Starlight U.S. Multi-Family (No. 2) Core Plus Fund (TSXV: SCPT.A) (TSXV: SCPT.U)(the “Fund”) announced today that it has completed the sale of Hudson at East Apartments, a 275-suite Class “A” institutional quality multi-family property, built in 2018 and located in Orlando, Florida, to an arm’s length buyer for cash proceeds of $68.4 million. The Fund utilized the proceeds to fully repay the loan secured by Hudson, totalling $67 million, and is retaining the net proceeds until the final liquidation of the Fund.
The loan recently matured, and the Fund could not meet the conditions required to extend the term under the loan agreement. The lender was unwilling to modify or extend the term of the Loan without a significant principal paydown, which the Fund cannot satisfy. As a result, the lender required the Fund to proceed with selling the Property.
As a result of the above-noted transaction the Fund has completed the liquidation of all of its investment properties.
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