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TORONTO, June 28,
2024 /CNW/ - Starlight U.S. Multi-Family (No. 2) Core
Plus Fund (TSXV: SCPT.A) (TSXV: SCPT.U) (the "Fund") announced that
it has issued an unsecured promissory note (the "Promissory Note")
to Starlight US AM Group LP (the "Manager"), the Fund's asset
manager, in exchange for a cash loan in the aggregate amount of
US$800,000 (the "Loan").
The Promissory Note is due and payable on March 31, 2025 (the "Maturity Date"). Interest on
the principal amount of the Promissory Note will accrue from the
original date of issue at a rate of 10.5% per annum, calculated and
payable monthly, until the Maturity Date. The Fund shall have the
option of prepaying the whole or any part of the principal amount
of the Promissory Note (together with all accrued and unpaid
interest thereon) at any time without notice, bonus or penalty.
Proceeds of the Loan are to be used for general working capital as
may be determined by the Board of Directors of the general partner
of the Fund.
The issuance of the Promissory Note and the Loan constitutes a
"related party transaction" as this term is defined in Multilateral
Instrument 61-101 – Protection of Minority Securityholders in
Special Transactions ("MI 61-101") as the Manager is a related
party of the Fund. The Fund is relying on the exemption from the
minority securityholder approval requirements of MI 61-101
contained in section 5.7(1)(a) of MI 61-101 as the fair market
value of the Promissory Note does not exceed 25% of the Fund's
market capitalization.
ABOUT STARLIGHT U.S. MULTI-FAMILY (NO. 2) CORE PLUS
FUND
The Fund is a limited partnership formed under the Limited
Partnerships Act (Ontario) for the
primary purpose of indirectly acquiring, owning and operating a
portfolio of value-add, income producing rental properties in the
U.S. multi-family real estate market. The Fund currently owns
interests in three properties, consisting of 995 suites with an
average year of construction in 2013.
Please visit us at www.starlightinvest.com and
connect with us on LinkedIn at
www.linkedin.com/company/starlight-investments-ltd-
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Starlight U.S. Multi-Family (No. 2) Core Plus Fund