredLeasingCostsFutureAmortizationExpenseTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_ScheduleofFiniteLivedIntangibleAssetsLiabilitiesandDeferredLeasingCostsFutureAmortizationExpenseTableTextBlock" xlink:to="lab_clnc_ScheduleofFiniteLivedIntangibleAssetsLiabilitiesandDeferredLeasingCostsFutureAmortizationExpenseTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings_92e24a9d-9a7d-49a2-bb49-685215f04a77_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Building and Improvements</link:label>
    <link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings" xlink:to="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProceedsFromSaleOfFinanceReceivables_f0161c33-bbfc-4fd0-8c3f-246ac3dbd927_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfFinanceReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from sale of receivables</link:label>
    <link:label id="lab_us-gaap_ProceedsFromSaleOfFinanceReceivables_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfFinanceReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Proceeds from Sale of Finance Receivables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfFinanceReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfFinanceReceivables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfFinanceReceivables" xlink:to="lab_us-gaap_ProceedsFromSaleOfFinanceReceivables" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_2946e103-d93d-4eb1-a27b-c2ff9f855f80_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flows from operating activities:</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NetIncreaseDecreasetoRentalIncomefromAmortizationofAboveandBelowMarketLeases_7b8098ef-38e4-4530-810f-a727412a490e_totalLabel_en-US" xlink:label="lab_clnc_NetIncreaseDecreasetoRentalIncomefromAmortizationofAboveandBelowMarketLeases" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net increase to property operating income</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clnc_NetIncreaseDecreasetoRentalIncomefromAmortizationofAboveandBelowMarketLeases" xlink:href="clnc-20201231.xsd#clnc_NetIncreaseDecreasetoRentalIncomefromAmortizationofAboveandBelowMarketLeases"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_NetIncreaseDecreasetoRentalIncomefromAmortizationofAboveandBelowMarketLeases" xlink:to="lab_clnc_NetIncreaseDecreasetoRentalIncomefromAmortizationofAboveandBelowMarketLeases" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_b9038c6d-b4cc-415c-9170-365b1be3f5bf_terseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2024</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_1530a58b-a242-4949-879d-99e540b6ced0_verboseLabel_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2023</link:label>
    <link:label id="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears_label_en-US" xlink:label="lab_us-gaap_LessorOperatingLeasePaymentsToBeReceivedFourYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Lessor, Operating Lease, Payment to be Received, Year Four</link:label>
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    <link:label id="lab_us-gaap_LineOfCreditFacilityLenderDomain_6c8b16d1-62ff-436e-b1e5-411b8e58a673_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityLenderDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Line of Credit Facility, Lender [Domain]</link:label>
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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_cffac55e-7973-40de-8958-0c4832d45069_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Granted, weighted average grant date fair value (in dollars per share)</link:label>
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    <link:label id="lab_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount_347f18d8-acab-4d76-b4c0-f06d657f6874_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Impairment</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SECScheduleIIIRealEstateWritedownOrReserveAmount"/>
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    <link:label id="lab_clnc_InvestmentGradeNotesMember_2901c08d-989b-4069-b29f-915cc9cc1229_terseLabel_en-US" xlink:label="lab_clnc_InvestmentGradeNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment grade notes</link:label>
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    <link:label id="lab_clnc_InvestmentGradeNotesMember_documentation_en-US" xlink:label="lab_clnc_InvestmentGradeNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Grade Notes [Member]</link:label>
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    <link:label id="lab_clnc_InterestIncomeExpenseOperatingandNonoperatingNet_b27c739a-7003-47a3-8cf1-d5d000e646fe_totalLabel_en-US" xlink:label="lab_clnc_InterestIncomeExpenseOperatingandNonoperatingNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net interest income</link:label>
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    <link:label id="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsLiabilitiesRelatedtoAssetsHeldforsaleNotPartofDisposalGroup_285b146d-713f-4690-928c-a8447a1118f6_terseLabel_en-US" xlink:label="lab_clnc_FiniteLivedIntangibleAssetsAndDeferredLeasingCostsLiabilitiesRelatedtoAssetsHeldforsaleNotPartofDisposalGroup" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Intangible liabilities, net</link:label>
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    <link:label id="lab_us-gaap_ForeignExchangeForwardMember_fb5432d9-83a5-4eba-a36b-21cf6c087dd5_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignExchangeForwardMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">NOK and EUR FX forwards</link:label>
    <link:label id="lab_us-gaap_ForeignExchangeForwardMember_label_en-US" xlink:label="lab_us-gaap_ForeignExchangeForwardMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreign Exchange Forward [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignExchangeForwardMember" xlink:to="lab_us-gaap_ForeignExchangeForwardMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_OtherRealEstate4Member_15382387-be5f-455b-baa5-ced05e60ba80_terseLabel_en-US" xlink:label="lab_clnc_OtherRealEstate4Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other real estate 4</link:label>
    <link:label id="lab_clnc_OtherRealEstate4Member_label_en-US" xlink:label="lab_clnc_OtherRealEstate4Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate 4 [Member]</link:label>
    <link:label id="lab_clnc_OtherRealEstate4Member_documentation_en-US" xlink:label="lab_clnc_OtherRealEstate4Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate 4 [Member]</link:label>
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    <link:label id="lab_us-gaap_DeferredTaxLiabilitiesOther_05e6cc34-9a43-4a44-8eb2-63945fc9d000_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesOther" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other</link:label>
    <link:label id="lab_us-gaap_DeferredTaxLiabilitiesOther_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Tax Liabilities, Other</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesOther" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesOther" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NumberofLoansNotifiedwithPotentialLoss_6e5ae385-18ba-4295-a3d7-2433b5f098c2_terseLabel_en-US" xlink:label="lab_clnc_NumberofLoansNotifiedwithPotentialLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of loans with potential loss</link:label>
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    <link:label id="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateChangeinMortgageLoansfromEquityMethodInvestment_3c457187-bd9d-43c2-89e4-7edbc4e871c0_terseLabel_en-US" xlink:label="lab_clnc_SECSchedule1229RealEstateCompaniesInvestmentinMortgageLoansonRealEstateChangeinMortgageLoansfromEquityMethodInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deconsolidation of investment entities</link:label>
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    <link:label id="lab_srt_MortgageLoansOnRealEstateNumberOfLoans_46dc0462-fec5-47ff-895c-1a0dbbaf3f25_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateNumberOfLoans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstateNumberOfLoans_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateNumberOfLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateNumberOfLoans" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoansOnRealEstateNumberOfLoans"/>
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    <link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_54e495a7-6ee9-46ce-9edd-c570467722a7_terseLabel_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Portion at Fair Value Measurement [Member]</link:label>
    <link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Portion at Fair Value Measurement [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember"/>
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    <link:label id="lab_us-gaap_ForeclosedAssets_b7122dae-24df-480c-a99d-fad36a181e8a_terseLabel_en-US" xlink:label="lab_us-gaap_ForeclosedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Foreclosed properties</link:label>
    <link:label id="lab_us-gaap_ForeclosedAssets_label_en-US" xlink:label="lab_us-gaap_ForeclosedAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repossessed Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeclosedAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ForeclosedAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeclosedAssets" xlink:to="lab_us-gaap_ForeclosedAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OperatingLeaseCost_79185a02-27e8-49c5-aa2b-d12c56dc65b6_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Minimum lease expense</link:label>
