X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-A deal is in the works to refinance Starrett City that would allow the 5,881-unit Brooklyn apartment complex to remain affordable, the New York Times reported. The complex’s owners, Starrett City Associates, are working with the city, state and federal housing departments on the agreement. They took the complex off the market earlier this year after a series of deals fell through in recent years.

In the deal, Starrett City Associates would refinance the complex for roughly $500 million, or 80% of its value, thus paying off the $234.4-million interest-free mortgage and other fees, and make a profit estimated at $200 million. The owners would also set aside more than $40 million for work on the facades of the 46 towers in the complex and for capital projects, the Times reported. Since the money would come from the refinancing, the capital work would not lead to rent increases and would allow the complex to remain in the Mitchell-Lama affordable housing program for 30 more years.

For the complete article click here.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.