Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces Issuance of Promissory Note

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

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

Evan Kirsh, President, Starlight U.S. Multi-Family (No. 2) Core Plus Fund, [phone], [email protected]; Martin Liddell, Chief Financial Officer, Starlight U.S. Multi-Family (No. 2) Core Plus Fund, [phone], [email protected]