08.22.07: Star Development closes on Ukiah Terrace Apartments

ROCKFORD, IL August 22, 2007 - Star Development, L.L.C. today finalized the acquisition of the Ukiah Terrace Apartments by Star-Ukiah Terrace Limited Partnership. Ukiah Terrace is a 41 unit redevelopment located in northwestern California.

Star Development designed a multi-layered financing strategy on behalf of the Purchaser that enabled them to obtain transfer approval and arrange for the financing necessary to acquire and rehabilitate the property. Such financing includes the use of tax credit equity raised from the syndication of 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. Loans from USDA Rural Development were also involved as part of the financing.

Rehabilitation of Ukiah Terrace will now begin and will include plumbing upgrades, roofing, cabinets, appliances, and many other amenity, safety, and accessibility improvements. With a rehab budget in excess of $16,000 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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