Company Announcements

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TORONTO , April 30, 2025 /CNW/ - Starlight U.S. Residential Fund (TSXV: SURF.A) (TSXV: SURF.U) (the "Fund") announced today that it has completed the sale of a 376-suite Class "A" institutional quality multi-family property built in 2014 and located in the South Las Vegas submarket of Las Vegas, Nevada (the "Property") for cash proceeds of US$103.5 million.

The Fund intends to use proceeds from the sale of the Property to repay the pending mortgage maturity on the Property, with the remaining balance used to repay additional credit facilities of the Fund.

PROPERTY DESCRIPTION

The Property consists of 29 garden-style buildings on an 18-acre site comprised of one, two, and three-bedroom suites. Suites feature 9'-10' ceilings, wood vinyl plank flooring, quartz countertops, stainless steel appliances, tile backsplash, and Dwelo smart home features.

Amenities include a resort-style pool with cabanas, sun deck, BBQ areas, playground, fire pits, pet washing station, 24-hour fitness centre, games room, and a luxurious clubhouse with a coffee lounge.

The Property offers 727 total parking spaces, equating to 1.93 spaces per unit. Spaces include 292 uncovered spaces, 354 covered spaces, 60 garages, and 21 accessible spaces. The Property's 29 residential buildings are two stories tall, with a single-story clubhouse.

UPDATE ON LOAN MATURITIES

The Fund is negotiating with the lender regarding the modification and extension of one of its loans that had an initial maturity date of April 9, 2025 as the Fund was unable to meet the loan extension requirements pursuant to the loan agreement.  In addition, the Fund has commenced negotiations with the lenders on two additional loans that mature in May and June, 2025 to modify and extend the loans as the Fund does not anticipate being able to meet the requirements to extend the loans under the current loan agreements.

For additional information on the risks related to the Fund's ability to refinance or extend a loan at maturity, please refer to "Risks and Uncertainties – Liquidity" in the Fund's Management's Discussion and Analysis for the three months and year ended December 31, 2024), which is available under the Fund's profile on www.sedarplus.com.

FORWARD-LOOKING STATEMENTS

This news release contains statements that may constitute forward-looking statements within the meaning of Canadian securities laws and which reflect the Fund's current expectations regarding future events, including the use of proceeds from the sale of the Property. In some cases, forward-looking statements can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.

The forward-looking statements in this news release involve risks and uncertainties, including those set forth in the Fund's materials filed with the Canadian securities regulatory authorities from time to time at www.sedarplus.com. Actual results could differ materially from those projected herein. Those risks and uncertainties include, among other things, risks disclosed in the Fund's management's discussion and analysis for the year ended December 31, 2025, which is available under the Fund's profile on www.sedarplus.com.

Information contained in forward-looking statements is based upon certain material assumptions that were applied in developing such forward-looking statements including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances, including that the net proceeds from the transaction will be used as described herein; Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, none of the Fund or its manager undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

ABOUT STARLIGHT U.S. RESIDENTIAL FUND

The Fund is a trust formed under the laws of Ontario for the primary purpose of indirectly acquiring, owning, and operating a portfolio of income producing multi-family and single family residential rental properties in the U.S. residential real estate market located primarily in Arizona, California, Colorado, Florida, Georgia, Idaho, Nevada, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah and Washington. The Fund now has interests in and operates a portfolio comprising interests in 1,973, Class "A" stabilized, income producing multi-family residential suites located in Tampa, Florida, Orlando, Florida, Las Vegas, Nevada, Austin, Texas, Phoenix, Arizona and Raleigh, North Carolina.

ABOUT STARLIGHT INVESTMENTS

Starlight Investments is a leading global real estate investment and asset management firm headquartered in Toronto, Ontario, Canada. A privately held owner, developer and asset manager of over 70,000 multi-residential suites and over 7 million square feet of commercial property space with CAD $30B AUM, Starlight offers a range of investment vehicles across various real estate strategies. Starlight's guiding mission is to balance its tenure with visionary curiosity to create positive impact for investors and communities alike. At Starlight, we invest with impact.

Learn more at www.starlightinvest.com or connect with us on LinkedIn.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE Starlight U.S. Residential Fund