    <link:label id="lab_us-gaap_OperatingLeaseCost_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Lease, Cost</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseCost" xlink:to="lab_us-gaap_OperatingLeaseCost" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NotesReceivableNet_ce57e0b0-9a3b-40aa-8c86-24df77fa57d7_verboseLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unpaid principal amount and carrying value not related to real estate</link:label>
    <link:label id="lab_us-gaap_NotesReceivableNet_label_en-US" xlink:label="lab_us-gaap_NotesReceivableNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, after Allowance for Credit Loss</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NotesReceivableNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NotesReceivableNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesReceivableNet" xlink:to="lab_us-gaap_NotesReceivableNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_GeneralAndAdministrativeExpense_daecc9fd-b2a9-48e3-8f7f-d69731b2f9ee_terseLabel_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Administrative expense (including $4,367, $10,810 and $7,113 of equity-based compensation expense, respectively)</link:label>
    <link:label id="lab_us-gaap_GeneralAndAdministrativeExpense_1226e994-4c24-4c64-b399-b0596f9f654e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Administrative expense</link:label>
    <link:label id="lab_us-gaap_GeneralAndAdministrativeExpense_c18a1f7b-b3bd-406f-8207-3f332820d1e6_negatedLabel_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Administrative expense</link:label>
    <link:label id="lab_us-gaap_GeneralAndAdministrativeExpense_label_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">General and Administrative Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralAndAdministrativeExpense" xlink:to="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_LoanSecuritizationReinvestmentPeriod_2c47319c-ad51-4b73-b039-3e684f96a485_terseLabel_en-US" xlink:label="lab_clnc_LoanSecuritizationReinvestmentPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reinvestment period</link:label>
    <link:label id="lab_clnc_LoanSecuritizationReinvestmentPeriod_label_en-US" xlink:label="lab_clnc_LoanSecuritizationReinvestmentPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loan Securitization, Reinvestment Period</link:label>
    <link:label id="lab_clnc_LoanSecuritizationReinvestmentPeriod_documentation_en-US" xlink:label="lab_clnc_LoanSecuritizationReinvestmentPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loan Securitization, Reinvestment Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_LoanSecuritizationReinvestmentPeriod" xlink:href="clnc-20201231.xsd#clnc_LoanSecuritizationReinvestmentPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_LoanSecuritizationReinvestmentPeriod" xlink:to="lab_clnc_LoanSecuritizationReinvestmentPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefit_06d5b3af-51a7-41e2-bdec-f96cb1f179f8_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current Income Tax Expense (Benefit)</link:label>
    <link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current Income Tax Expense (Benefit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NonCoreMember_24a7237f-e11b-44f4-a2e2-ff1aa18014d9_terseLabel_en-US" xlink:label="lab_us-gaap_NonCoreMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Legacy, Non-Strategic</link:label>
    <link:label id="lab_us-gaap_NonCoreMember_label_en-US" xlink:label="lab_us-gaap_NonCoreMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Non-core [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonCoreMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonCoreMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonCoreMember" xlink:to="lab_us-gaap_NonCoreMember" xlink:type="arc" order="1"/>
    <link:label id="lab_stpr_CO_43c8a9a4-6219-41e1-8d03-a5e6d2207dad_terseLabel_en-US" xlink:label="lab_stpr_CO" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">COLORADO</link:label>
    <link:label id="lab_stpr_CO_label_en-US" xlink:label="lab_stpr_CO" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">COLORADO</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_stpr_CO" xlink:href="https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd#stpr_CO"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_stpr_CO" xlink:to="lab_stpr_CO" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EquityComponentDomain_6b73235a-b534-4ce0-8f1f-b568bfa23234_terseLabel_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Component [Domain]</link:label>
    <link:label id="lab_us-gaap_EquityComponentDomain_label_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Component [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityComponentDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityComponentDomain" xlink:to="lab_us-gaap_EquityComponentDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_24362ba1-6f91-4076-ad62-6c153d65787f_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unrealized gain (loss) on real estate securities, available for sale</link:label>
    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_EffectiveIncomeTaxRateReconciliationReturntoProvisionAmount_f7c19282-213b-4ae1-a7da-a731de18cd16_terseLabel_en-US" xlink:label="lab_clnc_EffectiveIncomeTaxRateReconciliationReturntoProvisionAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Return to provision</link:label>
    <link:label id="lab_clnc_EffectiveIncomeTaxRateReconciliationReturntoProvisionAmount_label_en-US" xlink:label="lab_clnc_EffectiveIncomeTaxRateReconciliationReturntoProvisionAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Return to Provision, Amount</link:label>
    <link:label id="lab_clnc_EffectiveIncomeTaxRateReconciliationReturntoProvisionAmount_documentation_en-US" xlink:label="lab_clnc_EffectiveIncomeTaxRateReconciliationReturntoProvisionAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Return to Provision, Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_EffectiveIncomeTaxRateReconciliationReturntoProvisionAmount" xlink:href="clnc-20201231.xsd#clnc_EffectiveIncomeTaxRateReconciliationReturntoProvisionAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_EffectiveIncomeTaxRateReconciliationReturntoProvisionAmount" xlink:to="lab_clnc_EffectiveIncomeTaxRateReconciliationReturntoProvisionAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_cb03ca85-8983-405d-af58-1138864ba19e_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans_e01933b1-6341-4844-a165-4268af6342a0_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Principal amount subject to delinquent principal or interest</link:label>
    <link:label id="lab_srt_MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans" xlink:to="lab_srt_MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_ColonyCapitalMember_114e167c-7390-41f9-aa28-53032ca340b1_terseLabel_en-US" xlink:label="lab_clnc_ColonyCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Colony Capital</link:label>
    <link:label id="lab_clnc_ColonyCapitalMember_label_en-US" xlink:label="lab_clnc_ColonyCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Colony Capital [Member]</link:label>
    <link:label id="lab_clnc_ColonyCapitalMember_documentation_en-US" xlink:label="lab_clnc_ColonyCapitalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Colony Capital</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_ColonyCapitalMember" xlink:href="clnc-20201231.xsd#clnc_ColonyCapitalMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_ColonyCapitalMember" xlink:to="lab_clnc_ColonyCapitalMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_InterestRateContractMember_0527778a-03ab-40de-a702-ca78f13c0765_terseLabel_en-US" xlink:label="lab_us-gaap_InterestRateContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest rate contracts</link:label>
    <link:label id="lab_us-gaap_InterestRateContractMember_label_en-US" xlink:label="lab_us-gaap_InterestRateContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest Rate Contract [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestRateContractMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestRateContractMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestRateContractMember" xlink:to="lab_us-gaap_InterestRateContractMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_04107e8a-e418-446b-ae72-e8be8d636ec3_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity-Based Compensation</link:label>
    <link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Payment Arrangement [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetIncomeLoss_93e71d6c-3ba0-4622-9cd9-e043ac87ee3a_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net loss attributable to Colony Credit Real Estate, Inc. common stockholders</link:label>
    <link:label id="lab_us-gaap_NetIncomeLoss_label_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Income (Loss) Attributable to Parent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLoss" xlink:to="lab_us-gaap_NetIncomeLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_RealEstateHeldForSaleImpairment_91ed6b51-a6a1-40b3-ad7d-a84a49da298e_terseLabel_en-US" xlink:label="lab_clnc_RealEstateHeldForSaleImpairment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real estate held for sale</link:label>
