Starlight U.S. Multi-Family (No. 2) Core Plus Fund announced that it has entered into separate agreements to refinance Hudson at East (Hudson) and to acquire a 320-suite Class "A" institutional quality multi-family property completed in 2002 and located in Raleigh, North Carolina. In connection with the refinancing of Hudson, the Fund, through its wholly-owned subsidiary, Hudson at East Acquisition LLC, has agreed to refinance Hudson.

New financing in the amount of USD 67.0 million has been secured for an initial term of three years, with two one-year extension options. The financing will be interest only and payable at an annual interest rate of one-month Secured Overnight Financing Rate (SOFR) + 2.70%, subject to an all-in interest rate floor of 2.80%. Existing financing of USD 39.1 million is expected to be repaid on completion.

Pursuant to a purchase and sale agreement dated March 18, 2022, a wholly owned subsidiary of the Fund, has agreed to purchase the Property unencumbered for approximately USD 106.0 million. The Agreement contains customary representations and warranties for a transaction of this nature and, subject to the satisfaction or waiver of conditions, is scheduled to close on or about April 27, 2022. The Fund has waived its due diligence conditions set out in the Agreement.

In connection with the acquisition of the Property, new financing in the amount of approximately USD 82.9 million, including USD 76.5 million of initial funding and USD 6.4 million of future funding for capital expenditures, has been secured for an initial term of three years, with two one-year extension options. The financing will be interest only and payable at an annual interest rate of the one-month SOFR + 2.95%, subject to an all-in interest rate floor of 3.05%.