FCA.U Firm Capital Apartment Real Estate Investment Trust

Firm Capital Apartment REIT (the “Trust”), (TSXV: FCA.U), (TSXV: FCA) is pleased to announce that it has completed the first draw down on its previously disclosed CAD$13 million Bridge Loan (the “Bridge Loan”) (see press release dated April 18, 2022 for a description of the terms).

The initial draw down was in the amount of CAD$5 million. The borrower under the Bridge Loan is FCARP Limited Partnership, a wholly owned subsidiary of the Trust. The Bridge Loan was provided by a related party of the Trust, and thereafter transferred to, among others, certain trustees of the Trust (who will together have a total potential commitment of CAD$4.65 million of the total CAD$13 million), As noted in the April 18, 2022 press release, the Trust has agreed to guarantee the payment and performance of the Bridge Loan. As such, the provision of the Bridge Loan and the guarantee by the Trust constitutes a "related party transaction" as defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions ("MI 61-101"), but is exempt from the valuation requirement and the minority approval requirement pursuant to subsections 5.5(a) and 5.7(a) of MI 61-101, respectively, as the value of the Bridge Loan and associated guarantee does not represent more than 25% of the Trust's market capitalization, as determined in accordance with MI 61-101.

The Bridge Loan and guarantee provided by the Trust in connection therewith was approved by the trustees of the Trust who were independent in respect of the transactions. The material change report in respect of the transaction will be filed less than 21 days before the closing of the transaction as the Trust would like to proceed with the transaction in a timely manner.

ABOUT FIRM CAPITAL APARTMENT REAL ESTATE INVESTMENT TRUST Firm Capital Apartment Real Estate Investment Trust is a U.S. focused real estate investment trust that pursues multi-residential income producing real estate and related debt investments on both a wholly owned and joint venture basis. The Trust has ownership interests in a total of 1,846 apartment units diversely located in Florida, Connecticut, Texas, New York, New Jersey, Georgia and Maryland.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions.

Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse factors affecting the U.S. real estate market generally or those specific markets in which the Trust holds properties; volatility of real estate prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; the ability of the Trust to implement its business strategies; competition; currency and interest rate fluctuations and other risks. Additional risk factors that may impact the Trust or cause actual results and performance to differ from the forward looking statements contained herein are set forth in the Trust's Annual Information Form under the heading Risk Factors (a copy of which can be obtained under the Trust's profile on www.sedar.com).

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Except as required by applicable law, the Trust undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:
Sandy PoklarPresident & Chief Executive Officer(416) 635-0221		Mark Goldreich Chief Financial Officer (416) 635-0221
For Investor Relations information, please contact:
Victoria Moayedi Director, Investor Relations (416) 635-0221