01.28.09: Star Development closes on LIHTC Development

ROCKFORD, IL January 28, 2009 - Star Development, L.L.C., a division of Star-Holdings of Illinois, L.L.C., has finalized the acquisition of the Village Green Apartments properties (Village Green) by Star-Village Green Limited Partnership. Village Green is a scattered site, senior-designated redevelopment project consisting of 132 units located in Northern Illinois.

Star Development navigated the governmental systems required to obtain approval of the transfer and arranged the financing necessary to acquire and rehabilitate the development on behalf of the Purchaser. Such financing includes tax credit equity raised through the syndication of both Low Income Housing Tax Credits and Illinois Affordable Housing Tax Credits received from the Illinois Housing Development Authority. In addition, an Affordable Housing Program grant from the Federal Home Loan Bank of Chicago was obtained. Conventional construction financing provided by a local bank, in addition to loans provided by USDA Rural Development are also part of the financing structure of the transaction. Village Green receives a combination of both HUD Section 8 and Rural Development project-based rental assistance.

Star General Contractors will now begin the rehabilitation of Village Green with a construction budget in excess of $1.7 million, which will include new siding, roofs, windows, high speed internet access, expansion of community space, accessibility upgrades and other amenity enhancements. Construction is anticipated to take approximately 1 year.

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