    <link:label id="lab_clnc_RealEstateHeldForSaleImpairment_label_en-US" xlink:label="lab_clnc_RealEstateHeldForSaleImpairment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Held-For-Sale, Impairment</link:label>
    <link:label id="lab_clnc_RealEstateHeldForSaleImpairment_documentation_en-US" xlink:label="lab_clnc_RealEstateHeldForSaleImpairment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Held-For-Sale, Impairment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_RealEstateHeldForSaleImpairment" xlink:href="clnc-20201231.xsd#clnc_RealEstateHeldForSaleImpairment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_RealEstateHeldForSaleImpairment" xlink:to="lab_clnc_RealEstateHeldForSaleImpairment" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_AmortizationAccretionOfPremiumDiscountAndFeesOnInvestmentsAndBorrowingsNet_bbb72ad6-9086-40be-9379-59b51ad973f8_terseLabel_en-US" xlink:label="lab_clnc_AmortizationAccretionOfPremiumDiscountAndFeesOnInvestmentsAndBorrowingsNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization of premium/accretion of discount and fees on investments and borrowings, net</link:label>
    <link:label id="lab_clnc_AmortizationAccretionOfPremiumDiscountAndFeesOnInvestmentsAndBorrowingsNet_label_en-US" xlink:label="lab_clnc_AmortizationAccretionOfPremiumDiscountAndFeesOnInvestmentsAndBorrowingsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization Accretion Of Premium Discount And Fees On Investments And Borrowings Net</link:label>
    <link:label id="lab_clnc_AmortizationAccretionOfPremiumDiscountAndFeesOnInvestmentsAndBorrowingsNet_documentation_en-US" xlink:label="lab_clnc_AmortizationAccretionOfPremiumDiscountAndFeesOnInvestmentsAndBorrowingsNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amount of noncash expense for amortization and accretion of premium, discount and fees on investments and borrowings, net.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_AmortizationAccretionOfPremiumDiscountAndFeesOnInvestmentsAndBorrowingsNet" xlink:href="clnc-20201231.xsd#clnc_AmortizationAccretionOfPremiumDiscountAndFeesOnInvestmentsAndBorrowingsNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_AmortizationAccretionOfPremiumDiscountAndFeesOnInvestmentsAndBorrowingsNet" xlink:to="lab_clnc_AmortizationAccretionOfPremiumDiscountAndFeesOnInvestmentsAndBorrowingsNet" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_65a5b8b5-3099-4c69-8be9-3608f64227ae_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Changes in assets and liabilities:</link:label>
    <link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Increase (Decrease) in Operating Capital [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable_3f14e687-4706-4365-ac64-481fa53ec310_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Variable Interest Entities [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Variable Interest Entities [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:to="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_AssetsHeldForSaleIncludingDiscontinuedOperations_164bd166-7b24-430b-9303-e35b9d8ac4cb_terseLabel_en-US" xlink:label="lab_clnc_AssetsHeldForSaleIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets-held-for-sale, including discontinued operations</link:label>
    <link:label id="lab_clnc_AssetsHeldForSaleIncludingDiscontinuedOperations_label_en-US" xlink:label="lab_clnc_AssetsHeldForSaleIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets-Held-For-Sale, Including Discontinued Operations</link:label>
    <link:label id="lab_clnc_AssetsHeldForSaleIncludingDiscontinuedOperations_documentation_en-US" xlink:label="lab_clnc_AssetsHeldForSaleIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Assets-Held-For-Sale, Including Discontinued Operations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_AssetsHeldForSaleIncludingDiscontinuedOperations" xlink:href="clnc-20201231.xsd#clnc_AssetsHeldForSaleIncludingDiscontinuedOperations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_AssetsHeldForSaleIncludingDiscontinuedOperations" xlink:to="lab_clnc_AssetsHeldForSaleIncludingDiscontinuedOperations" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PaymentsToMinorityShareholders_95b810a5-b2a6-4c7d-a0ef-2f4da2004eb2_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToMinorityShareholders" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Distributions to noncontrolling interests</link:label>
    <link:label id="lab_us-gaap_PaymentsToMinorityShareholders_cd947f95-9813-4b79-bab8-e26c02daa8fa_verboseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToMinorityShareholders" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Distributions to noncontrolling interests</link:label>
    <link:label id="lab_us-gaap_PaymentsToMinorityShareholders_label_en-US" xlink:label="lab_us-gaap_PaymentsToMinorityShareholders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Payments to Noncontrolling Interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToMinorityShareholders" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToMinorityShareholders"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToMinorityShareholders" xlink:to="lab_us-gaap_PaymentsToMinorityShareholders" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_136495e7-f353-460a-b465-ec1d69724f42_terseLabel_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">LIBOR</link:label>
    <link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_label_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">London Interbank Offered Rate (LIBOR) [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ProvisionForLoanLossesExpensed_18544dda-73dc-454b-b52a-06e3e07fff5a_terseLabel_en-US" xlink:label="lab_us-gaap_ProvisionForLoanLossesExpensed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Provision for loan losses</link:label>
    <link:label id="lab_us-gaap_ProvisionForLoanLossesExpensed_2759c985-133a-43bf-af2f-635ebff9d2b2_verboseLabel_en-US" xlink:label="lab_us-gaap_ProvisionForLoanLossesExpensed" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans</link:label>
    <link:label id="lab_us-gaap_ProvisionForLoanLossesExpensed_label_en-US" xlink:label="lab_us-gaap_ProvisionForLoanLossesExpensed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Credit Loss, Expense (Reversal)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProvisionForLoanLossesExpensed" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProvisionForLoanLossesExpensed"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProvisionForLoanLossesExpensed" xlink:to="lab_us-gaap_ProvisionForLoanLossesExpensed" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NumberOfResidentialTowers_df98d493-0849-45a4-9b48-b64c4baa5228_terseLabel_en-US" xlink:label="lab_clnc_NumberOfResidentialTowers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of residential towers</link:label>
    <link:label id="lab_clnc_NumberOfResidentialTowers_label_en-US" xlink:label="lab_clnc_NumberOfResidentialTowers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Residential Towers</link:label>
    <link:label id="lab_clnc_NumberOfResidentialTowers_documentation_en-US" xlink:label="lab_clnc_NumberOfResidentialTowers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number Of Residential Towers</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NumberOfResidentialTowers" xlink:href="clnc-20201231.xsd#clnc_NumberOfResidentialTowers"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_NumberOfResidentialTowers" xlink:to="lab_clnc_NumberOfResidentialTowers" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AssetsNet_9f44a88a-9ce3-4e2f-a1b1-7cb74999d679_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetsNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Difference between held and issued mortgage loans in securitization trusts</link:label>
    <link:label id="lab_us-gaap_AssetsNet_label_en-US" xlink:label="lab_us-gaap_AssetsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsNet"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsNet" xlink:to="lab_us-gaap_AssetsNet" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_BankThreeFacilityThreeMember_b0139147-7193-4de5-b7f8-60036ffcc29e_terseLabel_en-US" xlink:label="lab_clnc_BankThreeFacilityThreeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank 3 facility 3</link:label>
    <link:label id="lab_clnc_BankThreeFacilityThreeMember_label_en-US" xlink:label="lab_clnc_BankThreeFacilityThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank Three Facility Three [Member]</link:label>
    <link:label id="lab_clnc_BankThreeFacilityThreeMember_documentation_en-US" xlink:label="lab_clnc_BankThreeFacilityThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank Three Facility Three [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_BankThreeFacilityThreeMember" xlink:href="clnc-20201231.xsd#clnc_BankThreeFacilityThreeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_BankThreeFacilityThreeMember" xlink:to="lab_clnc_BankThreeFacilityThreeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_cac62f7c-03d5-4dfb-8e21-d85c4d513246_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_label_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CurrentFiscalYearEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_NoncontrollingInterestCostsAndExpensesEquity_3ad3f5cc-f516-46e3-9cdc-37d98460b160_negatedTerseLabel_en-US" xlink:label="lab_clnc_NoncontrollingInterestCostsAndExpensesEquity" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Costs of noncontrolling equity</link:label>
