Starlight Completes Forced US$64.7M Sale of Orlando Apartment Property
Starlight Investments has completed the forced sale of a 264-suite class A multi-family property in Orlando for US$64.7 million, the company announced.
Toronto-based Starlight had held the asset in its U.S. Residential Fund.
Built in 2017, the property’s sale proceeds will be used to fully repay its first mortgage of about US$64.2 million. The transaction leaves the fund with an estimated US$1 million in net proceeds for working capital. The mortgage matured on May 7, 2025, and the fund was unable to meet conditions to extend its term.
Despite engaging in “good-faith negotiations,” the lender declined to modify or extend the loan without a significant principal paydown, which the fund could not provide, prompting the forced sale, said Starlight.
Pictured: Orlando
Photo: Shutterstock
Other News
One Beverly Hills Reaches Milestones Ahead of Schedule
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
Learn more
Metro Loft, David Werner Secure $231M Loan for Midtown East Residential Conversion
Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
Learn more
Rental Affordability Declines in Most Metros, but Improved Housing Quality is a Factor
Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout