Starlight U.S. fund obtains amended $120 million one-year facility

By Wendy Van Sickle

Columbus, Ohio, Oct. 31 – Starlight U.S. Multi-Family (No. 5) Core Fund entered into a third amendment to its unsecured credit facility with a Canadian chartered bank that allows the fund to borrow up to $120 million, according to a press release.

The initial interest rate is Libor plus 350 basis points, and the initial term is one year.

The fund has the option to increase the total borrowings to $130 million between April 30, 2019 and July 31, 2019.

The full $120 million was drawn at closing to repay existing debt.

Based in Toronto, the fund is a limited partnership with the primary purpose of indirectly acquiring, owning and operating a portfolio of diversified income producing rental properties in the U.S. multi-family real estate market.

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