    <link:label id="lab_clnc_NoncontrollingInterestCostsAndExpensesEquity_label_en-US" xlink:label="lab_clnc_NoncontrollingInterestCostsAndExpensesEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interest, Costs and Expenses, Equity</link:label>
    <link:label id="lab_clnc_NoncontrollingInterestCostsAndExpensesEquity_documentation_en-US" xlink:label="lab_clnc_NoncontrollingInterestCostsAndExpensesEquity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interest, Costs and Expenses, Equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NoncontrollingInterestCostsAndExpensesEquity" xlink:href="clnc-20201231.xsd#clnc_NoncontrollingInterestCostsAndExpensesEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_NoncontrollingInterestCostsAndExpensesEquity" xlink:to="lab_clnc_NoncontrollingInterestCostsAndExpensesEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_HotelNewYorkMember_146891d9-6b55-4af5-aa9b-fd597e787162_terseLabel_en-US" xlink:label="lab_clnc_HotelNewYorkMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel, New York</link:label>
    <link:label id="lab_clnc_HotelNewYorkMember_label_en-US" xlink:label="lab_clnc_HotelNewYorkMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel, New York [Member]</link:label>
    <link:label id="lab_clnc_HotelNewYorkMember_documentation_en-US" xlink:label="lab_clnc_HotelNewYorkMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Hotel, New York [Member]</link:label>
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    <link:label id="lab_clnc_NetProceedsFromSaleOfRealEstateProperties_16f4e97a-bdf2-418f-a4ad-94b7172b66c4_terseLabel_en-US" xlink:label="lab_clnc_NetProceedsFromSaleOfRealEstateProperties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net proceeds from sale of real estate properties</link:label>
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    <link:label id="lab_clnc_NetProceedsFromSaleOfRealEstateProperties_documentation_en-US" xlink:label="lab_clnc_NetProceedsFromSaleOfRealEstateProperties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Proceeds From Sale Of Real Estate Properties</link:label>
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    <link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems_11395ce5-58e6-44ce-8462-11f9507ca363_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss) [Line Items]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_InvestmentEntitiesMember_b1d35cc0-fa47-4006-8c50-030ae90ffab7_terseLabel_en-US" xlink:label="lab_clnc_InvestmentEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Entities</link:label>
    <link:label id="lab_clnc_InvestmentEntitiesMember_label_en-US" xlink:label="lab_clnc_InvestmentEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Entities [Member]</link:label>
    <link:label id="lab_clnc_InvestmentEntitiesMember_documentation_en-US" xlink:label="lab_clnc_InvestmentEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment Entities</link:label>
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    <link:label id="lab_us-gaap_LoansReceivableFairValueDisclosure_b28305fc-53e2-4162-8b59-ca61acb3f81d_verboseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans and preferred equity held for investment, net</link:label>
    <link:label id="lab_us-gaap_LoansReceivableFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_LoansReceivableFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Loans Receivable, Fair Value Disclosure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansReceivableFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoansReceivableFairValueDisclosure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansReceivableFairValueDisclosure" xlink:to="lab_us-gaap_LoansReceivableFairValueDisclosure" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_FinancingReceivableCollateralizedNumberofProperties_94619950-10e6-4b78-a08f-ee4ee56ab3f8_terseLabel_en-US" xlink:label="lab_clnc_FinancingReceivableCollateralizedNumberofProperties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of properties collateralized</link:label>
    <link:label id="lab_clnc_FinancingReceivableCollateralizedNumberofProperties_label_en-US" xlink:label="lab_clnc_FinancingReceivableCollateralizedNumberofProperties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Collateralized, Number of Properties</link:label>
    <link:label id="lab_clnc_FinancingReceivableCollateralizedNumberofProperties_documentation_en-US" xlink:label="lab_clnc_FinancingReceivableCollateralizedNumberofProperties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Collateralized, Number of Properties</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_FinancingReceivableCollateralizedNumberofProperties" xlink:href="clnc-20201231.xsd#clnc_FinancingReceivableCollateralizedNumberofProperties"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_FinancingReceivableCollateralizedNumberofProperties" xlink:to="lab_clnc_FinancingReceivableCollateralizedNumberofProperties" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue_edf8de81-f94c-494c-9b55-6e3aba5592b3_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Designated hedges included in other assets</link:label>
    <link:label id="lab_us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Derivative Instruments in Hedges, Assets, at Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue" xlink:to="lab_us-gaap_DerivativeInstrumentsInHedgesAssetsAtFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_PrepaidTaxesAndDeferredIncomeTaxAssets_7ffe1fca-c132-4d0b-9362-40cbb4155e39_terseLabel_en-US" xlink:label="lab_clnc_PrepaidTaxesAndDeferredIncomeTaxAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prepaid taxes, tax receivable and deferred tax assets</link:label>
    <link:label id="lab_clnc_PrepaidTaxesAndDeferredIncomeTaxAssets_label_en-US" xlink:label="lab_clnc_PrepaidTaxesAndDeferredIncomeTaxAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prepaid Taxes And Deferred Income Tax Assets</link:label>
    <link:label id="lab_clnc_PrepaidTaxesAndDeferredIncomeTaxAssets_documentation_en-US" xlink:label="lab_clnc_PrepaidTaxesAndDeferredIncomeTaxAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Prepaid Taxes And Deferred Income Tax Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_PrepaidTaxesAndDeferredIncomeTaxAssets" xlink:href="clnc-20201231.xsd#clnc_PrepaidTaxesAndDeferredIncomeTaxAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_PrepaidTaxesAndDeferredIncomeTaxAssets" xlink:to="lab_clnc_PrepaidTaxesAndDeferredIncomeTaxAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_5e8f67ed-9e5c-43b2-87d9-e92bef75688c_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial liabilities:</link:label>
    <link:label id="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:to="lab_us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityNumberOfEmployees_5c5f3581-8054-4ed7-88f5-f1821129e896_terseLabel_en-US" xlink:label="lab_dei_EntityNumberOfEmployees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity number of employees</link:label>
    <link:label id="lab_dei_EntityNumberOfEmployees_label_en-US" xlink:label="lab_dei_EntityNumberOfEmployees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Number of Employees</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityNumberOfEmployees" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityNumberOfEmployees"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityNumberOfEmployees" xlink:to="lab_dei_EntityNumberOfEmployees" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable_af289bda-5d17-4f51-9552-578a63921d54_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Credit Quality Indicator [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Credit Quality Indicator [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable" xlink:to="lab_us-gaap_ScheduleOfFinancingReceivableRecordedInvestmentCreditQualityIndicatorTable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NumberOfRealEstateProperties_b4c8bc96-aad5-492c-84bf-a0091ba0f5ba_terseLabel_en-US" xlink:label="lab_us-gaap_NumberOfRealEstateProperties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of properties</link:label>
    <link:label id="lab_us-gaap_NumberOfRealEstateProperties_label_en-US" xlink:label="lab_us-gaap_NumberOfRealEstateProperties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of Real Estate Properties</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NumberOfRealEstateProperties" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NumberOfRealEstateProperties"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NumberOfRealEstateProperties" xlink:to="lab_us-gaap_NumberOfRealEstateProperties" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested_9b7979c3-8f47-4b9b-a146-22c091c7cf73_terseLabel_en-US" xlink:label="lab_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair value at vesting date</link:label>
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    <link:label id="lab_clnc_BreachOfContractNumberOfDaysAfterWrittenNoticeSubjectToTerminationFee_f4eb7cdc-3dcd-4389-9aff-d8aa556e5338_terseLabel_en-US" xlink:label="lab_clnc_BreachOfContractNumberOfDaysAfterWrittenNoticeSubjectToTerminationFee" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Breach of contract, number of days after written notice, in which case, termination fee will apply</link:label>
    <link:label id="lab_clnc_BreachOfContractNumberOfDaysAfterWrittenNoticeSubjectToTerminationFee_label_en-US" xlink:label="lab_clnc_BreachOfContractNumberOfDaysAfterWrittenNoticeSubjectToTerminationFee" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Breach Of Contract, Number Of Days After Written Notice, Subject To Termination Fee</link:label>
