02.01.08: Rehabilitation set to begin on Azzarelli Tower

ROCKFORD, IL February 1, 2008 - Star General Contractors, L.L.C. is set to begin the rehabilitation work for Azzarelli Tower Apartments (Azzarelli) in Kankakee, Illinois. Azzarelli is a 100 unit affordable housing high-rise that serves the elderly and disabled and is owned by the Kankakee County Housing Authority (KCHA). The building was constructed in 1972 and needs extensive plumbing rehabilitation and other upgrades to be preserved as an affordable housing property in the Kankakee area. The construction budget exceeds $1.6 Million for the planned rehabilitation.

Following issuance of a Request for Qualifications and a competitive review process, the KCHA selected Star Development, L.L.C., an operating company of Star-Holdings of Illinois, L.L.C., as its Developer-Partner for the revitalization of Azzarelli. Upon selection, Star Development's expert team began master planning activities to determine the best financing structure, given the requirements of the revitalization. An Early Start Agreement with KCHA allowed Star Development to begin work on certain required third party reports and development activities in anticipation of meeting certain application deadlines. A Mixed-Finance structure was engineered by Star Development that includes an allocation of Illinois Affordable Housing Tax Credits issued by the Illinois Housing Development Authority, an Affordable Housing Program grant from the Federal Home Loan Bank of Chicago, a loan from the City of Kankakee, as well as a convention loan from a local bank.

The Azzarelli rehabilitation is expected to be finished by the end of 2008.

About Star-Holdings, LLC

Headquartered in Rockford, Illinois, Star-Holdings is a recognized leader in the development, management and construction of affordable housing properties. One of the largest affordable housing managers in Illinois and Wisconsin, Star-Holdings owns or manages more than 200 properties in ten states.

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