Joint Venture Of Starlight Investments PSP Investments And Future Fund Board Of Guardians Secures $972M Refinance Loan For Multifamily Portfolio

The asset involved is a multifamily portfolio comprising 5,963 units located across Texas, Colorado, North Carolina, Florida, Arizona, Georgia, Tennessee, and Nevada. The purpose of the transaction is a refinance, with a loan amount of $972,000,000 secured through a joint venture involving Starlight Investments, PSP Investments, and Future Fund Board of Guardians. The financing is structured as a two-year, interest-only loan at an interest rate of 5.35%, including three one-year extensions and a $50 million mezzanine piece. The properties are currently 92.4% occupied and consist of 18 garden-style communities.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $972,000,000
• Lender: J.P. Morgan Chase, Citi Real Estate Funding, and Wells Fargo
• Landlord: Daniel Drimmer - Starlight Investments; PSP Investments; Future Fund Board of Guardians
• Loan Terms: Two-year interest-only
• Loan Features: 5.35% interest rate, three one-year extensions, $50 million mezzanine piece
• Number of Units: 5,963
• Occupancy Rate: 92.4%
• Market: Texas, Colorado, North Carolina, Florida, Arizona, Georgia, Tennessee, and Nevada

The key stakeholders in this transaction include Daniel Drimmer, representing Starlight Investments, along with PSP Investments and the Future Fund Board of Guardians, all involved in securing the financing. The lenders facilitating this substantial loan are J.P. Morgan Chase, Citi Real Estate Funding, and Wells Fargo, reflecting a significant collaborative effort in refinancing this extensive multifamily portfolio.