    <link:label id="lab_clnc_BreachOfContractNumberOfDaysAfterWrittenNoticeSubjectToTerminationFee_documentation_en-US" xlink:label="lab_clnc_BreachOfContractNumberOfDaysAfterWrittenNoticeSubjectToTerminationFee" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Breach Of Contract, Number Of Days After Written Notice, Subject To Termination Fee</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_BreachOfContractNumberOfDaysAfterWrittenNoticeSubjectToTerminationFee" xlink:href="clnc-20201231.xsd#clnc_BreachOfContractNumberOfDaysAfterWrittenNoticeSubjectToTerminationFee"/>
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    <link:label id="lab_us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear_f22b6bd4-58da-4b7b-bfa5-35218eeeeb49_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2020</link:label>
    <link:label id="lab_us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financing Receivable, Year One, Originated, Current Fiscal Year</link:label>
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    <link:label id="lab_clnc_OfficeNorwayMember_b75a3b3a-036c-47f9-ae37-372ab98e738d_terseLabel_en-US" xlink:label="lab_clnc_OfficeNorwayMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office-Norway</link:label>
    <link:label id="lab_clnc_OfficeNorwayMember_label_en-US" xlink:label="lab_clnc_OfficeNorwayMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Office, Norway [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_clnc_OfficeNorwayMember" xlink:href="clnc-20201231.xsd#clnc_OfficeNorwayMember"/>
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    <link:label id="lab_clnc_NoncontrollingInterestinNetIncomeLossOperatingPartnershipsNonredeemableIncludingAllocatedAmountforComparison_3c1fed11-6dcc-4a20-b30c-69fa47ebd159_negatedTerseLabel_en-US" xlink:label="lab_clnc_NoncontrollingInterestinNetIncomeLossOperatingPartnershipsNonredeemableIncludingAllocatedAmountforComparison" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Operating Partnership</link:label>
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    <link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_cb28b2c5-0d75-4fdc-8c8d-0f6736d674a6_terseLabel_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Supplemental disclosure of non-cash investing and financing activities:</link:label>
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    <link:label id="lab_clnc_DeferredTaxAssetsDeferredInterestExpense_cf8acbc5-c025-4260-85e7-58cccb15f450_terseLabel_en-US" xlink:label="lab_clnc_DeferredTaxAssetsDeferredInterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Disallowed interest expense carry forwards</link:label>
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    <link:label id="lab_clnc_NumberOfOfficeBuildings_2acdce78-2c07-4a9e-8686-183e9a5b2364_terseLabel_en-US" xlink:label="lab_clnc_NumberOfOfficeBuildings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of office buildings</link:label>
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    <link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_0ce7efdd-c39d-411f-aad0-1b68b93ee41c_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Acquisition, Acquiree [Domain]</link:label>
    <link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Business Acquisition, Acquiree [Domain]</link:label>
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    <link:label id="lab_us-gaap_UnusedCommitmentsToExtendCredit_d199135f-af43-4a76-8ac4-3a019cb44cfc_terseLabel_en-US" xlink:label="lab_us-gaap_UnusedCommitmentsToExtendCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Future funding commitments</link:label>
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    <link:label id="lab_us-gaap_RealEstateHeldforsale_eba9a080-02de-4d13-b4ec-51fd74be0cf8_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateHeldforsale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real estate, net</link:label>
    <link:label id="lab_us-gaap_RealEstateHeldforsale_label_en-US" xlink:label="lab_us-gaap_RealEstateHeldforsale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Held-for-sale</link:label>
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    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentLineItems_0c0b7fe9-2272-4b56-8579-f6604fcdcf53_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, Plant and Equipment [Line Items]</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentLineItems_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, Plant and Equipment [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain_da4e98d2-79b1-4152-ad71-8fded5082de2_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, Plant and Equipment, Type [Domain]</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Long-Lived Tangible Asset [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CoreAndNonCoreStatusAxis_c270d96f-35ca-492b-9f7d-6969876d1a51_terseLabel_en-US" xlink:label="lab_us-gaap_CoreAndNonCoreStatusAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Core and Non-core Status [Axis]</link:label>
    <link:label id="lab_us-gaap_CoreAndNonCoreStatusAxis_label_en-US" xlink:label="lab_us-gaap_CoreAndNonCoreStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Core and Non-core Status [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CoreAndNonCoreStatusAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CoreAndNonCoreStatusAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CoreAndNonCoreStatusAxis" xlink:to="lab_us-gaap_CoreAndNonCoreStatusAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_cccd5203-69a4-4009-8b44-d0d7d19e86e5_terseLabel_en-US" xlink:label="lab_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Due to related party (Note 10)</link:label>
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    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentTextBlock_eac3fbeb-d554-4165-8e4b-f38e17eb0bc3_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Operating Real Estate Estimated Useful Lives</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentTextBlock_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Property, Plant and Equipment [Table Text Block]</link:label>
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    <link:label id="lab_us-gaap_DeferredCostsLeasingGross_7b087b72-a551-4128-9cc1-00c9a2706b20_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredCostsLeasingGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying Amount</link:label>
    <link:label id="lab_us-gaap_DeferredCostsLeasingGross_label_en-US" xlink:label="lab_us-gaap_DeferredCostsLeasingGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Costs, Leasing, Gross</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredCostsLeasingGross" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredCostsLeasingGross"/>
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    <link:label id="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization_db1a80ea-1a69-4bc8-bdc0-546c847dad2c_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accumulated Amortization</link:label>
    <link:label id="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization_label_en-US" xlink:label="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Below Market Lease, Accumulated Amortization</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BelowMarketLeaseAccumulatedAmortization" xlink:to="lab_us-gaap_BelowMarketLeaseAccumulatedAmortization" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable_c93b0ffb-0d1f-486c-9db6-9656da07ebab_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reclassification out of Accumulated Other Comprehensive Income [Table]</link:label>
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    <link:label id="lab_clnc_DebtSecuritiesAvailableforSaleNumberofSecurities_cef6d5ba-2b7c-4a30-aefa-be0e77caa680_terseLabel_en-US" xlink:label="lab_clnc_DebtSecuritiesAvailableforSaleNumberofSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Count</link:label>
    <link:label id="lab_clnc_DebtSecuritiesAvailableforSaleNumberofSecurities_b8557609-4875-4e56-bd27-fc6255881601_verboseLabel_en-US" xlink:label="lab_clnc_DebtSecuritiesAvailableforSaleNumberofSecurities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Number of securities held</link:label>
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    <link:label id="lab_clnc_DebtSecuritiesAvailableforSaleNumberofSecurities_documentation_en-US" xlink:label="lab_clnc_DebtSecuritiesAvailableforSaleNumberofSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Debt Securities, Available-for-Sale, Number of Securities</link:label>
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    <link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues_97e47e24-e465-4317-be88-e7404ef2bfe8_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Stock grated (in shares)</link:label>
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    <link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsNetAbstract_5bc29dee-317a-4114-bb30-ee4d741b205a_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deferred Leasing Costs and Intangible Assets</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNetAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsNetAbstract"/>
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    <link:label id="lab_clnc_VariousUNITEDSTATESMember_44c9387e-f75b-4e53-a7f8-a3a543dea714_terseLabel_en-US" xlink:label="lab_clnc_VariousUNITEDSTATESMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Various, USA</link:label>
