07.02.08: Star Development closes on Ridge Lake Apartments
ROCKFORD, IL July 2, 2008 - Star Development, L.L.C. today completed the acquisition of the Ridge Lake Apartments (Ridge Lake) by Star-Clearlake Commons Limited Partnership. Ridge Lake is a 91 unit redevelopment project located in Clearlake, California which involves the purchase of two adjacent existing affordable housing complexes and combining them as a single development.
A multi-layered financing strategy was structured by Star Development 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. The financing for the development includes tax credit equity raised from an allocation of Low Income Housing Tax Credits from the California Tax Credit Allocation Committee. A loan from the California Department of Housing and Community Development will also be utilized. In addition, tax-exempt bond financing will be provided by a national bank through the sale of Private Activity Bonds from the California Debt Limit Allocation Committee. The multi-layered financing also includes USDA Rural Development loans.
Rehabilitation of Ridge Lake will now begin and will include siding, roofing and gutters, replacement of windows, cabinets and countertops, new HVAC systems, and many additional amenity, safety, and accessibility improvements. With a rehab budget of over $22,000 per unit, construction is anticipated to take approximately 8 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.
Learn how we revitalized a community in Rockford, Illinois with new housing and infrastructure development. To learn more, click here.