02.04.08: Star Development closes on Woodlake Manor Apartments

ROCKFORD, IL February 4, 2008 - Star Development, L.L.C. today finalized the acquisition of the Woodlake Manor Apartments (Woodlake) by Star-Woodlake Manor Limited Partnership. Woodlake is a 44 unit redevelopment project located in northwestern California.

Star Development designed a multi-layered financing strategy on behalf of the Purchaser that enabled them to obtain the approval of the transfer and arrange for the financing necessary to acquire and rehabilitate the property. Such financing includes the use of tax credit equity from the Low Income Housing Tax Credits and state Tax Credits received from the California Tax Credit Allocation Committee. Also, through the sale of Private Activity Bonds from the California Debt Limit Allocation Committee, tax-exempt bond financing of construction and permanent loans will be provided by a national bank. The financing also includes USDA Rural Development loans.

Rehabilitation of Woodlake will now begin and will include roofing and gutters, cabinets and countertops, new HVAC systems, and many other amenity, safety and accessibility improvements. With a rehab budget of nearly $19,000 per unit, construction is anticipated to take approximately 6 months.

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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