11.10.08: Star Development closes on California Bond Deal

ROCKFORD, IL November 10, 2008 - Star Development, L.L.C. today completed the acquisition of the Valley Commons Apartments (Valley Commons) by Star-Valley Commons Limited Partnership. Valley Commons is a 48 unit redevelopment project located in northern California.

The multi-layered financing assembled by Star Development on behalf of the Purchaser enabled them to obtain the approval of the transfer and arrange for the funding necessary to acquire and rehabilitate the property. Such financing includes the use of tax credit equity from 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 Valley Commons will include windows, flooring, cabinets and countertops, vanities and tops, playground and many other amenity, safety, and accessibility improvements. With a rehab budget of over $17,000 per unit, construction is anticipated to take approximately 9 months.

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