NEW YORK CITY-Stellar Management is back on the field with a new transaction in Brooklyn. The firm is expected to announce the purchase of Tivoli Towers, a rental property comprising 320 units situated in Crown Heights, for $9.5 million.
Stellar will receive about $15 million for renovation and $30 million to pay the debt and other costs of the buildings. The city's Housing Development Corp. will provide the financing. The property will be kept under an affordable program till 2040. For the full story, go to Wall Street Journal.
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
