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Starlight U.S. Residential (Multi-Family) Investment LP (TSXV: SURF.UN) (the “SURF LP”) previously disclosed that SURF LP’s Ventura Apartments (“Ventura”) property received a maturity default notice (the “Notice”) from the lender of the loan secured by Ventura, which was subsequently assigned to a new lender (the “Lender”). The Notice expressed the Lender has the right to exercise the remedies available to it under the loan agreement, including foreclosure of the property. SURF LP received notice today that the Lender’s foreclosure proceedings have been completed, resulting in the transfer of ownership of Ventura to a third party through a public auction. Prior to the transfer, Ventura was valued by SURF LP at less than the outstanding balance of the associated loan. The transfer resulted in no net proceeds to SURF LP and had no impact on SURF LP’s net asset value.
ABOUT STARLIGHT U.S. RESIDENTIAL (MULTI-FAMILY) INVESTMENT LP
SURF LP is a “closed-end” limited partnership formed under and governed by the laws of the Province of Ontario, pursuant to an amended and restated limited partnership agreement. SURF LP was established for the primary purpose of directly or indirectly acquiring, owning and operating a portfolio primarily composed of income-producing residential properties in SURF LP’s target metrics or that can achieve significant increases in rental rates as a result of undertaking high return, value-add capital expenditures and active asset management. Subsequent to the transfer described above, SURF LP has interests in and operates a portfolio comprising interests in 757 Class “A” stabilized, income producing multi-family residential suites located in Tampa, Florida and Raleigh, North Carolina.
Please visit us at www.starlightinvest.com and connect with us on LinkedIn at www.linkedin.com/company/starlight-investments-ltd-.
Source : Starlight U.S. Residential (Multi-Family) Investment LP
