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Prospect Capital Invests $9.0 Million in Orchard Village Apartments, Bringing Total Real Estate Portfolio to 54 Properties

NEW YORK, NY--(Marketwired - Nov 11, 2015) - Prospect Capital Corporation (NASDAQ: PSEC) ("Prospect") announced today that a Prospect affiliate and co-investors recently acquired Orchard Village Apartments ("Orchard") for $34.5 million of total asset value, $9.0 million of which was funded by a Prospect affiliate.

Sinatra & Company Real Estate, LLC ("Sinatra") and Stadt Group Ltd. ("Stadt"), two residential property acquisition and management firms, provided 20% of the equity capital on a basis subordinated to Prospect's capital. Prospect invested through National Property REIT Corp. ("National"), a private real estate investment trust owned and controlled by Prospect. Sinatra and Stadt serve as day to day managers of Orchard's operations.

Orchard is a 272-unit garden-style multifamily complex built in 2000 and located on 17.3-acres in Aurora, Illinois. Orchard's units feature private entrances, spacious patios and balconies, full-size in-unit washers/dryers, and 9-foot or vaulted ceilings in a majority of units. The stand-alone clubhouse includes a fitness center, clubroom with kitchen, leasing/management office, and outdoor swimming pool with large sundeck. Prospect, Sinatra, and Stadt plan on implementing a value-added investment program that includes both property amenity and in-unit upgrades.

Prospect structures its real estate property investments as investments of debt and equity in its multiple private real estate investment trusts ("REITs"). Prospect currently has three such REITs, including National, each of which works with different operating managers and co-investors to close and manage real estate property acquisitions. In...