**Starlight Sells Orlando Rental Asset Following Unsuccessful Loan Extension Talks**
Starlight U.S. Multi-Family (No. 2) Core Plus Fund (TSXV: SCPT.A / SCPT.U) has announced the successful sale of Hudson at East Apartments, a 275-suite, Class “A” multi-family community located in Orlando, Florida. The property, built in 2018, was sold for $68.4 million to an arm’s length buyer.
The sale proceeds were used to fully repay a $67 million loan secured by the property. The Fund will retain the remaining net proceeds until its final liquidation.
The decision to sell the asset was driven by the maturity of the loan and the Fund’s inability to meet the conditions required for an extension. The lender declined to modify or extend the loan term without a substantial principal paydown, which the Fund was unable to provide. Consequently, the lender required the Fund to proceed with the sale.
With the sale of Hudson at East, the Fund has now completed the liquidation of all its investment properties.
