NEW YORK CITY-Stellar Management is back on the field with a newtransaction in Brooklyn. The firm is expected to announce thepurchase of Tivoli Towers, a rental property comprising 320 unitssituated in Crown Heights, for $9.5 million.
Stellar will receive about $15 million for renovation and $30million to pay the debt and other costs of the buildings. Thecity's Housing Development Corp. will provide the financing. Theproperty will be kept under an affordable program till 2040.For the full story, go to Wall Street Journal.
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