06.28.07: Star Development closes on North Prairie Apartments

ROCKFORD, IL June 28, 2007 - Star Development, L.L.C., a division of Star-Holdings of Illinois, L.L.C., has finalized the acquisition of the North Prairie Apartments properties (North Prairie) by North Prairie Apartments Limited Partnership. North Prairie is a scattered site redevelopment project consisting of 124 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 the Low Income Housing Tax Credits received from the Illinois Housing Development Authority, as well as an Affordable Housing Program grant from the Federal Home Loan Bank of Chicago. Conventional permanent and 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.

Star General Contractors will now begin the rehabilitation of North Prairie with a construction budget in excess of $2.1 million, which will include new siding, roofs, windows, high speed internet access and other amenity enhancements. 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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