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Starlight Investments Receives $800.4M Refinancing for 23-Property Multifamily Portfolio

TORONTO — Starlight Investments, a Toronto-based investment and asset management firm, has received $800.4 million in refinancing for 23 of its multifamily properties in the United States.

The portfolio of Class A assets totals 7,289 units across eight states. Specific markets in which the properties are located include Atlanta, Charlotte, Dallas, Denver, Houston, Las Vegas, Nashville, Orlando, Phoenix, Raleigh, San Antonio and Tampa. The average year of construction for the portfolio is 2012 and the average overall occupancy rate is 93 percent. The names of the properties were not disclosed.

The financing package was originated as a Freddie Mac structured pool transaction, with five-, six- and seven-year loan terms and a mix of fixed and floating interest rates. Approximately half the units were financed under Freddie Mac’s Green Advantage program, which is available to borrowers that implement energy- and water-saving features to their multifamily properties.

Matt Kafka, Campbell Roche and Matthew Williamson, Tolu Akindele and Wilson Bauer of HFF placed and serviced the financing on behalf of Starlight Investments and its closed-end fund, Starlight U.S. Multi-Family (No. 5) Core Fund.

“Given the high-performing nature of the assets and diversity of the income stream, Freddie Mac’s Structured Solutions Group was able to customize an incredibly flexible and attractive debt execution,” said Kafka.

— Taylor Williams

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