Company: BHM
Filing Date: 2025-11-18
Form Type: S-11/A
Source: 0001104659-25-113674
Chunk: 141

Company: Bluerock Homes Trust, Inc.
Filing Date: 2025-11-18
Form: S-11/A
Chunk 141
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5,
we, through a Delaware statutory trust (the “Southern Pines DST”), acquired a 272-unit residential community located in Aberdeen,
North Carolina known as Southern Pines Reserve, aka Hawthorne. The purchase price of $56.6 million was funded with (i) a $30.7 million
senior loan secured by Southern Pines Reserve, (ii) borrowings of $20.0 million on the KeyBank Credit Facility, and (iii) cash
of $8.9 million funded by us, inclusive of certain adjustments typical in such real estate transactions.

Acquisition of Skytop Apartments

On September 29,
2025, we, through a Delaware statutory trust (the “Skytop DST”), acquired a 361-unit residential community located in
Cincinnati, Ohio known as Skytop Apartments. The purchase price of $88.5 million was funded with (i) a $57.5 million senior
loan secured by Skytop Apartments, (ii) borrowings of $22.0 million through the KeyBank Credit Facility, and (iii) cash
of $13.0 million funded by us, inclusive of certain adjustments typical in such real estate transactions.

Southern Pines Reserve
and Skytop Apartments are the second and third properties, respectively, that we have acquired through Delaware statutory trusts (each,
a “DST”) to be part of private placement offerings through which interests in each DST will be issued to third party accredited
investors therein.

Harmony at Clear Creek Development

On September 30,
2025, we, through a joint venture with an unaffiliated third party (the “Harmony JV”), in which we hold an 85% interest,
acquired land located in Shawnee, Kansas for a purchase price of $2.3 million for the development of an approximately 188-unit residential
community to be known as Harmony at Clear Creek. In connection with the acquisition and planned development, the Harmony JV entered into
a construction loan agreement providing for borrowings of up to $46.5 million. At September 30, 2025, the outstanding balance under
the construction loan was negligible and is included in mortgages payable on our consolidated balance sheets. The interest rate cap associated
with the construction loan, and any capitalized interest, is recorded within construction in process on the consolidated balance sheets.
We account for Harmony at Clear Creek as a consolidated investment.

Acquisition of Additional Interests in Investments

On July 11, 2025,
we purchased the noncont