D.D. Galaxy High Yield Debt LP acquires units of Northview Canadian High Yield Residential Fund

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Nov. 2, 2020 /CNW/ - D.D. Galaxy High Yield Debt LP ("DD Galaxy LP"), a limited partnership controlled by Daniel Drimmer, announced today that pursuant to a plan of arrangement effected commencing on November 1, 2020, involving Northview Apartment Real Estate Investment Trust (the "Arrangement"), DD Galaxy LP acquired an aggregate of 3,221,738 class C trust units ("Class C Units") of Northview Canadian High Yield Residential Fund (the "Fund"). The Class C Units acquired pursuant to the Arrangement were acquired in exchange for a portion of the units of Northview Apartment Real Estate Investment Trust that were owned or controlled, directly or indirectly, by Mr. Drimmer, and transferred to DD Galaxy LP in connection with the Arrangement, based on the ratio determined in connection with the Arrangement.

On November 2, 2020, pursuant to the initial public offering (the "Offering", and together with the Arrangement, the "Transactions") of the Fund, DD Galaxy LP acquired 6,402,067 Class C Units at a price of $12.50 per Class C Unit for an aggregate subscription price of $80,025,837.50.

Pursuant to the amended and restated declaration of trust governing the Fund (the "Declaration of Trust"), the Class C Units are convertible into class A trust units ("Class A Units") and class F trust units ("Class F Units") in the capital of the Fund at specified ratios. The Class A Units are also convertible into Class F Units of the Fund at a specified ratio.

Upon completion of the Transactions, the Class C Units owned by DD Galaxy LP represented approximately 38.36% of all issued and outstanding Class C Units and, on a partially diluted basis, (i) approximately 65.67% of all issued and outstanding Class A Units, assuming that the Class C Units owned by DD Galaxy LP were converted into Class A Units in accordance with the Declaration of Trust, and (ii) approximately 71.11% of all issued and outstanding Class F Units, assuming that the Class C Units owned by DD Galaxy LP were converted into Class F Units in accordance with the Declaration of Trust.

DD Galaxy LP's ownership of, and Mr. Drimmer's benefical ownership or, and control or direction over, Class C Units is for investment purposes and is intended to further align their interests with those of the Issuer's other unitholders.  Mr. Drimmer, through DD Galaxy LP or otherwise, may acquire additional trust units of the Issuer ("Units") or may dispose of any or all of the beneficially held Units from time to time through, among other things, the purchase or sale of Units on the open market or in private transactions or otherwise, on such terms and at such times as Mr. Drimmer may deem advisable depending upon an ongoing evaluation of the Units, the Issuer, prevailing market conditions, the availability of Units at prices that would make the purchase or sale of Units desirable, other investment opportunities, liquidity requirements of Mr. Drimmer and/or other considerations.

DD Galaxy LP is an Ontario limited partnership, the principal business of which is to hold units of the Fund, with its head office at 3280 Bloor St West, Suite 1400, Toronto, Ontario M8X 2X3.

For further information and to obtain a copy of the early warning reports to be filed by each of the foregoing holders of Units under applicable Canadian securities laws, please see the Fund's profile on SEDAR at www.sedar.com.

SOURCE D.D. Galaxy High Yield Debt LP

DD Galaxy LP, 3280 Bloor Street West, Suite 1400, Centre Tower, Toronto, ON, M8X 2X3, [phone]