06.27.07: Star Development closes on Highlands of Oroville Apartments

ROCKFORD, IL June 27, 2007 - Star Development, L.L.C. today finalized the acquisition of the Highlands of Oroville Apartments (Highlands) by Star-Highlands of Oroville Limited Partnership. Highlands is an 88 unit redevelopment project located in north central California.

On behalf of the Purchaser, Star Development utilized a multi-layered financing strategy to obtain approval of the transfer and arrange the financing necessary to acquire and rehabilitate the property. Such financing includes the use of tax credit equity from the syndication of the Low Income Housing 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.

The rehabilitation of Highlands will now begin with a construction budget in excess of $1.4 million. Construction will include plumbing and electrical upgrades, new windows, cabinets, appliances, and many other amenity, safety, and accessibility improvements. Construction is anticipated to take approximately 1 year.

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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