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    <link:label id="lab_us-gaap_RelatedPartyTransactionsAbstract_8f771504-3fab-4625-9aa4-8d9a20be43c7_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
    <link:label id="lab_us-gaap_RelatedPartyTransactionsAbstract_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract" xlink:to="lab_us-gaap_RelatedPartyTransactionsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable_218db6ad-bca9-4dd8-9535-6cffb1ea9d64_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investment entities</link:label>
    <link:label id="lab_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable_e74274cf-9bfe-49e5-b539-e153323c7181_terseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net income (loss) attributable to noncontrolling interests, investment entities</link:label>
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    <link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_6d79e42d-150c-4d90-b927-c3aafe515241_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Future Minimum Rental Payments</link:label>
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    <link:label id="lab_us-gaap_FinancingReceivableOriginatedInFiscalYearBeforeLatestFiscalYear_2ab9ace7-e899-4b07-a636-da9af8444d12_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableOriginatedInFiscalYearBeforeLatestFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">2019</link:label>
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    <link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_bf8bfbe6-da4d-455e-8fe4-ee933893540d_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest rate margin (in percentage)</link:label>
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    <link:label id="lab_clnc_NoncontrollingInterestsinOperatingCompanyMember_documentation_en-US" xlink:label="lab_clnc_NoncontrollingInterestsinOperatingCompanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling Interests in Operating Company [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NoncontrollingInterestsinOperatingCompanyMember" xlink:href="clnc-20201231.xsd#clnc_NoncontrollingInterestsinOperatingCompanyMember"/>
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    <link:label id="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_20f0cd0f-5734-41a5-b51a-b6807fb8796e_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in unconsolidated ventures</link:label>
    <link:label id="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_19c3d047-56ff-4109-99d9-7898861ce7f0_verboseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in unconsolidated ventures</link:label>
    <link:label id="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_825f736d-d2af-43e8-851b-664a615c0678_totalLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in Unconsolidated Ventures</link:label>
    <link:label id="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_label_en-US" xlink:label="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_OwnershipAxis_84ffb0fa-a225-456f-8666-a036d538ad0e_terseLabel_en-US" xlink:label="lab_srt_OwnershipAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership [Axis]</link:label>
    <link:label id="lab_srt_OwnershipAxis_label_en-US" xlink:label="lab_srt_OwnershipAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Ownership [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_OwnershipAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_OwnershipAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_OwnershipAxis" xlink:to="lab_srt_OwnershipAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_LandSiteandDevelopmentofOfficeBuildingMember_eda043c9-2e11-4bda-8fb7-877280eaafb7_terseLabel_en-US" xlink:label="lab_clnc_LandSiteandDevelopmentofOfficeBuildingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land site and development of office building</link:label>
    <link:label id="lab_clnc_LandSiteandDevelopmentofOfficeBuildingMember_label_en-US" xlink:label="lab_clnc_LandSiteandDevelopmentofOfficeBuildingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land Site and Development of Office Building [Member]</link:label>
    <link:label id="lab_clnc_LandSiteandDevelopmentofOfficeBuildingMember_documentation_en-US" xlink:label="lab_clnc_LandSiteandDevelopmentofOfficeBuildingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Land Site and Development of Office Building [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_LandSiteandDevelopmentofOfficeBuildingMember" xlink:href="clnc-20201231.xsd#clnc_LandSiteandDevelopmentofOfficeBuildingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_LandSiteandDevelopmentofOfficeBuildingMember" xlink:to="lab_clnc_LandSiteandDevelopmentofOfficeBuildingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ConsolidationVariableInterestEntityPolicy_3c94db66-99a9-42b9-b9bc-6e37fb0e2d9e_terseLabel_en-US" xlink:label="lab_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Variable Interest Entities</link:label>
    <link:label id="lab_us-gaap_ConsolidationVariableInterestEntityPolicy_label_en-US" xlink:label="lab_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Consolidation, Variable Interest Entity, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConsolidationVariableInterestEntityPolicy"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:to="lab_us-gaap_ConsolidationVariableInterestEntityPolicy" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember_3e187f60-fdd8-4ef8-b874-49355301c2e0_terseLabel_en-US" xlink:label="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Carrying Value</link:label>
    <link:label id="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Reported Value Measurement [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:to="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_BankThreeFacilityMember_0e4da24b-91a1-4bf3-8cee-d0b8a67a4cf3_terseLabel_en-US" xlink:label="lab_clnc_BankThreeFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank 3 facility</link:label>
    <link:label id="lab_clnc_BankThreeFacilityMember_label_en-US" xlink:label="lab_clnc_BankThreeFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank Three Facility [Member]</link:label>
    <link:label id="lab_clnc_BankThreeFacilityMember_documentation_en-US" xlink:label="lab_clnc_BankThreeFacilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank Three Facility [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_BankThreeFacilityMember" xlink:href="clnc-20201231.xsd#clnc_BankThreeFacilityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_BankThreeFacilityMember" xlink:to="lab_clnc_BankThreeFacilityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityWellKnownSeasonedIssuer_19ec3bc2-6d59-4f14-b9c2-fc7050b76e8d_terseLabel_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
    <link:label id="lab_dei_EntityWellKnownSeasonedIssuer_label_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityWellKnownSeasonedIssuer" xlink:to="lab_dei_EntityWellKnownSeasonedIssuer" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_97b459e0-5a6a-4602-9ea3-e8afc1f66f64_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Interest in joint venture (in percentage)</link:label>
    <link:label id="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Method Investment, Ownership Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_cf3c7cec-9739-4e68-956d-a03b4f14ae26_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends payable</link:label>
    <link:label id="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Dividends Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:to="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_CashAndRestrictedCashDecreaseFromDeconsolidation_ba5e2bc7-8e8d-44ed-8b7a-33d4bf3b741f_negatedTerseLabel_en-US" xlink:label="lab_clnc_CashAndRestrictedCashDecreaseFromDeconsolidation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash deconsolidated</link:label>
    <link:label id="lab_clnc_CashAndRestrictedCashDecreaseFromDeconsolidation_label_en-US" xlink:label="lab_clnc_CashAndRestrictedCashDecreaseFromDeconsolidation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash And Restricted Cash Decrease From Deconsolidation</link:label>
    <link:label id="lab_clnc_CashAndRestrictedCashDecreaseFromDeconsolidation_documentation_en-US" xlink:label="lab_clnc_CashAndRestrictedCashDecreaseFromDeconsolidation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash And Restricted Cash Decrease From Deconsolidation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_CashAndRestrictedCashDecreaseFromDeconsolidation" xlink:href="clnc-20201231.xsd#clnc_CashAndRestrictedCashDecreaseFromDeconsolidation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_CashAndRestrictedCashDecreaseFromDeconsolidation" xlink:to="lab_clnc_CashAndRestrictedCashDecreaseFromDeconsolidation" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3_6765fad3-2b7b-4843-9dd7-06db77ebd605_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Transfers out of Level 3</link:label>
    <link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_50924a0f-007b-4c5c-b588-6c17d9afc197_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax benefit (expense)</link:label>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_1b763d7b-884a-4d8a-b3d9-9ec59fcab654_negatedLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax benefit (expense)</link:label>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_2abf2ab2-d68b-4e2a-bc37-6fe7ec0eab30_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total income tax benefit (expense)</link:label>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_107b4831-fd09-4e9b-93eb-409f8c3b6866_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income tax (benefit) expense</link:label>
