08.28.07: Star Development closes on Valley Crest Apartments Project

ROCKFORD, IL August 28, 2007 - Star Development, L.L.C. today finalized the acquisition of the Valley Crest Apartments properties (Valley Crest) by Valley Crest Apartments Limited Partnership. Valley Crest is a scattered site redevelopment consisting of 144 units located in southeastern Wisconsin.

Star Development's experienced development team successfully led the purchaser through acquisition of the individual properties and consolidated them into a single project, taking advantage of economies of scale. The acquisition and rehabilitation of the Project is made possible by Star Development's structuring of multi-tiered financing. This financing includes tax credit equity raised through the syndication of Low Income Housing Tax Credits received from the Wisconsin Housing and Economic Development Authority (WHEDA), as well as an Affordable Housing Program grant from the Federal Home Loan Bank of Chicago. In addition, construction financing provided by a regional bank and existing financing from USDA Rural Development were part of the transaction. WHEDA will provide two tiers of additional permanent financing upon completion of the rehabilitation. Through Star Development's expertise and efforts, the Project will be preserved as affordable housing in the State of Wisconsin.

Star General Contractors will now begin the rehabilitation of the Project with a construction budget in excess of $2.25 million. Improvements will include new roofing and gutters, updated heating and air conditioning systems, new cabinets and fixtures and many other amenity upgrades. 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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