    <link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Income Tax Expense (Benefit)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_9cc361ee-d96b-4ab6-95e9-a4b5c06a19ca_periodStartLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash, cash equivalents and restricted cash - beginning of period</link:label>
    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_b02a2fd5-6972-4635-aa8e-3e948efe94fc_periodEndLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash, cash equivalents and restricted cash - end of period</link:label>
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    <link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_25e49f3c-908e-4df7-9e86-fb463ed5fd3d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Scheduled Principal on Debt</link:label>
    <link:label id="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Maturities of Long-term Debt [Table Text Block]</link:label>
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    <link:label id="lab_clnc_NoncashorPartNoncashTransactionLoansHeldforInvestmentPayoffHeldbyServicer_documentation_en-US" xlink:label="lab_clnc_NoncashorPartNoncashTransactionLoansHeldforInvestmentPayoffHeldbyServicer" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncash or Part Noncash Transaction, Loans Held for Investment Payoff Held by Servicer</link:label>
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    <link:label id="lab_clnc_RetailNewHampshireMember_1ffe04c5-4d91-417c-9ffa-5a8847c7dd5d_terseLabel_en-US" xlink:label="lab_clnc_RetailNewHampshireMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail-New Hampshire</link:label>
    <link:label id="lab_clnc_RetailNewHampshireMember_label_en-US" xlink:label="lab_clnc_RetailNewHampshireMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail, New Hampshire [Member]</link:label>
    <link:label id="lab_clnc_RetailNewHampshireMember_documentation_en-US" xlink:label="lab_clnc_RetailNewHampshireMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Retail, New Hampshire [Member]</link:label>
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    <link:label id="lab_clnc_PercentofInterestIncomeContributedbyInvestment_33aeed74-8548-4dcd-967c-1219c96a88af_terseLabel_en-US" xlink:label="lab_clnc_PercentofInterestIncomeContributedbyInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Percent of interest income contributed by investment</link:label>
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    <link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_bfc5e190-1df7-499e-a41b-c69b64c180fb_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Schedule of Finite-Lived Intangible Assets [Table]</link:label>
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    <link:label id="lab_clnc_July2018SeniorMortgagePrivateBondMember_023319c5-8898-44a9-8f92-1b8e6dc11790_terseLabel_en-US" xlink:label="lab_clnc_July2018SeniorMortgagePrivateBondMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">July 2018 Senior Mortgage Private Bond</link:label>
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    <link:label id="lab_clnc_EquityMethodInvestmentsIndividualImmaterialBalances_ac096252-02dc-490b-ac15-3a6dafb667b7_terseLabel_en-US" xlink:label="lab_clnc_EquityMethodInvestmentsIndividualImmaterialBalances" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Each investment immaterial balance (less than)</link:label>
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    <link:label id="lab_clnc_NoncashorPartNoncashAcquisitionReorganizationAdjustment_3fb4297f-b767-45c2-a9eb-931961b176ff_terseLabel_en-US" xlink:label="lab_clnc_NoncashorPartNoncashAcquisitionReorganizationAdjustment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncontrolling interests in the Operating Partnership</link:label>
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    <link:label id="lab_clnc_NoncashorPartNoncashAcquisitionReorganizationAdjustment_documentation_en-US" xlink:label="lab_clnc_NoncashorPartNoncashAcquisitionReorganizationAdjustment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncash or Part Noncash Acquisition, Reorganization Adjustment</link:label>
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    <link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_a779c485-6d4b-4a0c-b6e8-1f0e70d8866c_verboseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Capacity</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity"/>
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    <link:label id="lab_clnc_NoncashorPartNoncashTransactionDeconsolidationofAssetsLiabilities_16cb60d4-e77c-4675-975c-8681278df51e_terseLabel_en-US" xlink:label="lab_clnc_NoncashorPartNoncashTransactionDeconsolidationofAssetsLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Deconsolidation of certain CLNY Contributed Portfolio investments</link:label>
    <link:label id="lab_clnc_NoncashorPartNoncashTransactionDeconsolidationofAssetsLiabilities_label_en-US" xlink:label="lab_clnc_NoncashorPartNoncashTransactionDeconsolidationofAssetsLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncash or Part Noncash Transaction, Deconsolidation of Assets (Liabilities)</link:label>
    <link:label id="lab_clnc_NoncashorPartNoncashTransactionDeconsolidationofAssetsLiabilities_documentation_en-US" xlink:label="lab_clnc_NoncashorPartNoncashTransactionDeconsolidationofAssetsLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Noncash or Part Noncash Transaction, Deconsolidation of Assets (Liabilities)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_NoncashorPartNoncashTransactionDeconsolidationofAssetsLiabilities" xlink:href="clnc-20201231.xsd#clnc_NoncashorPartNoncashTransactionDeconsolidationofAssetsLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_NoncashorPartNoncashTransactionDeconsolidationofAssetsLiabilities" xlink:to="lab_clnc_NoncashorPartNoncashTransactionDeconsolidationofAssetsLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AwardTypeAxis_2043d900-e92e-4dd2-8112-205d726ca283_terseLabel_en-US" xlink:label="lab_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Award Type [Axis]</link:label>
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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_bbae5677-4d9f-42a7-b8dd-47555863e251_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Weighted Average Grant Date Fair Value [Roll Forward]</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]</link:label>
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    <link:label id="lab_clnc_OtherRealEstate8Member_a09e4e00-ffa1-49c9-9c4d-6043855d9b7f_terseLabel_en-US" xlink:label="lab_clnc_OtherRealEstate8Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other real estate 8</link:label>
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    <link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_f7e1a630-c0be-4309-8941-42fc6bd5aceb_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Class of Financing Receivable [Axis]</link:label>
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    <link:label id="lab_us-gaap_RepaymentsOfSecuredDebt_35bb08ef-d7fc-489b-bf0c-fc692956ad21_negatedLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfSecuredDebt" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayment of securitization bonds</link:label>
    <link:label id="lab_us-gaap_RepaymentsOfSecuredDebt_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfSecuredDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Repayments of Secured Debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfSecuredDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfSecuredDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfSecuredDebt" xlink:to="lab_us-gaap_RepaymentsOfSecuredDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_AmortizationOfFinancingCosts_c6cb7279-5b80-4c89-b588-211f03bd83e4_terseLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfFinancingCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization of deferred financing costs</link:label>
    <link:label id="lab_us-gaap_AmortizationOfFinancingCosts_label_en-US" xlink:label="lab_us-gaap_AmortizationOfFinancingCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Amortization of Debt Issuance Costs</link:label>
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    <link:label id="lab_us-gaap_FinancingReceivables60To89DaysPastDueMember_d0c75525-2884-4bf5-a79e-cc5a58d2f1d0_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">60-89 Days Past Due</link:label>
    <link:label id="lab_us-gaap_FinancingReceivables60To89DaysPastDueMember_label_en-US" xlink:label="lab_us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Financial Asset, 60 to 89 Days Past Due [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivables60To89DaysPastDueMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:to="lab_us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_AssetManagementFeesMember_d775aeb1-a8bc-4fd4-a641-c8b215c97bc2_verboseLabel_en-US" xlink:label="lab_clnc_AssetManagementFeesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset management fees</link:label>
    <link:label id="lab_clnc_AssetManagementFeesMember_label_en-US" xlink:label="lab_clnc_AssetManagementFeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Management Fees [Member]</link:label>
    <link:label id="lab_clnc_AssetManagementFeesMember_documentation_en-US" xlink:label="lab_clnc_AssetManagementFeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Represents information pertaining to the asset management fees.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_AssetManagementFeesMember" xlink:href="clnc-20201231.xsd#clnc_AssetManagementFeesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_AssetManagementFeesMember" xlink:to="lab_clnc_AssetManagementFeesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_OtherCommitment_674bf798-3ecd-4a66-9bbc-8be4c32e4463_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCommitment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Commitments</link:label>
    <link:label id="lab_us-gaap_OtherCommitment_label_en-US" xlink:label="lab_us-gaap_OtherCommitment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Commitment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCommitment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCommitment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCommitment" xlink:to="lab_us-gaap_OtherCommitment" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_AssetManagementFeesperYearMember_db961f54-0934-45d8-b826-8d10b815f1aa_terseLabel_en-US" xlink:label="lab_clnc_AssetManagementFeesperYearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset management fees per year</link:label>
    <link:label id="lab_clnc_AssetManagementFeesperYearMember_label_en-US" xlink:label="lab_clnc_AssetManagementFeesperYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Management Fees per Year [Member]</link:label>
    <link:label id="lab_clnc_AssetManagementFeesperYearMember_documentation_en-US" xlink:label="lab_clnc_AssetManagementFeesperYearMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Asset Management Fees per Year [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_AssetManagementFeesperYearMember" xlink:href="clnc-20201231.xsd#clnc_AssetManagementFeesperYearMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_AssetManagementFeesperYearMember" xlink:to="lab_clnc_AssetManagementFeesperYearMember" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_bfd00a60-f215-4dec-aa40-5d3eb881feaa_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Unused amount, commitment fee percentage</link:label>
    <link:label id="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Line of Credit Facility, Unused Capacity, Commitment Fee Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:to="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTable_8f18e94a-ff0a-4e5b-b1bd-b7b78ed047ba_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, by Balance Sheet Grouping [Table]</link:label>
    <link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTable_label_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Fair Value, by Balance Sheet Grouping [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:to="lab_us-gaap_FairValueByBalanceSheetGroupingTable" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_BankTwoFacilityThreeMember_c528218e-d3dc-4c64-9a6a-9490da9f2368_terseLabel_en-US" xlink:label="lab_clnc_BankTwoFacilityThreeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank 2 facility 3</link:label>
    <link:label id="lab_clnc_BankTwoFacilityThreeMember_label_en-US" xlink:label="lab_clnc_BankTwoFacilityThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank Two Facility Three [Member]</link:label>
    <link:label id="lab_clnc_BankTwoFacilityThreeMember_documentation_en-US" xlink:label="lab_clnc_BankTwoFacilityThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Bank Two Facility Three [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_BankTwoFacilityThreeMember" xlink:href="clnc-20201231.xsd#clnc_BankTwoFacilityThreeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_BankTwoFacilityThreeMember" xlink:to="lab_clnc_BankTwoFacilityThreeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_OtherRealEstate9Member_ab013e18-893b-477a-a540-aa0441e55d05_terseLabel_en-US" xlink:label="lab_clnc_OtherRealEstate9Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other real estate 9</link:label>
    <link:label id="lab_clnc_OtherRealEstate9Member_label_en-US" xlink:label="lab_clnc_OtherRealEstate9Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate 9 [Member]</link:label>
    <link:label id="lab_clnc_OtherRealEstate9Member_documentation_en-US" xlink:label="lab_clnc_OtherRealEstate9Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Other Real Estate 9 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_OtherRealEstate9Member" xlink:href="clnc-20201231.xsd#clnc_OtherRealEstate9Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_OtherRealEstate9Member" xlink:to="lab_clnc_OtherRealEstate9Member" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_3d1d70f2-a996-4969-bd62-63dd474d69a8_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Less: Accumulated depreciation</link:label>
    <link:label id="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_label_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Real Estate Investment Property, Accumulated Depreciation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:to="lab_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_EarningsPerShareTextBlock_eb440eec-4819-40fa-9043-189d7a3747af_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Earnings Per Share</link:label>
    <link:label id="lab_us-gaap_EarningsPerShareTextBlock_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Earnings Per Share [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareTextBlock" xlink:to="lab_us-gaap_EarningsPerShareTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_EquityMethodInvestmentRemainingUnfundedCommitment_ba182efe-0693-4048-86c8-b78af780628e_verboseLabel_en-US" xlink:label="lab_clnc_EquityMethodInvestmentRemainingUnfundedCommitment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Total unfunded commitments for equity method investments</link:label>
    <link:label id="lab_clnc_EquityMethodInvestmentRemainingUnfundedCommitment_label_en-US" xlink:label="lab_clnc_EquityMethodInvestmentRemainingUnfundedCommitment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Method Investment, Remaining Unfunded Commitment</link:label>
    <link:label id="lab_clnc_EquityMethodInvestmentRemainingUnfundedCommitment_documentation_en-US" xlink:label="lab_clnc_EquityMethodInvestmentRemainingUnfundedCommitment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Equity Method Investment, Remaining Unfunded Commitment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_EquityMethodInvestmentRemainingUnfundedCommitment" xlink:href="clnc-20201231.xsd#clnc_EquityMethodInvestmentRemainingUnfundedCommitment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_EquityMethodInvestmentRemainingUnfundedCommitment" xlink:to="lab_clnc_EquityMethodInvestmentRemainingUnfundedCommitment" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_c4081149-c948-460a-8dd5-5a5ad3523598_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Cash flows from financing activities:</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation_1c12eff0-ba5e-4a94-b9c1-64f94b7f56f2_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Shares canceled for tax withholding on vested stock awards (in shares)</link:label>
    <link:label id="lab_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation_label_en-US" xlink:label="lab_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation" xlink:to="lab_us-gaap_SharesPaidForTaxWithholdingForShareBasedCompensation" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MultifamilyMember_7d0f0bbc-87d7-4ba8-9721-7d76ec405600_terseLabel_en-US" xlink:label="lab_srt_MultifamilyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Multifamily</link:label>
    <link:label id="lab_srt_MultifamilyMember_label_en-US" xlink:label="lab_srt_MultifamilyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Multifamily [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MultifamilyMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MultifamilyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MultifamilyMember" xlink:to="lab_srt_MultifamilyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_clnc_AccruedDividendsPayable_f67356ca-88c4-407e-b355-62a1ee1d1f9c_terseLabel_en-US" xlink:label="lab_clnc_AccruedDividendsPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accrual of distribution payable</link:label>
    <link:label id="lab_clnc_AccruedDividendsPayable_label_en-US" xlink:label="lab_clnc_AccruedDividendsPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accrued Dividends Payable</link:label>
    <link:label id="lab_clnc_AccruedDividendsPayable_documentation_en-US" xlink:label="lab_clnc_AccruedDividendsPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accrued Dividends Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_clnc_AccruedDividendsPayable" xlink:href="clnc-20201231.xsd#clnc_AccruedDividendsPayable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_clnc_AccruedDividendsPayable" xlink:to="lab_clnc_AccruedDividendsPayable" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_18673158-5a71-4fde-90ca-87cb0512ddec_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">Accounting Standards Adopted in 2020 and Future Application of Accounting Standards</link:label>
    <link:label id="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">New Accounting Pronouncements, Policy [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
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